Sales of Beer segment has gone up 110.70% to Rs 2,645.75 crore (accounting for 99.74% of total sales).  Sales of Non-Alcoholic Beverages segment has gone down 3.78% to Rs 6.88 crore (accounting for 0.26% of total sales).  

PBIT of Beer reported profit of Rs 113.87 crore compared to loss of Rs 73.31 crore.  PBIT of Non-Alcoholic Beverages segment rose 140.32% to Rs -12.04 crore (accounting for -11.82% of total PBIT).  

PBIT margin of Beer segment rose from negative 5.84% to 4.30%.  PBIT margin of Non-Alcoholic Beverages segment fell from negative 70.07% to negative 175.00%.  Overall PBIT margin rose from 6.20% to 3.84%.  

Raw material cost as a % of total sales (net of stock adjustments) increased from 46.56% to 46.79%.   Purchase of finished goods cost rose from 1.57% to 3.86%.   Employee cost decreased from 25.27% to 10.40%.   Other expenses fell from 47.57% to 30.26%.   

Other income rose 316.22% to Rs 6.16 crore.  Provision for interest fell 46.01% to Rs 3.86 crore.  

Provision for depreciation rose 9.26% to Rs 55.24 crore.  

Share of profit/loss were nil in both the periods.  Provision for tax was debit of Rs 11.71 crore, compared to credit of Rs 37.63 crore.  Effective tax rate was 27.46% compared to 24.74%.

Promoters' stake was 72.71% as of 30 June 2021 ,compared to 57.72% as of 30 June 2020 .  Promoters pledged stake was 14.45% as of 30 June 2021 ,compared to 18.20% as of 30 June 2020 .  

Full year results analysis.

Net sales (including other operating income) of United Breweries has declined 34.81% to Rs 4243.09 crore.  Sales of Beer segment has gone down 30.58% to Rs 10,156.85 crore (accounting for 99.72% of total sales).  Sales of Non-Alcoholic Beverages segment has gone up 42.20% to Rs 28.91 crore (accounting for 0.28% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 48.51% to Rs 464.13 crore.  PBIT of Beer segment fell 47.09% to Rs 502.54 crore (accounting for 108.28% of total PBIT).  PBIT of Non-Alcoholic Beverages segment fell 20.61% to Rs -38.41 crore (accounting for -8.28% of total PBIT).  

PBIT margin of Beer segment fell from 6.49% to 4.95%.  PBIT margin of Non-Alcoholic Beverages segment rose from negative 237.97% to negative 132.86%.  Overall PBIT margin fell from 6.15% to 4.56%.  

Operating profit margin has slumped from 13.46% to 8.98%, leading to 56.49% decline in operating profit to Rs 381.06 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 45.50% to 46.21%.   Purchase of finished goods cost fell from 2.99% to 1.73%.   Employee cost increased from 7.73% to 11.42%.   Other expenses rose from 30.34% to 31.68%.   

Other income rose 440.32% to Rs 50.25 crore.  Provision for interest fell 27.15% to Rs 22.67 crore.  Loan funds declined from Rs 169.05 crore as of 31 March 2020 to Rs 115.41 crore as of 31 March 2021.  Inventories rose to Rs 1,136.68 crore as of 31 March 2021 from Rs 1,093.93 crore as of 31 March 2020.  Sundry debtors were higher at Rs 1,394.99 crore as of 31 March 2021 compared to Rs 1,350.38 crore as of 31 March 2020.  Cash and bank balance rose to Rs 469.28 crore as of 31 March 2021 from Rs 78.59 crore as of 31 March 2020.  Investments rose to Rs 6.06 crore as of 31 March 2021 from Rs 0.27 crore as of 31 March 2020 .  

Provision for depreciation fell 18.62% to Rs 232.01 crore.  Fixed assets declined from Rs 2,100.99 crore as of 31 March 2020 to Rs 2,050.82 crore as of 31 March 2021.  Intangible assets increased from Rs 24.21 crore to Rs 27.43 crore.  

Profit before tax shrink 68.95% to Rs 176.63 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 55.58 crore, compared to Rs 140.63 crore.  Effective tax rate was 32.81% compared to 24.72%.

Minority interest increased 8.93% to Rs 0.61 crore.  Net profit attributable to owners of the company decreased 73.53% to Rs 113.22 crore.  

Equity capital stood at Rs 26.44 crore as of 31 March 2021 to Rs 26.44 crore as of 31 March 2020.  Per share face Value remained same at Rs 1.00.  

Promoters' stake was 57.72% as of 31 March 2021 ,compared to 57.72% as of 31 March 2020 .  Promoters pledged stake was 18.20% as of 31 March 2021 ,compared to 18.20% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 620.28 crore for year ended March 2021 from Rs 507.79 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 200.66 crore, compared to Rs 403.91 crore during the year ended March 2020. 

Other Highlights

In Q1FY22, sales volume grew by 115% on YoY basis.

Company's net debt stood at Rs123 Crore as at 30^th June 2021.