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Results
25-Oct-24
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Analysis
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United Breweries
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Volume increased 5%
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Net
sales (including other operating income) of United Breweries has increased
11.99% to Rs 2116.72 crore. Sales of
Beer segment has gone up 13.14% to Rs 4,743.56 crore (accounting for 100.00% of
total sales). Profit before interest,
tax and other unallocable items (PBIT) has jumped 15.43% to Rs 274.45
crore. PBIT of Beer segment rose 17.10%
to Rs 279.63 crore (accounting for 101.89% of total PBIT). PBIT of Non-Alcoholic Beverages segment fell
402.91% to Rs -5.18 crore (accounting for -1.89% of total PBIT).
Total
volume increased 5% in Q2 despite unfavorable weather in the quarter, and
predominantly driven by North and West regions.
Premium volume grew by 27% in the quarter bringing the HY growth rate to
35%. Within the segment, the company see strong growth for Kingfisher Ultra,
Kingfisher Ultra Max, and Heineken® Silver. Amstel, the iconic premium beer
brand crafted in Amsterdam since 1870, is excited to announce its debut in
India with Amstel Grande. Slow brewed with the finest ingredients, Amstel
Grande promises to deliver an unparalleled beer experience to Indian consumers.
PBIT
margin of Beer segment rose from 5.70% to 5.89%. Overall PBIT margin rose from 5.67% to
5.79%.
Operating
profit margin has jumped from 9.75% to 10.73%, leading to 23.29% rise in
operating profit to Rs 227.22 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
54.58% to 54.68%. Purchase of finished
goods cost rose from 1.34% to 2.48%.
Employee cost decreased from 8.64% to 8.06%. Other expenses fell from 25.82% to
24.34%.
Other
income fell 13.98% to Rs 10.4 crore.
PBIDT rose 21% to Rs 237.62 crore.
Provision for interest rose 53.15% to Rs 2.19 crore. Loan funds rose to Rs 126.53 crore as of 30
September 2024 from Rs 15.40 crore as of 30 September 2023. Inventories rose to Rs 1,568.73 crore as of
30 September 2024 from Rs 1,464.18 crore as of 30 September 2023. Sundry debtors were higher at Rs 2,434.34 crore
as of 30 September 2024 compared to Rs 1,427.86 crore as of 30 September 2023. Cash and bank balance declined from Rs 652.27
crore as of 30 September 2023 to Rs 153.89 crore as of 30 September 2024. Investments declined from Rs 8.00 crore as of
30 September 2023 to Rs 7.90 crore as of 30 September 2024.
PBDT
rose 20.76% to Rs 235.43 crore.
Provision for depreciation rose 12.23% to Rs 57.15 crore. Fixed assets increased to Rs 1,921.58 crore
as of 30 September 2024 from Rs 1,916.37 crore as of 30 September 2023. Intangible assets declined from Rs 16.72
crore to Rs 6.45 crore.
Profit
before tax grew 23.78% to Rs 178.28 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 45.95
crore, compared to Rs 36.86 crore.
Effective tax rate was 25.77% compared to 25.59%.
Net
profit attributable to owners of the company increased 23.20% to Rs 132.17
crore. Investments in capex during the quarter were Rs. 51 crore, focused on
commercial & supply chain initiatives to cater for future growth. The
company is optimistic about the industry`s long-term growth potential, driven
by increasing disposable income, favorable demographics & premiumization
Equity
capital stood at Rs 26.44 crore as of 30 September 2024 to Rs 26.44 crore as of
30 September 2023. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.83% as of 30 September 2024 ,compared to 70.99% as of 30 September
2023 . Promoters pledged stake was
12.40% as of 30 September 2024 ,compared to 12.38% as of 30 September 2023.
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of United Breweries has increased
10.25% to Rs 4591.85 crore. Sales of
Beer segment has gone up 11.86% to Rs 10,554.19 crore (accounting for 99.99% of
total sales). Sales of Non-Alcoholic
Beverages segment has gone up 124.14% to Rs 0.65 crore (accounting for 0.01% of
total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 25.38% to Rs
609.08 crore. PBIT of Beer segment rose
22.50% to Rs 615.54 crore (accounting for 101.06% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
61.25% to Rs -6.46 crore (accounting for -1.06% of total PBIT).
PBIT
margin of Beer segment rose from 5.33% to 5.83%. PBIT margin of Non-Alcoholic Beverages
segment rose from negative 5,748.28% to negative 993.85%. Overall PBIT margin rose from 5.15% to
5.77%.
Operating
profit margin has jumped from 9.78% to 11.16%, leading to 25.83% rise in
operating profit to Rs 512.62 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
56.14% to 54.92%. Purchase of finished
goods cost rose from 1.43% to 1.95%.
Employee cost increased from 7.52% to 7.74%. Other expenses fell from 25.16% to
24.34%.
Other
income fell 21.15% to Rs 17.75 crore.
PBIDT rose 23.37% to Rs 530.37 crore.
Provision for interest rose 22.33% to Rs 3.78 crore. Loan funds rose to Rs 126.53 crore as of 30
September 2024 from Rs 15.40 crore as of 30 September 2023. Inventories rose to Rs 1,568.73 crore as of
30 September 2024 from Rs 1,464.18 crore as of 30 September 2023. Sundry debtors were higher at Rs 2,434.34
crore as of 30 September 2024 compared to Rs 1,427.86 crore as of 30 September
2023. Cash and bank balance declined
from Rs 652.27 crore as of 30 September 2023 to Rs 153.89 crore as of 30
September 2024. Investments declined
from Rs 8.00 crore as of 30 September 2023 to Rs 7.90 crore as of 30 September
2024.
PBDT
rose 23.38% to Rs 526.59 crore.
Provision for depreciation rose 12.29% to Rs 114.87 crore. Fixed assets increased to Rs 1,921.58 crore
as of 30 September 2024 from Rs 1,916.37 crore as of 30 September 2023. Intangible assets declined from Rs 16.72
crore to Rs 6.45 crore.
Profit
before tax grew 26.88% to Rs 411.72 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 105.59
crore, compared to Rs 80.99 crore.
Effective tax rate was 25.65% compared to 24.96%.
Minority
interest increased 1,950% to Rs 0.41 crore. Net profit attributable to owners of the
company increased 25.56% to Rs 305.72 crore.
Equity
capital stood at Rs 26.44 crore as of 30 September 2024 to Rs 26.44 crore as of
30 September 2023. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.83% as of 30 September 2024 ,compared to 70.99% as of 30 September
2023 . Promoters pledged stake was
12.40% as of 30 September 2024 ,compared to 12.38% as of 30 September 2023 .
Cash
flow from operating activities decreased to Rs 255.04 crore for YTD ended
September 2024 from Rs 517.68 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets
during the YTD ended September 2024 stood at Rs 99.78 crore, compared to Rs
91.06 crore during the YTD ended September 2023.
The
scrip is currently trading at Rs 2067
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United Breweries : Consolidated Results
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Particulars
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2409 (03)
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2309 (03)
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Var.(%)
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2409 (06)
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2309 (06)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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2,116.72
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1,890.05
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12
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4,591.85
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4,164.84
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10
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8,122.68
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7,499.92
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8
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OPM (%)
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10.73
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9.75
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11.16
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9.78
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8.57
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8.22
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OP
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227.22
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184.29
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23
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512.62
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407.38
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26
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696.19
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616.23
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13
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Other Inc.
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10.4
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12.09
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-14
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17.75
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22.51
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-21
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73.74
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49.43
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49
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PBIDT
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237.62
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196.38
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21
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530.37
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429.89
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23
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769.93
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665.66
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16
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Interest
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2.19
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1.43
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53
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3.78
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3.09
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22
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6.89
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4.64
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48
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PBDT
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235.43
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194.95
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21
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526.59
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426.8
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23
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763.04
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661.02
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15
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Depreciation
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57.15
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50.92
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12
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114.87
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102.3
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12
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211.9
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210.59
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1
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PBT
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178.28
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144.03
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24
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411.72
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324.5
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27
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551.14
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450.43
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22
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Share of Profit/(Loss) from Associates
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0
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0
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-
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0
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0
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-
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0
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0
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-
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PBT before EO
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178.28
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144.03
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24
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411.72
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324.5
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27
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551.14
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450.43
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22
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EO Income
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0
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0
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-
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0
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0
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-
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0
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-33.12
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-
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PBT after EO
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178.28
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144.03
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24
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411.72
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324.5
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27
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551.14
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417.31
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32
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Taxation
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45.95
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36.86
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25
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105.59
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80.99
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30
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140.28
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112.63
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25
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PAT
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132.33
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107.17
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23
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306.13
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243.51
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26
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410.86
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304.68
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35
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Minority Interest (MI)
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0.16
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-0.11
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PL
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0.41
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0.02
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1950
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0.83
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0.7
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19
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Net profit
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132.17
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107.28
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23
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305.72
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243.49
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26
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410.03
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303.98
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35
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EPS (Rs)*
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#
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#
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#
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#
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15.5
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12.4
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Notes
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* EPS is on current equity of Rs 26.44 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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United Breweries : Consolidated Segment Results
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% of (Total)
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2409 (03)
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2309 (03)
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Var.(%)
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% of (Total)
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2409 (06)
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2309 (06)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Beer
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100
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4,743.56
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4,192.57
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13
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100
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10,554.19
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9,435.58
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12
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100
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18,374.18
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16,641.15
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10
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Non-Alcoholic Beverages
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0
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0
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0.29
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-
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0
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0.65
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0.29
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124
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0
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5.35
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9.94
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-46
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Total Reported Sales
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100
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4,743.56
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4,192.86
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13
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100
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10,554.84
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9,435.87
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12
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100
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18,379.53
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16,651.09
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10
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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0
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0
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-
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Net Sales
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4,743.56
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4,192.86
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13
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10,554.84
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9,435.87
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12
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18,379.53
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16,651.09
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10
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PBIT
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Beer
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102
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279.63
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238.8
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17
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101
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615.54
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502.47
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23
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103
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910.63
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760.09
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20
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Non-Alcoholic Beverages
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-2
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-5.18
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-1.03
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-403
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-1
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-6.46
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-16.67
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61
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-3
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-24.44
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-37.34
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35
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Total PBIT
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100
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274.45
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237.77
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15
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100
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609.08
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485.8
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25
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100
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886.19
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722.75
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23
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Less : Interest
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2.19
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-1.43
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LP
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3.78
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3.09
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22
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6.89
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4.64
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48
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Add: Other un-allcoable
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-93.98
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-95.17
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1
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-193.58
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-158.21
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-22
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-328.16
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-300.8
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-9
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PBT
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178.28
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144.03
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24
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411.72
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324.5
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27
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551.14
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417.31
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32
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Previous News |
United Breweries Q1 PAT rises 27% YoY to 174 crore
(
Hot Pursuit
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26-Jul-24
11:36
)
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United Breweries launches Heineken® Silver and Heineken® Original in Karnataka
(
Corporate News
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20-Aug-24
18:56
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United Breweries CFO Radovan Sikorsky resigns
(
Hot Pursuit
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22-Apr-24
14:19
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United Breweries to declare Quarterly Result
(
Corporate News
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26-Apr-23
15:50
)
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United Breweries launches Heineken® Silver Draught Beer in India
(
Corporate News
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28-Nov-23
12:53
)
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United Breweries appoints director
(
Corporate News
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05-Jun-23
14:40
)
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United Breweries Ltd soars 0.03%, up for fifth straight session
(
Hot Pursuit
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25-Jul-22
13:00
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Volumes jump at United Breweries Ltd counter
(
Hot Pursuit
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07-Jul-22
11:00
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Nifty slides below 22,200; broader market outperforms
(
Market Commentary
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Mid-Session
08-May-24
10:41
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United Breweries AGM scheduled
(
Corporate News
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08-May-24
09:48
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United Breweries Ltd up for five straight sessions
(
Hot Pursuit
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09-Jun-21
13:00
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