United Breweries Ltd

About [ edit ]

United Breweries is primarily engaged in the manufacture, purchase and sale of beer and non-alcoholic beverages.(Source : 202003-01 Annual Report Page No:78)

  • Market Cap 29,110 Cr.
  • Current Price 1,101
  • High / Low 1,330 / 859
  • Stock P/E 1,778
  • Book Value 127
  • Dividend Yield 0.23 %
  • ROCE 16.7 %
  • ROE 12.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 8.69 times its book value
  • The company has delivered a poor sales growth of 6.75% over past five years.
  • Earnings include an other income of Rs.94.24 Cr.
  • Promoter holding has decreased over last 3 years: -15.63%
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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
1,472 1,866 1,526 1,451 1,629 2,049 1,579 1,453 1,424 507 901 1,290
1,264 1,466 1,208 1,203 1,458 1,720 1,386 1,233 1,292 603 860 1,116
Operating Profit 208 400 318 248 171 329 192 221 132 -96 40 173
OPM % 14% 21% 21% 17% 11% 16% 12% 15% 9% -19% 4% 13%
Other Income 5 15 4 2 11 3 2 3 1 1 33 60
Interest 11 9 4 6 12 8 9 10 5 7 6 5
Depreciation 65 64 66 67 64 69 69 74 73 51 61 58
Profit before tax 137 343 252 177 106 255 117 141 55 -152 6 170
Tax % 34% 35% 35% 38% 36% 36% 1% 24% 25% 25% 31% 26%
Net Profit 91 222 164 109 68 165 115 106 41 -114 4 126
EPS in Rs 3.44 8.39 6.19 4.13 2.57 6.22 4.35 4.02 1.56 -4.32 0.15 4.78

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
1,698 1,997 3,060 3,562 3,903 4,236 4,692 4,839 4,734 5,629 6,472 6,505 4,121
1,480 1,780 2,670 3,150 3,426 3,639 4,071 4,109 4,093 4,727 5,335 5,630 3,871
Operating Profit 218 217 390 412 477 597 621 730 641 902 1,138 874 250
OPM % 13% 11% 13% 12% 12% 14% 13% 15% 14% 16% 18% 13% 6%
Other Income 49 78 45 53 38 15 37 48 52 12 32 9 94
Interest 90 56 78 99 80 80 73 81 59 48 31 31 23
Depreciation 76 88 131 149 170 198 207 244 287 260 260 285 243
Profit before tax 102 151 226 218 265 334 378 453 347 607 878 567 79
Tax % 39% 36% 35% 42% 35% 32% 31% 34% 34% 35% 36% 25%
Net Profit 62 97 147 126 172 226 260 298 229 394 563 427 57
EPS in Rs 2.60 4.04 5.79 4.78 6.51 8.53 9.82 11.27 8.67 14.90 21.28 16.16 2.17
Dividend Payout % 12% 9% 10% 15% 11% 11% 10% 10% 13% 13% 12% 15%
Compounded Sales Growth
10 Years:13%
5 Years:7%
3 Years:11%
TTM:-39%
Compounded Profit Growth
10 Years:17%
5 Years:10%
3 Years:23%
TTM:-96%
Stock Price CAGR
10 Years:9%
5 Years:7%
3 Years:2%
1 Year:16%
Return on Equity
10 Years:14%
5 Years:15%
3 Years:16%
Last Year:13%

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
271 271 273 101 101 101 26 26 26 26 26 26 26
Reserves 811 889 1,022 1,265 1,410 1,605 1,823 2,119 2,306 2,662 3,155 3,492 3,323
Borrowings 616 671 778 992 1,301 1,232 836 806 594 312 211 252 210
489 615 979 1,004 1,001 1,032 1,195 1,410 1,547 1,719 1,985 1,774 1,621
Total Liabilities 1,940 2,199 2,804 3,287 3,739 3,896 3,881 4,362 4,474 4,719 5,379 5,544 5,180
698 781 1,089 1,219 1,594 1,607 1,811 1,797 1,726 1,705 1,752 1,901 1,816
CWIP 87 58 72 207 114 82 90 61 137 72 190 199 295
Investments 194 153 45 25 25 25 25 25 26 26 26 26 28
962 1,208 1,598 1,835 2,005 2,181 1,954 2,478 2,586 2,916 3,411 3,418 3,040
Total Assets 1,940 2,199 2,804 3,287 3,739 3,896 3,881 4,362 4,474 4,719 5,379 5,544 5,180

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
-153 133 648 189 152 290 839 539 544 562 644 507
-227 -78 -477 -334 -428 -157 -327 -245 -234 -196 -430 -402
404 -13 -125 205 211 -173 -572 -297 -301 -363 -198 -95
Net Cash Flow 24 42 46 59 -64 -40 -60 -3 9 3 17 10

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 % 13% 11% 16% 15% 13% 14% 16% 19% 14% 22% 28% 17%
Debtor Days 101 113 62 72 76 83 75 84 100 97 85 76
Inventory Turnover 3.39 2.77 2.35 2.07 1.72 1.56 1.60 1.50 1.36 1.62 1.47 1.38

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
73.35 73.35 57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72
16.91 16.84 16.78 16.95 16.40 15.72 14.57 11.85 10.42 10.69 10.69 10.04
3.71 3.75 3.73 3.47 3.83 4.54 5.79 8.19 9.42 8.92 8.93 9.73
0.62 0.62 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15
5.41 5.45 5.62 5.70 5.90 5.86 5.77 6.08 6.29 6.52 6.51 6.36

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