Hot Pursuit     29-Jul-23
United Breweries Q1 PAT slides 16% YoY to Rs 136.21 cr
United Breweries reported 16% decline in consolidated net profit to Rs 136.21 crore as compared with Rs 162.09 crore in corresponding quarter last year.
Net sales fell 6.7% to Rs 2,274.79 crore during the quarter of FY24 as against Rs 2,438.71 crore in Q1 FY23.

Profit before tax declined 17% to Rs 180.47 crore in the first quarter as compared with Rs 218.14 crore in corresponding quarter last year.

EBITDA stood at Rs 233 crore during the quarter, down 15% YoY.

Volume in the quarter decreased 4% excluding RTM changes predominantly driven by Telangana & Haryana. In Telangana, the company was facing capacity constraints during peak season given the continued strong growth of the industry.

The premium segment decreased 21% in the quarter whereas volumes were flat excluding RTM changes. Within the segment we see mid-teens growth for Kingfisher Ultra Max & promising results for Heineken Silver in focus states. Heineken Silver is now contributing 30% to the Heineken franchise.

Gross margin during the quarter was lower as compared to PY (down 369 bps) and improved vs previous quarter (up 196 bps) driven by revenue management & cost initiatives.

The firm's capex during the quarter was Rs 45 crore, primarily in supply chain initiatives.

Inflationary pressure on our cost base is expected to soften in the near term but volatility will remain. UBL continues to remain optimistic about the long-term growth potential of the industry, driven by increasing disposable income, favorable demographics & premiumization.

United Breweries, controlled by Dutch multinational company Heineken NV, is primarily engaged in the manufacture, purchase, and sale of beer and non-alcoholic beverages.

The scrip rose 1.08% to settled at Rs 1,569.60 on Friday, 28 July 2023.

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