United Breweries Ltd

About

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 42,459 Cr.
  • Current Price 1,606
  • High / Low 1,686 / 897
  • Stock P/E 165
  • Book Value 135
  • Dividend Yield 0.03 %
  • ROCE 5.23 %
  • ROE 3.31 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Promoter holding has increased by 15.00% over last quarter.

Cons

  • Stock is trading at 11.85 times its book value
  • The company has delivered a poor sales growth of -2.57% over past five years.
  • Company has a low return on equity of 11.26% for last 3 years.
  • Dividend payout has been low at 12.96% of profits over last 3 years
  • Debtor days have increased from 93.63 to 120.00 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,527 1,452 1,630 2,050 1,580 1,455 1,425 507 900 1,291 1,545 1,119
1,209 1,204 1,458 1,721 1,387 1,233 1,292 603 860 1,117 1,282 1,024
Operating Profit 317 248 172 329 192 222 133 -96 40 174 262 96
OPM % 21% 17% 11% 16% 12% 15% 9% -19% 4% 14% 17% 9%
Other Income 3 2 11 3 2 4 1 1 32 60 -51 6
Interest 4 6 12 8 9 10 5 7 6 5 4 4
Depreciation 66 67 64 69 69 74 73 51 61 58 62 55
Profit before tax 251 178 107 255 116 142 56 -152 5 171 145 43
Tax % 35% 38% 36% 36% 1% 24% 25% 25% 34% 26% 33% 27%
Net Profit 163 109 68 165 115 107 42 -114 4 127 97 31
EPS in Rs 6.17 4.13 2.59 6.23 4.34 4.03 1.57 -4.33 0.14 4.79 3.67 1.17

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,276 3,060 3,559 3,899 4,230 4,688 4,833 4,729 5,619 6,475 6,509 4,243 4,855
2,053 2,669 3,167 3,421 3,632 4,066 4,136 4,087 4,716 5,337 5,633 3,862 4,283
Operating Profit 223 390 393 478 597 622 697 642 903 1,138 876 381 573
OPM % 10% 13% 11% 12% 14% 13% 14% 14% 16% 18% 13% 9% 12%
Other Income 95 45 73 38 15 37 82 52 13 32 9 43 48
Interest 67 78 98 80 80 73 81 59 48 31 31 23 19
Depreciation 104 131 149 170 198 208 244 287 260 260 285 232 237
Profit before tax 147 227 218 266 335 379 455 348 608 879 569 169 364
Tax % 39% 35% 42% 35% 32% 31% 34% 34% 35% 36% 25% 33%
Net Profit 90 147 127 172 226 260 298 230 394 563 428 113 259
EPS in Rs 3.73 5.79 4.79 6.51 8.55 9.83 11.28 8.68 14.91 21.29 16.18 4.28 9.77
Dividend Payout % 10% 10% 15% 11% 11% 10% 10% 13% 13% 12% 15% 12%
Compounded Sales Growth
10 Years:3%
5 Years:-3%
3 Years:-9%
TTM:-2%
Compounded Profit Growth
10 Years:-2%
5 Years:-16%
3 Years:-33%
TTM:74%
Stock Price CAGR
10 Years:16%
5 Years:12%
3 Years:6%
1 Year:69%
Return on Equity
10 Years:12%
5 Years:12%
3 Years:11%
Last Year:3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
318 273 101 101 101 26 26 26 26 26 26 26
Reserves 816 1,022 1,265 1,411 1,606 1,824 2,121 2,308 2,664 3,157 3,494 3,556
Borrowings 796 778 992 1,301 1,232 836 806 594 312 211 252 262
825 980 1,005 1,002 1,033 1,198 1,413 1,550 1,721 1,989 1,778 2,008
Total Liabilities 2,461 2,805 3,288 3,740 3,898 3,885 4,366 4,479 4,723 5,384 5,551 5,852
1,055 1,135 1,244 1,619 1,632 1,836 1,822 1,750 1,730 1,777 1,926 1,949
CWIP 60 72 207 114 82 90 61 137 72 190 199 129
Investments 49 0 0 0 0 0 0 0 0 0 0 6
1,296 1,599 1,837 2,007 2,183 1,959 2,483 2,591 2,921 3,417 3,425 3,768
Total Assets 2,461 2,805 3,288 3,740 3,898 3,885 4,366 4,479 4,723 5,384 5,551 5,852

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
173 571 188 152 290 841 539 544 563 643 508 620
-87 -389 -334 -428 -158 -329 -245 -234 -197 -430 -402 -152
-45 -146 205 211 -172 -572 -297 -301 -364 -196 -95 -88
Net Cash Flow 42 36 59 -64 -40 -60 -3 9 3 17 10 380

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 107 62 72 76 83 75 84 100 97 85 76 120
Inventory Days 161 226 261 304 301 283 330 333 271 326 312 561
Days Payable 152 304 176 133 115 172 200 204 175 186 156 305
Cash Conversion Cycle 116 -16 157 247 269 186 214 229 193 225 232 376
Working Capital Days 112 60 63 73 85 49 63 65 60 56 64 74
ROCE % 11% 15% 14% 13% 14% 16% 18% 14% 22% 28% 17% 5%

Shareholding Pattern

Numbers in percentages

Jun 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72 57.72 72.71
16.78 16.95 16.40 15.72 14.57 11.85 10.42 10.69 10.69 10.04 9.75 9.80
3.73 3.47 3.83 4.54 5.79 8.19 9.42 8.92 8.93 9.73 10.16 10.10
16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 1.16
5.62 5.70 5.90 5.86 5.77 6.08 6.29 6.52 6.51 6.36 6.22 6.23

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