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Results
09-Feb-24
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Analysis
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United Breweries
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9MFY24 capex was Rs 134 crore
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United
Breweries consolidated net sales increased 13.11% to Rs 1824.46 crore in Q3FY24
compared to Q3FY23. Volume in Q3
increased 8% predominantly driven by South and East regions partially offset by
North. The premium segment grew by 14% in the quarter. Within the segment, the
company see strong double-digit growth for Kingfisher Ultra Max & we
continue to drive premium volume growth. in November, Heineken Silver draught
beer was unveiled in Maharashtra, delivering a smooth and refreshing experience
for discerning beer lovers. Sales of Beer segment has gone up 12.27% to Rs
4,154.26 crore (accounting for 99.98% of total sales). Sales of Non-Alcoholic Beverages segment has
gone up 242.86% to Rs 0.72 crore (accounting for 0.02% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 86.23% to Rs
193.42 crore. PBIT of Beer segment rose
59.90% to Rs 201.26 crore (accounting for 104.05% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
64.38% to Rs -7.84 crore (accounting for -4.05% of total PBIT).
PBIT
margin of Beer segment rose from 3.40% to 4.84%. PBIT margin of Non-Alcoholic Beverages
segment rose from negative 10,480.95% to negative 1,088.89%. Overall PBIT margin rose from 2.81% to
4.66%.
Operating
profit margin has jumped from 4.78% to 8%, leading to 89.51% rise in operating
profit to Rs 146.00 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 55.54% to
54.57%. Purchase of finished goods cost
fell from 1.97% to 1.80%. Employee cost
decreased from 9.13% to 8.56%. Other
expenses fell from 28.53% to 27.17%.
Other
income rose 89.81% to Rs 24.77 crore.
PBIDT rose 89.55% to Rs 170.77 crore.
Provision for interest rose 28.12% to Rs 2.05 crore.
PBDT
rose 90.67% to Rs 168.72 crore.
Provision for depreciation rose 3.21% to Rs 51.84 crore.
Profit
before tax grew 205.49% to Rs 116.88 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 31.08
crore, compared to Rs 6.95 crore.
Effective tax rate was 26.59% compared to 135.21%.
Minority
interest increased 187.50% to Rs 0.46 crore.
Investments
in capex during the first 9 months of the year were Rs. 134 crore, primarily in
supply chain initiatives to cater for future growth. Despite some inflationary
softening as seen from Q2, volatility will remain. The company remain
optimistic about the long-term growth potential of the industry, driven by
increasing disposable income, favorable demographics & premiumization.
Promoters’
stake was 70.83% as of 31 December 2023 compared to 72.71% as of 31 December
2022 . Promoters pledged stake was
12.40% as of 31 December 2023 compared to 14.97% as of 31 December 2022 .
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of United Breweries has increased
4.45% to Rs 5989.3 crore. Sales of Beer
segment has gone up 8.19% to Rs 13,589.84 crore (accounting for 99.99% of total
sales). Sales of Non-Alcoholic Beverages
segment has gone down 88.57% to Rs 1.01 crore (accounting for 0.01% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 8.12% to Rs
679.22 crore. PBIT of Beer segment rose
6.16% to Rs 703.73 crore (accounting for 103.61% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
29.33% to Rs -24.51 crore (accounting for -3.61% of total PBIT).
PBIT
margin of Beer segment fell from 5.28% to 5.18%. PBIT margin of Non-Alcoholic Beverages
segment fell from negative 392.31% to negative 2,426.73%. Overall PBIT margin rose from 5.00% to
5.00%.
Operating
profit margin has declined from 9.81% to 9.24%, leading to 1.64% decline in
operating profit to Rs 553.38 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
54.22% to 55.66%. Purchase of finished
goods cost rose from 1.44% to 1.54%.
Employee cost increased from 7.57% to 7.84%. Other expenses fell from 26.99% to
25.77%.
Other
income rose 25.61% to Rs 47.28 crore.
PBIDT rose 0.07% to Rs 600.66 crore.
Provision for interest rose 50.29% to Rs 5.14 crore.
PBDT
fell 0.22% to Rs 595.52 crore. Provision
for depreciation fell 3.58% to Rs 154.14 crore.
Profit
before tax grew 1.01% to Rs 441.38 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 112.07
crore, compared to Rs 109.02 crore.
Effective tax rate was 25.39% compared to 27.00%.
Minority
interest decreased 25% to Rs 0.48 crore.
Net profit attributable to owners of the company increased 11.78% to Rs
328.83 crore.
Promoters’
stake was 70.83% as of 31 December 2023 ,compared to 72.71% as of 31 December
2022 . Promoters pledged stake was
12.40% as of 31 December 2023 ,compared to 14.97% as of 31 December 2022 .
The
scrip is currently trading at Rs 1768
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United Breweries : Consolidated Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (09)
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2212 (09)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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1,824.46
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1,613.02
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13
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5,989.30
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5,734.04
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4
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7,499.92
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5,838.44
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28
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OPM (%)
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8.0
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4.8
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9.2
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9.8
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8.2
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11.9
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OP
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146
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77.04
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90
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553.38
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562.6
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-2
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616.23
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696.62
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-12
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Other Inc.
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24.77
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13.05
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90
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47.28
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37.64
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26
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49.43
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29.79
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66
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PBIDT
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170.77
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90.09
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90
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600.66
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600.24
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0
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665.66
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726.41
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-8
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Interest
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2.05
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1.6
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28
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5.14
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3.42
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50
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4.64
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14.78
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-69
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PBDT
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168.72
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88.49
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91
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595.52
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596.82
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0
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661.02
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711.63
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-7
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Depreciation
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51.84
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50.23
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3
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154.14
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159.87
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-4
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210.59
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217.19
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-3
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PBT
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116.88
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38.26
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205
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441.38
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436.95
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1
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450.43
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494.44
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-9
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Share of Profit/(Loss) from Associates
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0
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0
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-
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0
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0
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-
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0
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0
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-
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PBT before EO
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116.88
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38.26
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205
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441.38
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436.95
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1
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450.43
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494.44
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-9
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EO Income
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0
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-33.12
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-
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0
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-33.12
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-
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-33.12
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0
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-
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PBT after EO
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116.88
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5.14
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999
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441.38
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403.83
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9
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417.31
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494.44
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-16
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Taxation
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31.08
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6.95
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347
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112.07
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109.02
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3
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112.63
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128.36
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-12
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PAT
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85.8
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-1.81
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LP
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329.31
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294.81
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12
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304.68
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366.08
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-17
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Minority Interest (MI)
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0.46
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0.16
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188
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0.48
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0.64
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-25
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0.7
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0.62
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13
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Net profit
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85.34
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-1.97
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LP
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328.83
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294.17
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12
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303.98
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365.46
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-17
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EPS (Rs)*
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#
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#
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#
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#
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12.4
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13.8
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Notes
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* EPS is on current equity of Rs 26.44 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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United Breweries : Consolidated Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (09)
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2212 (09)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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1,824.46
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1,613.02
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13
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5,989.30
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5,734.04
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4
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7,499.92
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5,838.44
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28
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OPM (%)
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8.0
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4.8
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9.2
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9.8
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8.2
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11.9
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OP
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146
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77.04
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90
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553.38
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562.6
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-2
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616.23
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696.62
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-12
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Other Inc.
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24.77
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13.05
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90
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47.28
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37.64
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26
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49.43
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29.79
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66
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PBIDT
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170.77
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90.09
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90
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600.66
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600.24
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0
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665.66
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726.41
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-8
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Interest
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2.05
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1.6
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28
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5.14
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3.42
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50
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4.64
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14.78
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-69
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PBDT
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168.72
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88.49
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91
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595.52
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596.82
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0
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661.02
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711.63
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-7
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Depreciation
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51.84
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50.23
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3
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154.14
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159.87
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-4
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210.59
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217.19
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-3
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PBT
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116.88
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38.26
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205
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441.38
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436.95
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1
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450.43
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494.44
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-9
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Share of Profit/(Loss) from Associates
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0
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0
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-
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0
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0
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-
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0
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0
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-
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PBT before EO
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116.88
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38.26
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205
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441.38
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436.95
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1
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450.43
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494.44
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-9
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EO Income
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0
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-33.12
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-
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0
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-33.12
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-
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-33.12
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0
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-
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PBT after EO
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116.88
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5.14
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999
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441.38
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403.83
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9
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417.31
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494.44
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-16
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Taxation
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31.08
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6.95
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347
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112.07
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109.02
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3
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112.63
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128.36
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-12
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PAT
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85.8
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-1.81
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LP
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329.31
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294.81
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12
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304.68
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366.08
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-17
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Minority Interest (MI)
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0.46
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0.16
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188
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0.48
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0.64
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-25
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0.7
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0.62
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13
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Net profit
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85.34
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-1.97
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LP
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328.83
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294.17
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12
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303.98
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365.46
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-17
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EPS (Rs)*
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#
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#
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#
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#
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12.4
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13.8
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Notes
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* EPS is on current equity of Rs 26.44 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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