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Analyst Meet / AGM
14-Nov-14
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Conference Call
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United Breweries
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Taken price hike in 3 – 4 states
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United Breweries (UBL) held conference call to discuss its results for the quarter ended September 2014. Following are the key highlights.
Highlights of the meet
- The net sales for September 2014 quarter have grown by 28% to Rs 1085.67 crore. OPM has increased by 700 bps to 11.5%. The net profit stood at Rs 42.62 crore against loss of Rs 18.57 crore in the corresponding period of last year due to top-line growth and improvement in OPM.
- The mgmt said that the growth in Q2 was on back of low base of last year. Also this year, monsoon started late, which helped the beer industry. Improvement in economy has also benefited the industry.
- The growth in margin is due to fall in raw material prices. Also last year, there was issue of new bottle use as per order by Maharashtra Government, which was later rolled back.
- In Q2, the company and industry has shown secondary growth of 18% in volume. The company has shown primary growth of 24%.
- The Greenfield brewery in Bihar is progressing well and is likely to commence operation during Q4 of this fiscal year. The total capex for it is around Rs 200 crore out of which Rs 140 crore has been incurred. The capacity will be around 10 lakh cases per month.
- The company has purchased 80% of annual requirement of Barley at price slightly higher compared to last year.
- The company has taken price hike in 3 – 4 states.
- The mgmt said that it has seen some new entrants in some of the cities, which has taken market-share from other players. However, the company's market-share is intact at 51%.
- The company has 2 breweries in Telengana and 1 in Andhra Pradesh.
- Heineken is growing at 50%. It is operating in super premium segment. It has been launched in all major metro cities.
- There is no change in Tamil Nadu scenario. The company's market-share there is around 30%.
- On glass inflation, the mgmt said that it may not come down but will also not rise as seen earlier. The glass price as of now is more or less stable.
- On Kerala, the mgmt said that it is not worried on ban of alcohol in the state, as it doesn't contribute majorly to sales and profitability of the company.
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