Results     09-Nov-21
Analysis
United Breweries
Net sales up 58.57%
Related Tables
 United Breweries : Consolidated Results
 United Breweries : Consolidated Segment Results
For the quarter ending Sept 2021, consolidated Net sales (including other operating income) of United Breweries has increased 58.57% to Rs 1427.01 crore compared to quarter ended sept 2020. 

Sales of Beer segment has gone up 47.19% to Rs 3,285.79 crore (accounting for 99.73% of total sales).  Sales of Non-Alcoholic Beverages segment has gone up 36.28% to Rs 8.94 crore (accounting for 0.27% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 292.11% to Rs 179.43 crore.  PBIT of Beer segment rose 254.47% to Rs 192.90 crore (accounting for 107.51% of total PBIT).  PBIT of Non-Alcoholic Beverages segment rose 55.54% to Rs -13.47 crore (accounting for -7.51% of total PBIT).  

PBIT margin of Beer segment rose from 2.44% to 5.87%.  PBIT margin of Non-Alcoholic Beverages segment fell from negative 132.01% to negative 150.67%.  Overall PBIT margin rose from 2.04% to 5.45%.  

Operating profit margin has jumped from 4.47% to 11.59%, leading to 311.21% rise in operating profit to Rs 165.39 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.19% to 44.15%.   Purchase of finished goods cost rose from 3.03% to 3.75%.   Employee cost decreased from 12.12% to 9.50%.   Other expenses fell from 35.25% to 30.97%.   

Other income fell 86.28% to Rs 4.45 crore.  PBIDT rose 133.75% to Rs 169.84 crore.  Provision for interest fell 20.64% to Rs 4.73 crore.  Loan funds rose to Rs 230.35 crore as of 30 September 2021 from Rs 209.95 crore as of 30 September 2020.  Inventories declined from Rs 1,081.39 crore as of 30 September 2020 to Rs 1,062.23 crore as of 30 September 2021.  Sundry debtors were higher at Rs 1,155.06 crore as of 30 September 2021 compared to Rs 979.73 crore as of 30 September 2020.  Cash and bank balance rose to Rs 650.40 crore as of 30 September 2021 from Rs 202.23 crore as of 30 September 2020.  Investments rose to Rs 8.08 crore as of 30 September 2021 from Rs 2.99 crore as of 30 September 2020 .  

PBDT rose 147.54% to Rs 165.11 crore.  Provision for depreciation fell 9.09% to Rs 55.68 crore.  Fixed assets declined from Rs 2,089.48 crore as of 30 September 2020 to Rs 2,004.80 crore as of 30 September 2021.  Intangible assets declined from Rs 47.46 crore to Rs 24.80 crore.  

Profit before tax grew 1,907.89% to Rs 109.43 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 29.09 crore, compared to Rs 1.84 crore.  Effective tax rate was 26.58% compared to 33.76%.

Minority interest increased 55.56% to Rs -0.04 crore.  Net profit attributable to owners of the company increased 2,072.43% to Rs 80.38 crore.  

Equity capital stood at Rs 26.44 crore as of 30 September 2021 to Rs 26.44 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

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

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of United Breweries has increased 80.94% to Rs 2546.48 crore.  Sales of Beer segment has gone up 70.05% to Rs 5,931.54 crore (accounting for 99.73% of total sales).  Sales of Non-Alcoholic Beverages segment has gone up 15.39% to Rs 15.82 crore (accounting for 0.27% of total sales).  

PBIT of Beer reported profit of Rs 306.77 crore compared to loss of Rs 18.89 crore.  PBIT of Non-Alcoholic Beverages segment rose 86.61% to Rs -25.51 crore (accounting for -9.07% of total PBIT).  

PBIT margin of Beer segment rose from negative 0.54% to 5.17%.  PBIT margin of Non-Alcoholic Beverages segment fell from negative 99.71% to negative 161.25%.  Overall PBIT margin rose from 0.93% to 4.73%.  

Operating profit margin (OPM) has turned from negative 3.96% to positive 10.25%, Operating profit for the quarter stood at Rs 260.98 crore compared to loss of Rs 55.68 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.65% to 45.30%.   Purchase of finished goods cost rose from 2.54% to 3.80%.   Employee cost decreased from 16.51% to 9.89%.   Other expenses fell from 39.36% to 30.66%.   

Other income fell 68.72% to Rs 10.61 crore.  PBIDT stood at Rs 271.59 crore compared to loss of Rs 21.76 crore.  Provision for interest fell 34.48% to Rs 8.59 crore.  Loan funds rose to Rs 230.35 crore as of 30 September 2021 from Rs 209.95 crore as of 30 September 2020.  Inventories declined from Rs 1,081.39 crore as of 30 September 2020 to Rs 1,062.23 crore as of 30 September 2021.  Sundry debtors were higher at Rs 1,155.06 crore as of 30 September 2021 compared to Rs 979.73 crore as of 30 September 2020.  Cash and bank balance rose to Rs 650.40 crore as of 30 September 2021 from Rs 202.23 crore as of 30 September 2020.  Investments rose to Rs 8.08 crore as of 30 September 2021 from Rs 2.99 crore as of 30 September 2020 .  

PBDT stood at Rs 263 crore compared to loss of Rs 34.87 crore.  Provision for depreciation fell 0.80% to Rs 110.92 crore.  Fixed assets declined from Rs 2,089.48 crore as of 30 September 2020 to Rs 2,004.80 crore as of 30 September 2021.  Intangible assets declined from Rs 47.46 crore to Rs 24.80 crore.  

Profit before tax reported profit of Rs 152.08 crore compared to loss of Rs 146.68 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was debit of Rs 40.8 crore, compared to credit of Rs 35.79 crore.  Effective tax rate was 26.83% compared to 24.40%.

Equity capital stood at Rs 26.44 crore as of 30 September 2021 to Rs 26.44 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

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

Cash flow from operating activities increased to Rs 308.77 crore for YTD ended September 2021 from Rs 208.06 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 77.05 crore, compared to Rs 95.51 crore during the YTD ended September 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 declined 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.  PBIDT fell 51.27% to Rs 431.31 crore.  Provision for interest fell 27.15% to Rs 22.67 crore.  Loan funds rose to Rs 261.97 crore as of 31 March 2021 from Rs 169.05 crore as of 31 March 2020.  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 .  

PBDT fell 52.15% to Rs 408.64 crore.  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 2,071.80 crore as of 31 March 2021.  Intangible assets declined from Rs 24.21 crore to Rs 6.45 crore.  

Profit before tax down 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 H1 FY22, free operating cashflows stood at Rs 227 crore compared to Rs 95 crore in H1 FY21.

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