Assoc Alcohols &Brew

₹511.6 0.8 | 0.1%

WEBSITE BSE:507526 NSE : ASSO.ALCOHOL 10 May, 16:01

Market Cap ₹925 Cr.

Stock P/E 18.3

P/B 2.2

Current Price ₹511.6

Book Value ₹ 233.9

Face Value 10

52W High ₹594.6

Dividend Yield 0.39%

52W Low ₹ 350.1

Edit Ratio

Assoc Alcohols &Brew Research see more...

Overview Inc. Year: 1989Industry: Breweries & Distilleries

Associated Alcohols & Breweries Ltd is a distillery agency. The Company is engaged within the manufacture of alcoholic liquor. It operates via Potable Alcohol segment. It is also engaged inside the commercial enterprise of bottling vodka and Scotch whisky for international brands. It has presence in all types of potable alcohols, rectified spirits (RS), extra neutral alcohol (ENA), country liquor (CL), distilled grain spirit, Indian made foreign liquor (IMFL) in the whisky, brandy, rum, gin and vodka categories, and bottling scotch whisky for other worldwide manufacturers. It manufactures and markets in house brands, together with Red & White, James McGill, Bombay Special (within the whisky section), London Bridge (within the gin segment) and Jamaican Magic within the rum class. Its licensed brands encompass Smimoff Vodka, Captain Morgan rum, HAIG Scotch whisky, Masterstroke whisky, Glen Drummond single malt Scotch whisky and Royal Crown whisky. It has a manufacturing capacity of 42 million liters per annum.

Assoc Alcohols &Brew Share Price

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Peer Comparison

Assoc Alcohols &Brew Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	165	149	184	147	186	186	156	171	193	244
Other Income	5	5	2	3	2	2	2	2	2	3
Total Income	170	153	186	150	188	188	159	174	194	248
Total Expenditure	138	129	164	136	169	171	138	152	172	226
Operating Profit	32	24	22	14	19	17	21	22	22	22
Interest	0	0	0	0	0	1	1	0	1	2
Depreciation	4	4	4	4	4	3	3	3	3	4
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	28	20	18	10	15	13	17	18	18	16
Provision for Tax	7	5	5	2	4	3	4	5	5	4
Profit After Tax	21	15	13	8	11	10	12	13	13	12
Adjustments	-0	0	-0	0	-0	-0	0	0	0	-0
Profit After Adjustments	21	15	13	8	11	10	12	13	13	12
Adjusted Earnings Per Share	11.7	8.4	7.4	4.2	6	5.4	6.8	7.4	7	6.8

Assoc Alcohols &Brew Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	157	213	298	288	291	324	399	523	436	513	701	764
Other Income	3	5	2	1	3	3	4	7	5	14	10	9
Total Income	160	218	300	289	294	327	403	530	440	527	710	775
Total Expenditure	145	195	268	250	251	273	341	450	346	430	639	688
Operating Profit	14	23	33	39	42	55	62	80	94	96	71	87
Interest	4	7	7	5	4	4	2	2	1	1	1	4
Depreciation	5	7	10	10	11	11	12	14	14	14	14	13
Exceptional Income / Expenses	0	0	2	0	0	0	0	0	0	0	0	0
Profit Before Tax	6	10	18	23	27	39	47	64	78	81	55	69
Provision for Tax	2	4	6	9	10	14	17	14	21	20	14	18
Profit After Tax	3	6	12	14	17	25	30	49	58	61	42	50
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	3	6	12	14	17	25	30	49	58	61	42	50
Adjusted Earnings Per Share	1.8	3.2	6.8	7.9	9.4	13.9	16.7	27.3	32.1	33.6	23	28

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	37%	10%	17%	16%
Operating Profit CAGR	-26%	-4%	5%	18%
PAT CAGR	-31%	-5%	11%	30%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	42%	7%	19%	49%
ROE Average	12%	20%	22%	19%
ROCE Average	15%	26%	29%	24%

Assoc Alcohols &Brew Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	51	57	68	81	97	121	149	195	252	313	363
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	39	63	25	18	8	3	8	5	2	1	67
Other Non-Current Liabilities	13	13	12	11	10	8	9	9	8	29	10
Total Current Liabilities	61	58	65	60	61	78	92	64	87	79	113
Total Liabilities	164	191	170	170	176	210	259	274	349	422	553
Fixed Assets	88	98	93	93	86	80	116	110	111	113	110
Other Non-Current Assets	16	9	8	7	17	34	13	20	18	116	184
Total Current Assets	60	84	69	71	73	96	129	144	220	194	258
Total Assets	164	191	170	170	176	210	259	274	349	422	553

Assoc Alcohols &Brew Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	8	10	15	10	3	3	2	2	3	1	2
Cash Flow from Operating Activities	18	-13	47	10	25	39	25	58	67	79	7
Cash Flow from Investing Activities	-37	-9	-6	-9	-13	-23	-28	-33	-65	-70	-94
Cash Flow from Financing Activities	22	28	-47	-7	-12	-16	3	-25	-3	-9	86
Net Cash Inflow / Outflow	2	5	-5	-6	-0	-1	-1	1	-1	1	-1
Closing Cash & Cash Equivalent	11	15	10	5	3	2	2	3	1	2	1

Assoc Alcohols &Brew Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	1.83	3.23	6.82	7.9	9.35	13.93	16.74	27.29	32.06	33.63	22.99
CEPS(Rs)	4.57	6.87	12.41	13.63	15.41	20.19	23.54	35.09	39.84	41.53	30.94
DPS(Rs)	0	0	0.5	0.5	1	1	1	1	1	1	1
Book NAV/Share(Rs)	28.36	31.59	37.44	44.75	53.63	66.8	82.5	108.01	139.29	173.04	201.01
Core EBITDA Margin(%)	7.48	8.55	10.26	13.02	13.61	15.56	13.97	13.63	19.73	15.99	8.77
EBIT Margin(%)	6.07	7.88	8.36	9.84	10.75	13.07	12.04	12.3	17.64	15.96	8.1
Pre Tax Margin(%)	3.5	4.59	6.17	8.04	9.34	11.91	11.5	11.91	17.32	15.78	7.89
PAT Margin (%)	2.1	2.74	4.13	4.97	5.81	7.61	7.35	9.22	12.79	11.82	5.91
Cash Profit Margin (%)	5.25	5.83	7.51	8.56	9.57	11.03	10.34	11.86	15.89	14.6	7.96
ROA(%)	2.22	3.29	6.85	8.41	9.78	13.06	12.92	18.54	18.61	15.77	8.53
ROE(%)	6.67	10.79	19.77	19.24	19.02	23.14	22.42	28.65	25.93	21.54	12.29
ROCE(%)	9.32	12.75	19.11	24.38	25.23	31.96	30.99	34.47	34.35	28.37	14.67
Receivable days	21.77	13.81	9.54	12.55	18.26	20.08	21.99	23.77	31.38	22.19	10.93
Inventory Days	50.5	41.77	35.4	38.37	35.98	36.74	41.68	38.64	46.32	43.52	38.73
Payable days	107.03	72.8	53.35	78.71	57.85	64.44	72.89	63.32	101.4	94.15	63.86
PER(x)	4.94	2.63	6.81	9.89	17.72	17.87	15.58	5.78	13.15	14.13	14.05
Price/Book(x)	0.32	0.27	1.24	1.75	3.09	3.73	3.16	1.46	3.03	2.75	1.61
Dividend Yield(%)	0	0	0.54	0.64	0.6	0.4	0.38	0.63	0.24	0.21	0.31
EV/Net Sales(x)	0.44	0.42	0.39	0.6	1.13	1.44	1.24	0.52	1.59	1.53	0.88
EV/Core EBITDA(x)	4.79	3.85	3.58	4.48	7.76	8.56	8	3.4	7.37	8.12	8.65
Net Sales Growth(%)	13.55	35.64	40.02	-3.67	1.23	11.36	22.96	31.12	-16.62	17.64	36.71
EBIT Growth(%)	33.24	76.08	48.51	13.4	10.56	38.22	14.52	32.8	21.5	2.69	-30.69
PAT Growth(%)	27.99	76.58	111.07	15.85	18.34	48.94	20.15	63.02	17.47	4.92	-31.66
EPS Growth(%)	27.99	76.59	111.07	15.85	18.34	48.94	20.15	63.02	17.47	4.92	-31.66
Debt/Equity(x)	1.24	1.6	0.66	0.48	0.33	0.18	0.19	0.05	0.04	0.01	0.26
Current Ratio(x)	0.98	1.45	1.05	1.18	1.2	1.24	1.4	2.24	2.52	2.44	2.29
Quick Ratio(x)	0.61	1	0.57	0.7	0.73	0.75	0.79	1.34	1.86	1.62	1.54
Interest Cover(x)	2.36	2.39	3.82	5.46	7.63	11.26	22.2	31.61	54.42	88.1	40.09
Total Debt/Mcap(x)	3.9	5.96	0.54	0.27	0.11	0.05	0.06	0.03	0.01	0.01	0.16

Assoc Alcohols &Brew Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	58.45	58.45	58.45	58.45	58.45	58.45	58.45	58.67	59.29	59.29
FII	1.64	1.35	0.92	0.8	0.53	0.58	0.55	0.48	0.58	1.2
DII	0.01	0.01	0.01	0.01	3.49	0.01	0	0	0.1	0
Public	39.91	40.19	40.62	40.74	37.53	40.97	41	40.85	40.03	39.51
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.06	1.06	1.06	1.06	1.06	1.06	1.06	1.06	1.07	1.07
FII	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.02
DII	0	0	0	0	0.06	0	0	0	0	0
Public	0.72	0.73	0.73	0.74	0.68	0.74	0.74	0.74	0.72	0.71
Others	0	0	0	0	0	0	0	0	0	0
Total	1.81	1.81	1.81	1.81	1.81	1.81	1.81	1.81	1.81	1.81

Pros

Debtor days have improved from 94.15 to 63.86days.
Company is almost debt free.

Cons

* 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.