Results     21-Oct-22
Analysis
United Breweries
NP up 67%
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

Particulars

2209 (03)

2109 (03)

Var.(%)

2209 (06)

2109 (06)

Var.(%)

2203 (12)

2103 (12)

Var.(%)

Net Sales

1,682.31

1,427.01

18

4,121.02

2,546.48

62

5,838.44

4,243.09

38

OPM (%)

13.0

11.6

 

11.8

10.3

 

11.9

9.0

 

OP

219.42

165.39

33

485.56

260.98

86

696.62

381.06

83

Other Inc.

14.16

4.45

218

24.59

10.61

132

29.79

50.25

-41

PBIDT

233.58

169.84

38

510.15

271.59

88

726.41

431.31

68

Interest

0.99

4.73

-79

1.82

8.59

-79

14.78

22.67

-35

PBDT

232.59

165.11

41

508.33

263

93

711.63

408.64

74

Depreciation

52.04

55.68

-7

109.64

110.92

-1

217.19

232.01

-6

PBT

180.55

109.43

65

398.69

152.08

162

494.44

176.63

180

Share of Profit/(Loss) from Associates

0

0

-

0

0

-

0

0

-

PBT before EO

180.55

109.43

65

398.69

152.08

162

494.44

176.63

180

EO Income

0

0

-

0

0

-

0

-7.22

-

PBT after EO

180.55

109.43

65

398.69

152.08

162

494.44

169.41

192

Taxation

46.43

29.09

60

102.07

40.8

150

128.36

55.58

131

PAT

134.12

80.34

67

296.62

111.28

167

366.08

113.83

222

Minority Interest (MI)

0.07

-0.04

PL

0.48

0.01

4700

0.62

0.61

2

Net profit

134.05

80.38

67

296.14

111.27

166

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)

2209 (03)

2109 (03)

Var.(%)

% of (Total)

2209 (06)

2109 (06)

Var.(%)

% of (Total)

2203 (12)

2103 (12)

Var.(%)

Sales

Beer

100

3,672.22

3,285.79

12

100

5,188.74

2,645.75

96

100

13,094.04

10,156.85

29

Non-Alcoholic Beverages

0

1.29

8.94

-86

0

7.34

6.88

7

0

29.88

28.91

3

Total Reported Sales

100

3,673.51

3,294.73

11

100

5,196.08

2,652.63

96

100

13,123.92

10,185.76

29

Less: Inter segment revenues

 

0

0

 

 

0

0

 

 

0

0

 

Net Sales

 

3,673.51

3,294.73

11

 

5,196.08

2,652.63

96

 

13,123.92

10,185.76

29

PBIT

Beer

102

243.05

192.9

26

102

537.01

306.77

75

108

840.8

502.54

67

Non-Alcoholic Beverages

-2

-4.07

-13.47

-70

-2

-12.67

-25.51

-50

-8

-65.1

-38.41

69

Total PBIT

100

238.98

179.43

33

100

524.34

281.26

86

100

775.7

464.13

67

Less : Interest

 

2.65

4.73

-44

 

1.82

8.59

-79

 

14.78

22.67

-35

Add: Other un-allcoable

 

-55.78

-65.27

-15

 

-123.83

-120.59

3

 

-266.48

-272.05

-2

PBT

 

180.55

109.43

65

 

398.69

152.08

162

 

494.44

169.41

192


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