United Breweries

₹1914 2.7 | 0.1%

WEBSITE BSE:532478 NSE : UNITED BREWA 10 May, 16:01

Market Cap ₹50607 Cr.

Stock P/E 123.4

P/B 12.1

Current Price ₹1914

Book Value ₹ 158

Face Value 1

52W High ₹2106.7

Dividend Yield 0.52%

52W Low ₹ 1388.2

Edit Ratio

United Breweries Research see more...

Overview Inc. Year: 1999Industry: Breweries & Distilleries

United Breweries Limited is an India-based beer company. The Company's segments include Beer and Non-alcoholic drinks. The Beer segment includes manufacture, purchase and sale of beer, consisting of licensing of brands. The Non-alcoholic drinks segment consists of the manufacture, buy, and sale of non-alcoholic liquids. The Company offers various beer manufacturers, which includes Edelweiss, Desperados, Bullet, Cannon 10000, Zingaro, Kalyani Black Label, Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Ultra Witbier, Kingfisher Storm, Kingfisher Blue, Heineken, Amstel Bier, Sol, Affligem, UB Export Strong, London Pilsner and London Pilsner Strong. It offers various non-alcoholic manufacturers, along with Kingfisher Strong Power Soda, Kingfisher Storm Strong Soda, and Kingfisher Ultra Non-Alcoholic Kingfisher Radler Lemon, Kingfisher Radler Mint & Lime, Kingfisher Premium Packaged Drinking Water.

United Breweries Share Price

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Peer Comparison

United Breweries 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	3512	3665	5196	3674	3700	4081	5243	4193	4155	4789
Other Income	6	13	10	14	13	12	10	12	25	26
Total Income	3518	3678	5207	3688	3714	4093	5253	4205	4180	4815
Total Expenditure	3338	3403	4930	3454	3623	4027	5020	4009	4009	4646
Operating Profit	180	275	277	234	90	65	234	196	171	169
Interest	4	3	1	1	2	1	2	1	2	2
Depreciation	53	53	58	52	50	51	51	51	52	58
Exceptional Income / Expenses	0	0	0	0	-33	0	0	0	0	0
Profit Before Tax	124	219	218	181	5	13	180	144	117	110
Provision for Tax	33	55	56	46	7	4	44	37	31	28
Profit After Tax	91	164	163	134	-2	10	136	107	86	82
Adjustments	-0	-0	-0	-0	-0	-0	-0	0	-0	-0
Profit After Adjustments	91	163	162	134	-2	10	136	107	85	81
Adjusted Earnings Per Share	3.4	6.2	6.1	5.1	-0.1	0.4	5.2	4.1	3.2	3.1

United Breweries 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	3899	4230	4688	4833	4729	5619	6475	6509	4243	5838	7500	18380
Other Income	39	15	38	86	52	13	32	9	50	30	49	73
Total Income	3938	4245	4726	4920	4781	5632	6507	6519	4293	5868	7549	18453
Total Expenditure	3422	3632	4066	4140	4087	4717	5337	5633	3862	5142	6884	17684
Operating Profit	516	612	659	779	694	915	1170	885	431	726	666	770
Interest	80	80	73	81	59	48	31	31	23	15	5	7
Depreciation	170	198	208	244	287	260	260	285	232	217	211	212
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	-7	0	-33	0
Profit Before Tax	266	335	379	455	348	608	879	569	169	494	417	551
Provision for Tax	93	109	119	156	118	213	316	141	56	128	113	140
Profit After Tax	173	226	260	299	230	395	563	428	114	366	305	411
Adjustments	-0	-0	-0	-0	-0	-0	-0	-1	-1	-1	-1	0
Profit After Adjustments	172	226	260	298	230	394	563	428	113	365	304	409
Adjusted Earnings Per Share	6.4	8.5	9.7	11.3	8.7	14.9	21.3	16.2	4.3	13.8	11.5	15.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	28%	5%	6%	7%
Operating Profit CAGR	-8%	-9%	-6%	3%
PAT CAGR	-17%	-11%	-5%	6%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	38%	17%	7%	9%
ROE Average	8%	7%	11%	12%
ROCE Average	11%	10%	15%	16%

United Breweries 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	1511	1707	1851	2147	2334	2690	3184	3520	3582	3935	3965
Minority's Interest	2	2	2	3	3	3	3	3	4	4	5
Borrowings	743	528	512	258	184	205	75	9	108	0	0
Other Non-Current Liabilities	78	85	71	72	55	28	23	176	53	129	109
Total Current Liabilities	1406	1576	1449	1886	1903	1797	2100	1990	2138	1975	2277
Total Liabilities	3740	3898	3885	4366	4479	4723	5384	5699	5885	6043	6356
Fixed Assets	1619	1632	1836	1822	1750	1730	1777	1926	1949	1913	1851
Other Non-Current Assets	260	263	288	363	363	353	606	812	612	751	818
Total Current Assets	1861	2003	1761	2181	2365	2641	3001	2954	3319	3374	3682
Total Assets	3740	3898	3885	4366	4479	4723	5384	5699	5885	6043	6356

United Breweries 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	171	107	67	6	3	13	2	19	29	410	863
Cash Flow from Operating Activities	152	290	841	539	544	563	643	508	620	900	-120
Cash Flow from Investing Activities	-432	-158	-329	-245	-234	-197	-430	-402	-152	-160	-121
Cash Flow from Financing Activities	211	-172	-572	-297	-301	-364	-196	-95	-88	-287	-292
Net Cash Inflow / Outflow	-68	-40	-60	-3	9	3	17	10	380	453	-533
Closing Cash & Cash Equivalent	107	67	6	3	13	15	19	29	410	863	330

United Breweries 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)	6.43	8.46	9.74	11.28	8.68	14.91	21.29	16.18	4.28	13.82	11.5
CEPS(Rs)	12.97	16.05	17.69	20.51	19.55	24.75	31.13	26.98	13.08	22.06	19.49
DPS(Rs)	0.7	0.9	1	1.15	1.15	2	2.5	2.5	0.5	10.5	7.5
Book NAV/Share(Rs)	54.35	61.75	69.99	81.21	88.28	101.75	120.41	133.14	135.49	148.83	149.96
Core EBITDA Margin(%)	7.3	8.22	7.55	7.19	6.27	7.26	8.05	5.98	3.74	5.31	3.7
EBIT Margin(%)	5.29	5.71	5.48	5.56	3.98	5.27	6.44	4.1	1.89	3.88	2.53
Pre Tax Margin(%)	4.07	4.61	4.6	4.72	3.4	4.89	6.22	3.88	1.66	3.77	2.51
PAT Margin (%)	2.64	3.12	3.16	3.1	2.25	3.17	3.98	2.92	1.12	2.79	1.83
Cash Profit Margin (%)	5.25	5.84	5.68	5.62	5.05	5.26	5.82	4.87	3.4	4.44	3.09
ROA(%)	4.91	5.93	6.69	7.24	5.2	8.58	11.15	7.73	1.97	6.14	4.91
ROE(%)	12.65	14.75	14.94	14.94	10.26	15.71	19.18	12.78	3.21	9.74	7.71
ROCE(%)	13.37	14.42	16.06	19	13.83	22.1	28.46	16.74	5.05	13.11	10.68
Receivable days	42.27	44.53	42.59	39.43	43.07	41.02	38.84	35.64	49.19	36.85	29.18
Inventory Days	25.55	26.58	24.43	23.61	25.67	22.89	23.75	26.49	39.97	28.82	25.91
Payable days	146.61	119.61	138.23	181.74	194.38	164.36	175.64	162.06	290.04	204.35	152.08
PER(x)	108.43	97.05	102.89	73.04	88.75	63.53	65.53	56.73	289.95	107.71	123.94
Price/Book(x)	12.82	13.3	14.32	10.15	8.73	9.31	11.59	6.89	9.16	10	9.5
Dividend Yield(%)	0.1	0.11	0.1	0.14	0.15	0.21	0.18	0.27	0.04	0.71	0.53
EV/Net Sales(x)	5.02	5.41	5.83	4.67	4.43	4.51	5.72	3.75	7.69	6.59	4.97
EV/Core EBITDA(x)	37.91	37.36	41.45	28.97	30.18	27.68	31.66	27.61	75.6	52.94	56
Net Sales Growth(%)	9.54	8.49	10.84	3.09	-2.15	18.82	15.24	0.52	-34.81	37.6	28.46
EBIT Growth(%)	9.16	19.96	8.96	18.57	-24.07	61.14	38.91	-34.1	-67.99	165.11	-17.14
PAT Growth(%)	36.15	31.18	14.93	14.78	-23.02	71.64	42.74	-23.97	-73.42	221.6	-16.77
EPS Growth(%)	36.62	31.73	15.11	15.79	-23.04	71.71	42.81	-24.02	-73.53	222.79	-16.82
Debt/Equity(x)	0.86	0.72	0.45	0.38	0.25	0.12	0.07	0.07	0.07	0	0
Current Ratio(x)	1.32	1.27	1.22	1.16	1.24	1.47	1.43	1.48	1.55	1.71	1.62
Quick Ratio(x)	0.96	0.93	0.83	0.79	0.85	1.02	0.94	0.93	1.02	1.23	0.99
Interest Cover(x)	4.34	5.21	6.2	6.61	6.94	13.76	29.18	19.28	8.47	34.45	90.94
Total Debt/Mcap(x)	0.07	0.06	0.03	0.04	0.03	0.01	0.01	0.01	0.01	0	0

United Breweries Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	72.71	72.71	72.71	72.71	72.71	72.71	72.71	70.99	70.83	70.83
FII	9.61	8.7	7.69	6.93	6.94	6.44	6.31	6.71	6.71	6.63
DII	12.06	13.08	14.17	15.03	15.05	15.57	15.81	17.12	17.22	17.29
Public	5.62	5.51	5.43	5.33	5.29	5.28	5.17	5.18	5.24	5.25
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	19.23	19.23	19.23	19.23	19.23	19.23	19.23	18.77	18.73	18.73
FII	2.54	2.3	2.03	1.83	1.84	1.7	1.67	1.77	1.77	1.75
DII	3.19	3.46	3.75	3.97	3.98	4.12	4.18	4.53	4.55	4.57
Public	1.48	1.46	1.43	1.41	1.4	1.4	1.37	1.37	1.39	1.39
Others	0	0	0	0	0	0	0	0	0	0
Total	26.44	26.44	26.44	26.44	26.44	26.44	26.44	26.44	26.44	26.44

Pros

Debtor days have improved from 204.35 to 152.08days.
Company is almost debt free.

Cons

Company has a low return on equity of 7% over the last 3 years.
Stock is trading at 12.1 times its book value.
The company has delivered a poor profit growth of -5% over past five 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.