Results     28-Jan-22
Analysis
United Breweries
Net Sales up 22.59%
 For the quarter ending Dec 2021, consolidated Net sales (including other operating income) of United Breweries has increased 22.59% to Rs 1582.79 crore compared to quarter ended Dec 2020.  Sales of Beer segment has gone up 14.51% to Rs 3,503.80 crore (accounting for 99.77% of total sales).  Sales of Non-Alcoholic Beverages segment has gone up 35.29% to Rs 8.05 crore (accounting for 0.23% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 4.13% to Rs 205.89 crore.  PBIT of Beer segment rose 9.11% to Rs 230.20 crore (accounting for 111.81% of total PBIT).  PBIT of Non-Alcoholic Beverages segment fell 83.33% to Rs -24.31 crore (accounting for -11.81% of total PBIT).  

PBIT margin of Beer segment fell from 6.89% to 6.57%.  PBIT margin of Non-Alcoholic Beverages segment fell from negative 222.86% to negative 301.99%.  Overall PBIT margin fell from 6.45% to 5.86%.  

Operating profit margin has declined from 13.51% to 11%, leading to 0.15% decline in operating profit to Rs 174.17 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 45.65% to 46.30%.   Purchase of finished goods cost rose from 1.31% to 3.28%.   Employee cost decreased from 9.51% to 9.38%.   Other expenses fell from 30.28% to 29.98%.   

Other income rose 31.26% to Rs 6.13 crore.  PBIDT rose 0.66% to Rs 180.3 crore.  Provision for interest fell 30.90% to Rs 3.69 crore.  

PBDT rose 1.63% to Rs 176.61 crore.  Provision for depreciation fell 8.40% to Rs 53.03 crore.  

Profit before tax grew 6.64% to Rs 123.58 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 32.56 crore, compared to Rs 43.69 crore.  Effective tax rate was 26.35% compared to 25.57%.

Minority interest decreased 43.90% to Rs 0.23 crore.  Net profit attributable to owners of the company decreased 28.39% to Rs 90.79 crore.  

Promoters’ stake was 72.71% as of 31 December 2021 ,compared to 57.72% as of 31 December 2020 .  Promoters pledged stake was 14.45% as of 31 December 2021 ,compared to 18.20% as of 31 December 2020 .  

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

Net sales (including other operating income) of United Breweries has increased 53.02% to Rs 4129.27 crore.  Sales of Beer segment has gone up 44.09% to Rs 9,435.34 crore (accounting for 99.75% of total sales).  Sales of Non-Alcoholic Beverages segment has gone up 21.41% to Rs 23.87 crore (accounting for 0.25% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 194.96% to Rs 487.15 crore.  PBIT of Beer segment rose 179.54% to Rs 536.97 crore (accounting for 110.23% of total PBIT).  PBIT of Non-Alcoholic Beverages segment fell 85.00% to Rs -49.82 crore (accounting for -10.23% of total PBIT).  

PBIT margin of Beer segment rose from 2.93% to 5.69%.  PBIT margin of Non-Alcoholic Beverages segment fell from negative 136.98% to negative 208.71%.  Overall PBIT margin rose from 2.51% to 5.15%.  

Operating profit margin has jumped from 4.40% to 10.54%, leading to 266.41% rise in operating profit to Rs 435.15 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 45.65% to 45.68%.   Purchase of finished goods cost rose from 1.94% to 3.60%.   Employee cost decreased from 13.08% to 9.69%.   Other expenses fell from 34.91% to 30.40%.   

Other income fell 56.62% to Rs 16.74 crore.  PBIDT rose 187.19% to Rs 451.89 crore.  Provision for interest fell 33.44% to Rs 12.28 crore.  

PBDT rose 216.49% to Rs 439.61 crore.  Provision for depreciation fell 3.39% to Rs 163.95 crore.  

Profit before tax reported profit of Rs 275.66 crore compared to loss of Rs 30.80 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 73.36 crore, compared to Rs 7.9 crore.  Effective tax rate was 26.61% compared to 32.64%.

Minority interest increased 9.09% to Rs 0.24 crore.  Net profit attributable to owners of the company increased 1,156.59% to Rs 202.06 crore.  

Promoters’ stake was 72.71% as of 31 December 2021 ,compared to 57.72% as of 31 December 2020 .  Promoters pledged stake was 14.45% as of 31 December 2021 ,compared to 18.20% as of 31 December 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 rose 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 Q3 FY22, volume growth was 19% compared to Q3 FY21. Northern region grew by 35%, Markets in South posted 19% growth, Regions of East grew 12% and Regions of west grew 11% on YoY basis.

Overall liquidity position remained strong with about Rs 800 Crore bank balances. In the quarter the Company pre-paid all remaining term debt.



United Breweries : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202112202012Var.(%)202112202012Var.(%)202103202003Var.(%)
Net Sales (including other operating income)1,582.791,291.1022.594,129.272,698.4553.024,243.096,509.24-34.81
OPM (%)11.0013.51-251 bps10.544.40614 bps8.9813.46-447 bps
OP174.17174.44-0.15435.15118.76266.41381.06875.84-56.49
Other Inc.6.134.6731.2616.7438.59-56.6250.259.30440.32
PBIDT180.30179.110.66451.89157.35187.19431.31885.14-51.27
Interest3.695.34-30.9012.2818.45-33.4422.6731.12-27.15
PBDT176.61173.771.63439.61138.90216.49408.64854.02-52.15
Depreciation53.0357.89-8.40163.95169.7-3.39232.01285.1-18.62
PBT123.58115.886.64275.66-30.8LP176.63568.92-68.95
Share of Profit/(Loss) from Associates00-00-00-
PBT before EO123.58115.886.64275.66-30.8LP176.63568.92-68.95
EO Income055-055--7.220-
PBT after EO123.58170.88-27.68275.6624.21,039.09169.41568.92-70.22
Taxation32.5643.69-25.4773.367.9828.6155.58140.63-60.48
PAT91.02127.19-28.44202.316.31,141.10113.83428.29-73.42
Minority Interest (MI)0.230.41-43.900.240.229.090.610.568.93
Net profit90.79126.78-28.39202.0616.081,156.59113.22427.73-73.53
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations90.79126.78-28.39202.0616.081,156.59113.22427.73-73.53
EPS (Rs)*3.433.255.617.64-1.15LP4.4616.18-72.40
* 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
td>-
 Quarter endedYear to DateYear ended
% of (Total)202112202012Var.(%)% of (Total)202112202012Var.(%)% of (Total)202103202003Var.(%)
Sales
Beer99.773,503.803,059.9414.5199.759,435.346,548.0144.0999.7210,156.8514,630.82-30.58
Non-Alcoholic Beverages0.238.055.9535.290.2523.8719.6621.410.2828.9120.3342.20
Total Reported Sales100.003,511.853,065.8914.55100.009,459.216,567.6744.03100.0010,185.7614,651.15-30.48
Less: Inter segment revenues 0.000.00- 0.000.00 0.000.00-
Net Sales100.003,511.853,065.8914.55100.009,459.216,567.6744.03100.0010,185.7614,651.15-30.48
PBIT
Beer111.81230.20210.989.11110.23536.97192.09179.54108.28502.54949.72-47.09
Non-Alcoholic Beverages-11.81-24.31-13.26-83.33-10.23-49.82-26.93-85.00-8.28-38.41-48.3820.61
Total PBIT100.00205.89197.724.13100.00487.15165.16194.96100.00464.13901.34-48.51
Less : Interest3.695.34-30.9012.2818.45-33.4422.6731.12-27.15
Add: Other un-allcoable-78.62-21.50-265.67-199.21-122.51-62.61-272.05-301.309.71
PBIT Margin(%)
Beer 6.576.89-32.49 5.692.93275.75 4.956.49-154.34
Non-Alcoholic Beverages -301.99-222.86-7,913.04 -208.71-136.98-7,173.52 -132.86-237.9710,511.28
PBT100.00123.58170.88-27.68100.00275.6624.201,039.09100.00169.41568.92-70.22
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