Associated Alcohols & Breweries Ltd

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Associated Alcohols & Breweries business is manufacturing and trading of ENA, Indian Made Indian Liquor (Country Liquor), Indian Made Foreign Liquor and Hand sanitizer.

  • Market Cap 667 Cr.
  • Current Price 369
  • High / Low 386 / 122
  • Stock P/E 12.4
  • Book Value 117
  • Dividend Yield 0.27 %
  • ROCE 34.9 %
  • ROE 29.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 35.70% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.50%

Cons

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
78 97 72 114 116 130 119 141 132 58 99 153
67 76 61 98 105 108 106 116 116 49 78 117
Operating Profit 11 20 11 16 11 22 13 25 17 9 21 36
OPM % 14% 21% 15% 14% 9% 17% 11% 18% 12% 15% 21% 24%
Other Income 1 1 0 0 3 1 1 1 2 1 1 1
Interest 1 0 0 1 1 1 0 0 1 0 0 0
Depreciation 3 3 3 3 3 3 4 4 4 3 4 4
Profit before tax 7 18 8 12 10 18 10 22 14 6 18 33
Tax % 38% 35% 35% 35% 40% 35% -15% 28% 23% 26% 26% 25%
Net Profit 5 11 5 8 6 12 11 16 11 5 13 25
EPS in Rs 2.57 6.34 2.74 4.50 3.16 6.48 6.12 8.75 5.94 2.64 7.28 13.79
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
97 109 91 138 157 213 298 288 291 324 399 523 442
91 103 85 129 145 195 268 249 250 272 341 445 360
Operating Profit 6 6 6 9 12 18 31 39 41 52 58 78 82
OPM % 6% 5% 7% 7% 7% 9% 10% 13% 14% 16% 14% 15% 19%
Other Income 2 1 3 2 3 5 4 -0 2 2 4 2 5
Interest 2 3 3 4 4 7 7 5 4 4 2 2 1
Depreciation 3 3 3 4 5 7 10 10 11 11 12 14 14
Profit before tax 2 2 3 3 6 10 18 23 27 39 47 64 72
Tax % 53% 35% 22% 25% 40% 40% 33% 38% 38% 36% 36% 23%
Net Profit 1 1 2 3 3 6 12 14 17 25 30 49 54
EPS in Rs 0.65 0.66 1.36 1.43 1.83 3.23 6.82 7.90 9.35 13.93 16.74 27.29 29.65
Dividend Payout % 0% 0% 0% 0% 0% 0% 4% 6% 11% 7% 6% 4%
Compounded Sales Growth
10 Years:17%
5 Years:12%
3 Years:22%
TTM:-13%
Compounded Profit Growth
10 Years:46%
5 Years:36%
3 Years:42%
TTM:21%
Stock Price CAGR
10 Years:39%
5 Years:35%
3 Years:10%
1 Year:86%
Return on Equity
10 Years:19%
5 Years:24%
3 Years:26%
Last Year:29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
9 9 9 9 9 9 9 18 18 18 18 18 18
Reserves 33 34 36 39 42 48 59 63 79 103 131 177 193
Borrowings 23 25 38 42 64 92 45 39 32 21 28 11 6
25 27 28 44 49 42 57 51 41 59 67 67 66
Total Liabilities 91 95 112 134 164 191 170 170 169 201 244 274 283
32 34 31 56 88 98 93 93 86 80 116 110 104
CWIP 0 3 10 8 8 0 2 2 5 23 2 11 13
Investments 0 2 2 2 4 4 3 2 2 3 3 2 2
59 56 68 67 65 89 71 74 76 96 123 151 164
Total Assets 91 95 112 134 164 191 170 170 169 201 244 274 283

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-11 11 -5 19 18 -13 47 10 25 39 25 58
0 -10 -7 -27 -37 -9 -6 -9 -13 -23 -28 -33
-1 2 15 7 22 28 -47 -7 -12 -16 3 -25
Net Cash Flow -11 4 3 -0 2 5 -5 -6 -0 -1 -1 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 7% 7% 6% 8% 9% 13% 17% 25% 26% 32% 31% 35%
Debtor Days 60 54 60 26 20 13 10 15 22 21 28 27
Inventory Turnover 1.99 2.87 3.70 3.82 5.44 6.55 6.43 6.55 5.62 3.94 3.46 4.24

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
58.45 58.45 58.45 58.45 58.45 58.45 58.45 58.45 58.45 58.45 58.45 58.45
0.06 0.46 0.46 0.29 0.55 0.57 0.57 0.57 0.57 0.56 0.74 0.47
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.10 0.04 0.01 0.01
41.49 41.08 41.08 41.25 40.99 40.97 40.97 40.95 40.88 40.95 40.81 41.07

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