Results     30-Jul-22
Analysis
United Breweries
OP up 178%
United Breweries consolidated net sales increased 117.85% to Rs 2438.71 crore in Q1Fy23 compared to Q1FY22.  Sales of Beer segment has gone up 96.12% to Rs 5,188.74 crore (accounting for 99.86% of total sales).  Sales of Non-Alcoholic Beverages segment has gone up 6.69% to Rs 7.34 crore (accounting for 0.14% of total sales). 

Profit before interest, tax and other unallocable items (PBIT) has jumped 180.23% to Rs 285.36 crore.  PBIT of Beer segment rose 158.15% to Rs 293.96 crore (accounting for 103.01% of total PBIT).  PBIT of Non-Alcoholic Beverages segment rose 28.57% to Rs -8.60 crore (accounting for -3.01% of total PBIT). 

Operating profit margin has jumped from 8.54% to 10.91%, leading to 178.42% rise in operating profit to Rs 266.14 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 46.79% to 54.31%.   Purchase of finished goods cost fell from 3.86% to 1.44%.   Employee cost decreased from 10.40% to 6.12%.   Other expenses fell from 30.26% to 27.26%.  

Other income rose 69.32% to Rs 10.43 crore.  PBIDT rose 171.81% to Rs 276.57 crore.  Provision for interest fell 78.50% to Rs 0.83 crore. 

PBDT rose 181.68% to Rs 275.74 crore.  Provision for depreciation rose 4.27% to Rs 57.6 crore. 

Profit before tax grew 411.47% to Rs 218.14 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 55.64 crore, compared to Rs 11.71 crore.  Effective tax rate was 25.51% compared to 27.46%.

Minority interest increased 720% to Rs 0.41 crore.  Net profit attributable to owners of the company increased 424.73% to Rs 162.09 crore. 

Promoters’ stake was 72.71% as of 30 June 2022 ,compared to 72.71% as of 30 June 2021 .  Promoters pledged stake was 14.45% as of 30 June 2022 ,compared to 14.45% as of 30 June 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 1537

  

United Breweries : Consolidated Results

Particulars

2206 (03)

2106 (03)

Var.(%)

2203 (12)

2103 (12)

Var.(%)

Net Sales

2,438.71

1,119.47

118

5,838.44

4,243.09

38

OPM (%)

10.9

8.5

 

11.9

9.0

 

OP

266.14

95.59

178

696.62

381.06

83

Other Inc.

10.43

6.16

69

29.79

50.25

-41

PBIDT

276.57

101.75

172

726.41

431.31

68

Interest

0.83

3.86

-79

14.78

22.67

-35

PBDT

275.74

97.89

182

711.63

408.64

74

Depreciation

57.6

55.24

4

217.19

232.01

-6

PBT

218.14

42.65

411

494.44

176.63

180

Share of Profit/(Loss) from Associates

0

0

-

0

0

-

PBT before EO

218.14

42.65

411

494.44

176.63

180

EO Income

0

0

-

0

-7.22

-

PBT after EO

218.14

42.65

411

494.44

169.41

192

Taxation

55.64

11.71

375

128.36

55.58

131

PAT

162.5

30.94

425

366.08

113.83

222

Minority Interest (MI)

0.41

0.05

720

0.62

0.61

2

Net profit

162.09

30.89

425

365.46

113.22

223

EPS (Rs)*

#

#

 

13.8

4.5

 

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)

2206 (03)

2106 (03)

Var.(%)

% of (Total)

2203 (12)

2103 (12)

Var.(%)

Sales

Beer

100

5,188.74

2,645.75

96

100

13,094.04

10,156.85

29

Non-Alcoholic Beverages

0

7.34

6.88

7

0

29.88

28.91

3

Total Reported Sales

100

5,196.08

2,652.63

96

100

13,123.92

10,185.76

29

Less: Inter segment revenues

 

0

0

-

 

0

0

-

Net Sales

 

5,196.08

2,652.63

96

 

13,123.92

10,185.76

29

PBIT

Beer

103

293.96

113.87

158

108

840.8

502.54

67

Non-Alcoholic Beverages

-3

-8.6

-12.04

29

-8

-65.1

-38.41

-69

Total PBIT

100

285.36

101.83

180

100

775.7

464.13

67

Less : Interest

 

-0.83

3.86

PL

 

14.78

22.67

-35

Add: Other un-allcoable

 

-68.05

-55.32

-23

 

-266.48

-272.05

2

PBT

 

218.14

42.65

411

 

494.44

169.41

192

 


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