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 32,638 Cr.
  • Current Price 1,234
  • High / Low 1,330 / 750
  • Stock P/E 1,937
  • Book Value 127
  • Dividend Yield 0.20 %
  • ROCE 16.7 %
  • ROE 12.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 9.74 times its book value
  • The company has delivered a poor sales growth of 6.78% over past five years.
  • Earnings include an other income of Rs.94.35 Cr.
  • Promoter holding has decreased over last 3 years: -15.63%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,867 1,527 1,452 1,630 2,050 1,580 1,455 1,425 507 900 1,291
1,466 1,209 1,204 1,458 1,721 1,387 1,233 1,292 603 860 1,117
Operating Profit 401 317 248 172 329 192 222 133 -96 40 174
OPM % 21% 21% 17% 11% 16% 12% 15% 9% -19% 4% 14%
Other Income 16 3 2 11 3 2 4 1 1 32 60
Interest 9 4 6 12 8 9 10 5 7 6 5
Depreciation 64 66 67 64 69 69 74 73 51 61 58
Profit before tax 343 251 178 107 255 116 142 56 -152 5 171
Tax % 35% 35% 38% 36% 36% 1% 24% 25% 25% 34% 26%
Net Profit 222 163 109 68 165 115 107 42 -114 4 127
EPS in Rs 8.40 6.17 4.13 2.59 6.23 4.34 4.03 1.57 -4.33 0.14 4.79
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,929 2,276 3,060 3,559 3,899 4,230 4,688 4,833 4,729 5,619 6,475 6,509 4,124
1,702 2,041 2,669 3,167 3,421 3,632 4,066 4,140 4,087 4,716 5,337 5,633 3,872
Operating Profit 227 234 390 393 478 597 622 693 642 903 1,138 876 252
OPM % 12% 10% 13% 11% 12% 14% 13% 14% 14% 16% 18% 13% 6%
Other Income 53 83 45 73 38 15 37 86 52 13 32 9 94
Interest 105 67 78 98 80 80 73 81 59 48 31 31 23
Depreciation 90 104 131 149 170 198 208 244 287 260 260 285 243
Profit before tax 86 147 227 218 266 335 379 455 348 608 879 569 80
Tax % 47% 39% 35% 42% 35% 32% 31% 34% 34% 35% 36% 25%
Net Profit 46 90 147 127 172 226 260 298 230 394 563 428 58
EPS in Rs 1.90 3.73 5.79 4.79 6.51 8.55 9.83 11.28 8.68 14.91 21.29 16.18 2.17
Dividend Payout % 16% 10% 10% 15% 11% 11% 10% 10% 13% 13% 12% 15%
Compounded Sales Growth
10 Years:11%
5 Years:7%
3 Years:11%
TTM:-39%
Compounded Profit Growth
10 Years:18%
5 Years:10%
3 Years:23%
TTM:-96%
Stock Price CAGR
10 Years:10%
5 Years:9%
3 Years:6%
1 Year:-1%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:16%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
318 318 273 101 101 101 26 26 26 26 26 26 26
Reserves 745 816 1,022 1,265 1,411 1,606 1,824 2,121 2,308 2,664 3,157 3,494 3,325
Borrowings 765 796 778 992 1,301 1,232 836 806 594 312 211 252 210
648 825 980 1,005 1,002 1,033 1,198 1,413 1,550 1,721 1,989 1,778 1,625
Total Liabilities 2,181 2,461 2,805 3,288 3,740 3,898 3,885 4,366 4,479 4,723 5,384 5,551 5,186
971 1,055 1,135 1,244 1,619 1,632 1,836 1,822 1,750 1,730 1,777 1,926 1,842
CWIP 97 60 72 207 114 82 90 61 137 72 190 199 295
Investments 90 49 0 0 0 0 0 0 0 0 0 0 3
1,023 1,296 1,599 1,837 2,007 2,183 1,959 2,483 2,591 2,921 3,417 3,425 3,046
Total Assets 2,181 2,461 2,805 3,288 3,740 3,898 3,885 4,366 4,479 4,723 5,384 5,551 5,186

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-96 173 571 188 152 290 841 539 544 563 643 508
-251 -87 -389 -334 -428 -158 -329 -245 -234 -197 -430 -402
378 -45 -146 205 211 -172 -572 -297 -301 -364 -196 -95
Net Cash Flow 30 42 36 59 -64 -40 -60 -3 9 3 17 10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 12% 11% 15% 14% 13% 14% 16% 18% 14% 22% 28% 17%
Debtor Days 95 107 62 72 76 83 75 84 100 97 85 76
Inventory Turnover 3.42 2.81 2.24 2.05 1.70 1.53 1.58 1.48 1.34 1.59 1.46 1.37

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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