United Breweries Ltd

United Breweries Ltd

₹ 1,872 0.63%
24 Apr 11:16 a.m.
About

United Breweries Limited (UBL) is engaged in the business of manufacture and sale of beer and non-alcoholic beverages. [1]

Key Points

Brand Portfolio
The Co markets its products under the flagship brands Kingfisher and Heineken. Some of the most popular brands in its portfolio include Kingfisher Premium, Kingfisher Ultra, Kingfisher Strong, Kingfisher Ultra Max, UB Export Lager, London Pilsner etc. [1]

  • Market Cap 49,496 Cr.
  • Current Price 1,872
  • High / Low 1,914 / 1,342
  • Stock P/E 146
  • Book Value 152
  • Dividend Yield 0.39 %
  • ROCE 11.4 %
  • ROE 8.27 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 51.0%
  • Debtor days have improved from 89.0 to 68.5 days.

Cons

  • Stock is trading at 12.3 times its book value
  • The company has delivered a poor sales growth of 5.94% over past five years.
  • Company has a low return on equity of 7.19% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,291 1,545 1,119 1,427 1,583 1,709 2,439 1,682 1,613 1,766 2,275 1,890 1,824
1,117 1,282 1,024 1,262 1,409 1,448 2,173 1,463 1,536 1,712 2,052 1,706 1,678
Operating Profit 174 262 96 165 174 261 266 219 77 54 223 184 146
OPM % 14% 17% 9% 12% 11% 15% 11% 13% 5% 3% 10% 10% 8%
60 -51 6 4 6 13 10 14 -20 12 10 12 25
Interest 5 4 4 5 4 2 1 1 2 1 2 1 2
Depreciation 58 62 55 56 53 53 58 52 50 51 51 51 52
Profit before tax 171 145 43 109 124 219 218 181 5 13 180 144 117
Tax % 26% 33% 27% 27% 26% 25% 26% 26% 135% 27% 24% 26% 27%
127 98 31 80 91 164 162 134 -2 10 136 107 86
EPS in Rs 4.79 3.67 1.17 3.04 3.43 6.18 6.13 5.07 -0.07 0.37 5.15 4.06 3.23
Raw PDF
Upcoming result date: 7 May 2024

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
3,559 3,899 4,230 4,688 4,833 4,729 5,619 6,475 6,509 4,243 5,838 7,500 7,755
3,167 3,421 3,632 4,066 4,136 4,087 4,716 5,337 5,633 3,862 5,142 6,884 7,148
Operating Profit 393 478 597 622 697 642 903 1,138 876 381 697 616 607
OPM % 11% 12% 14% 13% 14% 14% 16% 18% 13% 9% 12% 8% 8%
73 38 15 37 82 52 13 32 9 43 30 16 59
Interest 98 80 80 73 81 59 48 31 31 23 15 5 6
Depreciation 149 170 198 208 244 287 260 260 285 232 217 211 205
Profit before tax 218 266 335 379 455 348 608 879 569 169 494 417 455
Tax % 42% 35% 32% 31% 34% 34% 35% 36% 25% 33% 26% 27%
127 173 226 260 299 230 395 563 428 114 366 305 339
EPS in Rs 4.79 6.51 8.55 9.83 11.28 8.68 14.91 21.29 16.18 4.28 13.82 11.50 12.81
Dividend Payout % 15% 11% 11% 10% 10% 13% 13% 12% 15% 12% 76% 65%
Compounded Sales Growth
10 Years: 7%
5 Years: 6%
3 Years: 5%
TTM: 4%
Compounded Profit Growth
10 Years: 7%
5 Years: -4%
3 Years: -9%
TTM: -31%
Stock Price CAGR
10 Years: 9%
5 Years: 5%
3 Years: 18%
1 Year: 28%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 7%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 26 26 26 26 26 26 26 26 26 26 26 26 26
Reserves 1,265 1,411 1,606 1,824 2,121 2,308 2,664 3,157 3,494 3,556 3,909 3,938 3,988
Preference Capital 74 74 74 0 0 0 0 0 0 0 0 0
992 1,301 1,232 836 806 594 312 211 252 262 10 16 15
1,005 1,002 1,033 1,198 1,413 1,550 1,721 1,989 1,778 2,008 2,004 2,300 2,343
Total Liabilities 3,288 3,740 3,898 3,885 4,366 4,479 4,723 5,384 5,551 5,852 5,949 6,280 6,372
1,244 1,619 1,632 1,836 1,822 1,750 1,730 1,777 1,926 1,949 1,913 1,851 1,799
CWIP 207 114 82 90 61 137 72 190 199 129 110 77 134
Investments 0 0 0 0 0 0 0 0 0 6 8 8 8
1,837 2,007 2,183 1,959 2,483 2,591 2,921 3,417 3,425 3,768 3,918 4,344 4,431
Total Assets 3,288 3,740 3,898 3,885 4,366 4,479 4,723 5,384 5,551 5,852 5,949 6,280 6,372

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
188 152 290 841 539 544 563 643 508 620 900 -120
-334 -428 -158 -329 -245 -234 -197 -430 -402 -152 -160 -121
205 211 -172 -572 -297 -301 -364 -196 -95 -88 -287 -292
Net Cash Flow 59 -64 -40 -60 -3 9 3 17 10 380 453 -533

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 72 76 83 75 84 100 97 85 76 120 78 68
Inventory Days 261 304 301 283 330 333 271 326 312 561 302 321
Days Payable 250 148 116 173 200 204 175 186 156 311 206 161
Cash Conversion Cycle 83 232 268 184 214 229 193 225 232 370 174 228
Working Capital Days 59 73 67 38 37 50 57 49 59 74 31 50
ROCE % 14% 13% 14% 16% 18% 14% 22% 28% 17% 5% 13% 11%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
72.71% 72.71% 72.71% 72.71% 72.71% 72.72% 72.72% 72.72% 72.72% 71.00% 70.84% 70.84%
9.80% 9.78% 9.61% 8.70% 7.69% 6.93% 6.94% 6.43% 6.31% 6.70% 6.71% 6.63%
10.10% 10.49% 10.90% 11.92% 13.01% 13.87% 13.91% 14.41% 14.65% 15.97% 16.06% 16.12%
1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16%
6.23% 5.86% 5.62% 5.51% 5.43% 5.32% 5.28% 5.27% 5.16% 5.19% 5.22% 5.25%
No. of Shareholders 66,13363,30166,55666,55964,67563,57661,76063,47569,38467,95465,41866,914

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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