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Results
21-Oct-22
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Analysis
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United Breweries
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NP up 67%
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United
Breweries consolidated net sales has increased 17.89% to Rs 1682.31 crore. Sales of Beer segment has gone up 11.76% to
Rs 3,672.22 crore (accounting for 99.96% of total sales). Sales of Non-Alcoholic Beverages segment has
gone down 85.57% to Rs 1.29 crore (accounting for 0.04% of total sales).
Operating
profit margin has jumped from 11.59% to 13.04%, leading to 32.67% rise in
operating profit to Rs 219.42 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
44.15% to 52.87%. Purchase of finished goods cost fell from 3.75% to
0.92%. Employee cost decreased from
9.50% to 8.19%.Other expenses fell from 30.97% to 25.16%.
Other
income rose 218.20% to Rs 14.16 crore.
PBIDT rose 37.53% to Rs 233.58 crore.
Provision for interest fell 79.07% to Rs 0.99 crore.
PBDT
rose 40.87% to Rs 232.59 crore.
Provision for depreciation fell 6.54% to Rs 52.04 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 33.19% to Rs
238.98 crore. PBIT of Beer segment rose
26.00% to Rs 243.05 crore (accounting for 101.70% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
69.78% to Rs -4.07 crore (accounting for -1.70% of total PBIT).
PBIT
margin of Beer segment rose from 5.87% to 6.62%. PBIT margin of Non-Alcoholic Beverages
segment fell from negative 150.67% to negative 315.50%. Overall PBIT margin rose from 5.45% to
6.51%.
Profit
before tax grew 64.99% to Rs 180.55 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 46.43
crore, compared to Rs 29.09 crore.
Effective tax rate was 25.72% compared to 26.58%.
Net
profit attributable to owners of the company increased 66.77% to Rs 134.05
crore.
Equity
capital stood at Rs 26.44 crore as of 30 September 2022 to Rs 26.44 crore as of
30 September 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 72.71% as of 30 September 2022 compared to 72.71% as of 30 September
2021. Promoters pledged stake was 14.97% as of 30 September 2022 compared to
14.45% as of 30 September 2021.
For year-to-date
(YTD) results analysis
Net
sales of United Breweries have increased 61.83% to Rs 4121.02 crore. Sales of Beer segment has gone up 49.39% to
Rs 8,860.96 crore (accounting for 99.90% of total sales). Sales of Non-Alcoholic Beverages segment has
gone down 45.45% to Rs 8.63 crore (accounting for 0.10% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 86.43% to Rs
524.34 crore. PBIT of Beer segment rose
75.05% to Rs 537.01 crore (accounting for 102.42% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
50.33% to Rs -12.67 crore (accounting for -2.42% of total PBIT).
PBIT
margin of Beer segment rose from 5.17% to 6.06%. PBIT margin of Non-Alcoholic Beverages
segment rose from negative 161.25% to negative 146.81%. Overall PBIT margin rose from 4.73% to
5.91%.
Operating
profit margin has jumped from 10.25% to 11.78%, leading to 86.05% rise in
operating profit to Rs 485.56 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
45.30% to 53.72%. Purchase of finished
goods cost fell from 3.80% to 1.23%.
Employee cost decreased from 9.89% to 6.97%. Other expenses fell from 30.66% to
26.40%.
Other
income rose 131.76% to Rs 24.59 crore.
PBIDT rose 87.84% to Rs 510.15 crore.
Provision for interest fell 78.81% to Rs 1.82 crore.
PBDT
rose 93.28% to Rs 508.33 crore.
Provision for depreciation fell 1.15% to Rs 109.64 crore.
Profit
before tax grew 162.16% to Rs 398.69 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 102.07
crore, compared to Rs 40.8 crore.
Effective tax rate was 25.60% compared to 26.83%.
Minority
interest increased 4,700% to Rs 0.48 crore.
Net profit attributable to owners of the company increased 166.15% to Rs
296.14 crore.
Equity
capital stood at Rs 26.44 crore as of 30 September 2022 to Rs 26.44 crore as of
30 September 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 72.71% as of 30 September 2022 ,compared to 72.71% as of 30 September
2021.Promoters pledged stake was 14.97% as of 30 September 2022 ,compared to
14.45% as of 30 September 2021.
Full year results
analysis
Net
sales of United Breweries have increased 37.60% to Rs 5838.44 crore. Sales of Beer segment has gone up 28.92% to
Rs 13,094.04 crore (accounting for 99.77% of total sales). Sales of Non-Alcoholic Beverages segment has
gone up 3.36% to Rs 29.88 crore (accounting for 0.23% of total sales).
Operating
profit margin has jumped from 8.98% to 11.93%, leading to 82.81% rise in
operating profit to Rs 696.62 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
46.21% to 46.55%. Purchase of finished
goods cost rose from 1.73% to 3.37%.
Employee cost decreased from 11.42% to 9.00%. Other
expenses fell from 31.68% to 29.10%.
Other
income fell 40.72% to Rs 29.79 crore.
PBIDT rose 68.42% to Rs 726.41 crore.
Provision for interest fell 34.80% to Rs 14.78 crore. Loan funds declined from Rs 261.97 crore as
of 31 March 2021 to Rs 9.74 crore as of 31 March 2022. Inventories declined from Rs 1,136.68 crore
as of 31 March 2021 to Rs 935.81 crore as of 31 March 2022. Sundry debtors were lower at Rs 1,254.86
crore as of 31 March 2022 compared to Rs 1,394.99 crore as of 31 March
2021. Cash and bank balance rose to Rs
909.68 crore as of 31 March 2022 from Rs 469.28 crore as of 31 March 2021. Investments rose to Rs 8.35 crore as of 31
March 2022 from Rs 6.06 crore as of 31 March 2021 .
PBDT
rose 74.15% to Rs 711.63 crore.
Provision for depreciation fell 6.39% to Rs 217.19 crore. Fixed assets declined from Rs 2,071.80 crore
as of 31 March 2021 to Rs 2,016.35 crore as of 31 March 2022. Intangible assets stood at Rs 6.45
crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 67.13% to Rs
775.70 crore. PBIT of Beer segment rose
67.31% to Rs 840.80 crore (accounting for 108.39% of total PBIT). PBIT of Non-Alcoholic Beverages segment fell
69.49% to Rs -65.10 crore (accounting for -8.39% of total PBIT).
PBIT
margin of Beer segment rose from 4.95% to 6.42%. PBIT margin of Non-Alcoholic Beverages
segment fell from negative 132.86% to negative 217.87%. Overall PBIT margin rose from 4.56% to
5.91%.
Profit
before EO grew 179.93% to Rs 494.44 crore.
The company reported nil EO items during the period compared to net EO
expense of Rs 7.22 crore. PBT after EO was up 192% to Rs 494.44 crore.
Provision for tax was expense of Rs 128.36 crore, compared to Rs 55.58
crore. Effective tax rate was 25.96%
compared to 32.81%.
Minority
interest increased 1.64% to Rs 0.62 crore.
Net profit attributable to owners of the company increased 222.79% to Rs
365.46 crore.
Equity
capital stood at Rs 26.44 crore as of 31 March 2022 to Rs 26.44 crore as of 31
March 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 72.71% as of 31 March 2022 compared to 57.72% as of 31 March 2021. Promoters pledged stake was 14.45% as of 31
March 2022 compared to 18.20% as of 31 March 2021.
The
scrip is currently trading at Rs 1642
United Breweries : Consolidated Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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1,682.31
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1,427.01
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18
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4,121.02
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2,546.48
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62
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5,838.44
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4,243.09
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38
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OPM (%)
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13.0
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11.6
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11.8
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10.3
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11.9
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9.0
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OP
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219.42
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165.39
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33
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485.56
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260.98
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86
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696.62
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381.06
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83
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Other Inc.
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14.16
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4.45
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218
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24.59
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10.61
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132
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29.79
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50.25
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-41
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PBIDT
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233.58
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169.84
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38
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510.15
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271.59
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88
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726.41
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431.31
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68
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Interest
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0.99
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4.73
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-79
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1.82
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8.59
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-79
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14.78
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22.67
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-35
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PBDT
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232.59
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165.11
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41
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508.33
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263
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93
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711.63
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408.64
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74
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Depreciation
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52.04
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55.68
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-7
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109.64
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110.92
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-1
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217.19
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232.01
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-6
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PBT
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180.55
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109.43
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65
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398.69
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152.08
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162
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494.44
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176.63
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180
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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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180.55
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109.43
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65
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398.69
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152.08
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162
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494.44
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176.63
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180
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EO Income
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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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-7.22
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-
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PBT after EO
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180.55
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109.43
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65
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398.69
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152.08
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162
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494.44
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169.41
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192
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Taxation
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46.43
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29.09
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60
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102.07
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40.8
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150
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128.36
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55.58
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131
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PAT
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134.12
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80.34
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67
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296.62
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111.28
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167
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366.08
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113.83
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222
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Minority Interest (MI)
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0.07
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-0.04
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PL
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0.48
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0.01
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4700
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0.62
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0.61
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2
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Net profit
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134.05
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80.38
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67
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296.14
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111.27
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166
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365.46
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113.22
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223
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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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13.8
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4.5
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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 Segment Results
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% of (Total)
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2209 (03)
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2109 (03)
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Var.(%)
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% of (Total)
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2209 (06)
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2109 (06)
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Var.(%)
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% of (Total)
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2203 (12)
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2103 (12)
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Var.(%)
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Sales
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Beer
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100
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3,672.22
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3,285.79
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12
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100
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5,188.74
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2,645.75
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96
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100
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13,094.04
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10,156.85
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29
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Non-Alcoholic Beverages
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0
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1.29
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8.94
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-86
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0
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7.34
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6.88
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7
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0
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29.88
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28.91
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3
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Total Reported Sales
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100
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3,673.51
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3,294.73
|
11
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100
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5,196.08
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2,652.63
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96
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100
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13,123.92
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10,185.76
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29
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Less: Inter segment revenues
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0
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0
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0
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0
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0
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0
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Net Sales
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3,673.51
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3,294.73
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11
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5,196.08
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2,652.63
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96
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13,123.92
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10,185.76
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29
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PBIT
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Beer
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102
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243.05
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192.9
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26
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102
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537.01
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306.77
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75
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108
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840.8
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502.54
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67
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Non-Alcoholic Beverages
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-2
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-4.07
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-13.47
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-70
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-2
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-12.67
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-25.51
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-50
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-8
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-65.1
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-38.41
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69
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Total PBIT
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100
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238.98
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179.43
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33
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100
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524.34
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281.26
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86
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100
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775.7
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464.13
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67
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Less : Interest
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2.65
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4.73
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-44
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1.82
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8.59
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-79
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14.78
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22.67
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-35
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Add: Other un-allcoable
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-55.78
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-65.27
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-15
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-123.83
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-120.59
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3
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-266.48
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-272.05
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-2
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PBT
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180.55
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109.43
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65
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398.69
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152.08
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162
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494.44
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169.41
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192
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