|
Consolidated
net sales (including other operating income) of United Breweries has increased
12.35% to Rs 1890.05 crore. Sales of
Beer segment has gone up 14.17% to Rs 4,192.57 crore (accounting for 99.99% of
total sales). Sales of Non-Alcoholic
Beverages segment has gone down 77.52% to Rs 0.29 crore (accounting for 0.01%
of total sales).
Volume
in Q2 increased 7% (+9% excl RTM changes) predominantly driven by Telangana,
Orissa & Rajasthan, partially off-set by a decline in Delhi. The premium
segment grew by 10% in the quarter. Within the segment, it saw double digit
growth for the Kingfisher Ultra family & more than 20% contribution for
Heineken Silver to the Heineken franchise.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 0.51% to Rs
237.77 crore. PBIT of Beer segment fell
1.75% to Rs 238.80 crore (accounting for 100.43% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
74.69% to Rs -1.03 crore (accounting for -0.43% of total PBIT).
PBIT
margin of Beer segment fell from 6.62% to 5.70%. PBIT margin of Non-Alcoholic Beverages
segment fell from negative 315.50% to negative 355.17%. Overall PBIT margin fell from 6.51% to
5.67%.
Operating
profit margin has declined from 13.04% to 9.75%, leading to 16.01% decline in
operating profit to Rs 184.29 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
52.87% to 54.58%. Purchase of finished
goods cost rose from 0.92% to 1.34%.
Employee cost increased from 8.19% to 8.64%. Other expenses rose from 25.16% to
25.82%.
Other
income fell 14.62% to Rs 12.09 crore. PBIDT fell 15.93% to Rs 196.38 crore. Provision for interest rose 44.44% to Rs 1.43
crore.
PBDT
fell 16.18% to Rs 194.95 crore.
Provision for depreciation fell 2.15% to Rs 50.92 crore. Fixed assets declined from Rs 1,986.19 crore
as of 30 September 2022 to Rs 1,926.64 crore as of 30 September 2023. Intangible assets stood at Rs 6.45
crore.
Profit
before tax down 20.23% to Rs 144.03 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 36.86
crore, compared to Rs 46.43 crore.
Effective tax rate was 25.59% compared to 25.72%.
Net
profit attributable to owners of the company decreased 19.97% to Rs 107.28
crore.
Equity
capital stood at Rs 26.44 crore as of 30 September 2023 to Rs 26.44 crore as of
30 September 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.99% as of 30 September 2023 ,compared to 72.71% as of 30 September
2022 . Promoters pledged stake was
12.38% as of 30 September 2023 ,compared to 14.97% as of 30 September 2022
.
Investments
in capex during the first half of the year was Rs. 91 crore, primarily in
supply chain initiatives to cater for future growth.
Despite
some inflationary softening seen in Q2, volatility will remain. UBL continues
to remain optimistic about the long-term growth potential of the industry,
driven by increasing disposable income, favorable demographics &
premiumization.
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of United Breweries has increased
1.06% to Rs 4164.84 crore. Sales of Beer
segment has gone up 6.48% to Rs 9,435.58 crore (accounting for 100.00% of total
sales). Sales of Non-Alcoholic Beverages
segment has gone down 96.64% to Rs 0.29 crore (accounting for 0.00% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 7.35% to Rs
485.80 crore. PBIT of Beer segment fell
6.43% to Rs 502.47 crore (accounting for 103.43% of total PBIT). PBIT of Non-Alcoholic Beverages segment fell
31.57% to Rs -16.67 crore (accounting for -3.43% of total PBIT).
PBIT
margin of Beer segment fell from 6.06% to 5.33%. PBIT margin of Non-Alcoholic Beverages
segment fell from negative 146.81% to negative 5,748.28%. Overall PBIT margin fell from 5.91% to
5.15%.
Operating
profit margin has declined from 11.78% to 9.78%, leading to 16.10% decline in
operating profit to Rs 407.38 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
53.72% to 56.14%. Purchase of finished
goods cost rose from 1.23% to 1.43%.
Employee cost increased from 6.97% to 7.52%. Other expenses fell from 26.40% to
25.16%.
Other
income fell 8.46% to Rs 22.51 crore.
PBIDT fell 15.73% to Rs 429.89 crore.
Provision for interest rose 69.78% to Rs 3.09 crore. Loan funds rose to Rs 15.40 crore as of 30
September 2023 from Rs 11.60 crore as of 30 September 2022. Inventories rose to Rs 1,464.18 crore as of
30 September 2023 from Rs 1,166.50 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,427.86
crore as of 30 September 2023 compared to Rs 1,257.80 crore as of 30 September
2022. Cash and bank balance declined
from Rs 778.97 crore as of 30 September 2022 to Rs 652.27 crore as of 30
September 2023. Investments declined
from Rs 8.16 crore as of 30 September 2022 to Rs 8.00 crore as of 30 September
2023.
PBDT
fell 16.04% to Rs 426.8 crore. Provision
for depreciation fell 6.69% to Rs 102.3 crore.
Fixed assets declined from Rs 1,986.19 crore as of 30 September 2022 to
Rs 1,926.64 crore as of 30 September 2023.
Intangible assets stood at Rs 6.45 crore.
Profit
before tax down 18.61% to Rs 324.50 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 80.99
crore, compared to Rs 102.07 crore.
Effective tax rate was 24.96% compared to 25.60%.
Minority
interest decreased 95.83% to Rs 0.02 crore.
Net profit attributable to owners of the company decreased 17.78% to Rs
243.49 crore.
Equity
capital stood at Rs 26.44 crore as of 30 September 2023 to Rs 26.44 crore as of
30 September 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.99% as of 30 September 2023 ,compared to 72.71% as of 30 September
2022 . Promoters pledged stake was
12.38% as of 30 September 2023 ,compared to 14.97% as of 30 September 2022
.
Cash
flow from operating activities increased to Rs 517.68 crore for YTD ended
September 2023 from Rs 218.30 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets
during the YTD ended September 2023 stood at Rs 91.06 crore, compared to Rs
90.95 crore during the YTD ended September 2022.
The
scrip is currently trading at Rs 1612
|
United Breweries : Consolidated Results
|
|
Particulars
|
2309 (03)
|
2209 (03)
|
Var.(%)
|
2309 (12)
|
2209 (12)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales
|
1,890.05
|
1,682.31
|
12
|
4,164.84
|
4,121.02
|
1
|
7,499.92
|
5,838.44
|
28
|
|
OPM (%)
|
9.8
|
13.0
|
|
9.8
|
11.8
|
|
8.2
|
11.9
|
|
|
OP
|
184.29
|
219.42
|
-16
|
407.38
|
485.56
|
-16
|
616.23
|
696.62
|
-12
|
|
Other Inc.
|
12.09
|
14.16
|
-15
|
22.51
|
24.59
|
-8
|
49.43
|
29.79
|
66
|
|
PBIDT
|
196.38
|
233.58
|
-16
|
429.89
|
510.15
|
-16
|
665.66
|
726.41
|
-8
|
|
Interest
|
1.43
|
0.99
|
44
|
3.09
|
1.82
|
70
|
4.64
|
14.78
|
-69
|
|
PBDT
|
194.95
|
232.59
|
-16
|
426.8
|
508.33
|
-16
|
661.02
|
711.63
|
-7
|
|
Depreciation
|
50.92
|
52.04
|
-2
|
102.3
|
109.64
|
-7
|
210.59
|
217.19
|
-3
|
|
PBT
|
144.03
|
180.55
|
-20
|
324.5
|
398.69
|
-19
|
450.43
|
494.44
|
-9
|
|
Share of Profit/(Loss) from Associates
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
144.03
|
180.55
|
-20
|
324.5
|
398.69
|
-19
|
450.43
|
494.44
|
-9
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
-33.12
|
0
|
-
|
|
PBT after EO
|
144.03
|
180.55
|
-20
|
324.5
|
398.69
|
-19
|
417.31
|
494.44
|
-16
|
|
Taxation
|
36.86
|
46.43
|
-21
|
80.99
|
102.07
|
-21
|
112.63
|
128.36
|
-12
|
|
PAT
|
107.17
|
134.12
|
-20
|
243.51
|
296.62
|
-18
|
304.68
|
366.08
|
-17
|
|
Minority Interest (MI)
|
-0.11
|
0.07
|
LP
|
0.02
|
0.48
|
-96
|
0.7
|
0.62
|
13
|
|
Net profit
|
107.28
|
134.05
|
-20
|
243.49
|
296.14
|
-18
|
303.98
|
365.46
|
-17
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
12.4
|
13.8
|
|
|
Notes
|
|
* EPS is on current equity of Rs 26.44 crore, Face value of Rs
1, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
United Breweries : Consolidated Segment Results
|
|
|
% of (Total)
|
2309 (03)
|
2209 (03)
|
Var.(%)
|
% of (Total)
|
2309 (12)
|
2209 (12)
|
Var.(%)
|
% of (Total)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Beer
|
100
|
4,192.57
|
3,672.22
|
14
|
100
|
9,435.58
|
8,860.96
|
6
|
100
|
16,641.15
|
13,094.04
|
27
|
|
Non-Alcoholic Beverages
|
0
|
0.29
|
1.29
|
-78
|
0
|
0.29
|
8.63
|
-97
|
0
|
9.94
|
29.88
|
-67
|
|
Total Reported Sales
|
100
|
4,192.86
|
3,673.51
|
14
|
100
|
9,435.87
|
8,869.59
|
6
|
100
|
16,651.09
|
13,123.92
|
27
|
|
PBIT
|
|
|
|
|
|
Beer
|
100.43
|
238.8
|
243.05
|
-2
|
103
|
502.47
|
537.01
|
-6
|
105
|
760.09
|
840.8
|
-10
|
|
Non-Alcoholic Beverages
|
-0.43
|
-1.03
|
-4.07
|
75
|
-3
|
-16.67
|
-12.67
|
-32
|
-5
|
-37.34
|
-65.1
|
43
|
|
Total PBIT
|
100
|
237.77
|
238.98
|
-1
|
100
|
485.8
|
524.34
|
-7
|
100
|
722.75
|
775.7
|
-7
|
|
Less : Interest
|
|
-1.43
|
2.65
|
PL
|
|
3.09
|
1.82
|
70
|
|
4.64
|
14.78
|
-69
|
|
Add: Other un-allcoable
|
|
-95.17
|
-55.78
|
-71
|
|
-158.21
|
-123.83
|
-28
|
|
-300.8
|
-266.48
|
-13
|
|
PBT
|
|
144.03
|
180.55
|
-20
|
|
324.5
|
398.69
|
-19
|
|
417.31
|
494.44
|
-16
|
|