UNITED BREWERIES LIMITED October 19, 2023 | |
1. Department of Corporate Services, | 2. Department of Corporate Services, |
BSE Limited, | National Stock Exchange of India Ltd., |
Floor 25, P J Towers, | Exchange Plaza, Bandra Kurla Complex, |
Dalal Street, | Bandra (East), |
Mumbai - 400 001 | Mumbai - 400 051 |
Scrip Code: 532478 | Scrip Code: UBL |
Subject: Intimation of Financial Results Earning Call and Investor presentation
Dear Sir/Madam,
This is further to our letter dated 18th October 2023, intimating the invitation to host an Q2 FY24 Earnings Conference Call to be held on October 20, 2023.
Pursuant to Regulation 30(6) read with Para A of Part A of Schedule-III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Regulations'), as Q2 FY24 Financial Results Earnings call is schedule on Friday, October 20, 2023 @ 04.00 p.m. IST, by way of conference call with Investors and analysts, hosted by Investec India.
Investor presentation is attached. Statement of Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and year to date ended September 30, 2023 are already uploaded on the website of BSE Limited and National Stock Exchange of India Limited.
You are requested to take the above information on your record.
Thanking you, we remain,
Yours faithfully,
For UNITED BREWERIES LIMITED
Digitally signed by
Amit Khera Amit Khera
Date: 2023.10.19
20:22:29 +05'30'
___________________________
AMIT KHERA
Company Secretary & Compliance Officer
Encl: As above
Investec India invites you to
United Breweries Ltd.
Q2 FY24 Earnings call
Post Earnings Business Update Friday, Oct 20, 2023
4:00pm
Diamond Pass Registration
https://tinyurl.com/5849xymv
Management Team | ||
Mr. Radovan Sikorsky, | Mr. Robin Achten, | |
Director and CFO | Business Control & Investor Relations | |
For further information please contact: | ||
Harit Kapoor (+9122 6849 7493) | Swapna Bhandarkar (+9122 6849 7472) | |
harit.kapoor@investec.co.in | swapna.bhandarkar@investec.co.in |
Investor Presentation
Quarter and Half Year ending September 2023
Disclaimer
This presentation contains forward-looking statements with regard to the financial position and results of UBL's activities. These forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.
Many of these risks and uncertainties relate to factors that are beyond UBL's ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, changes in consumer preferences, costs of raw materials, interest rate and foreign exchange fluctuations, change in tax rates, changes in law, changes in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in UBL's publicly filed annual reports.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. UBL does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.
Market share estimates contained in this presentation are based on outside sources such as specialized research institutes in combination with management estimates.
2
Q2 Highlights
Volume
+7%
+9% excl. RTM
Net Sales
+12%
EBIT
-20%
Premium Volume
+10%
+10% excl. RTM
Gross Margin
44.5%
(-213 bps vs PY)
Profit after Tax
-20%
H1 Highlights
Volume
-4%
+1% excl. RTM
Net Sales
+1%
EBIT
-18%
Premium Volume
-8%
+5% excl. RTM
Gross Margin
42.4%
(-287bps vs PY)
Profit after Tax
-18%
Q2 volumes up 7% driven by strong underlying demand
Volume Growth1
Q2 (+7%, +9% excl RTM)
HY (-4%, +1% excl RTM)
North (+1%) | East (+11%) |
▪ Volume decline in Delhi and | ▪ Volume growth was predominantly |
Haryana more than offset by | driven by Orissa & Jharkhand |
growth in Rajasthan & Uttar Pradesh
West (+2%) | South (+11%) |
▪ Volume growth driven by Goa, | ▪ Volume growth in Telangana & |
Maharashtra & Madya Pradesh | Andhra Pradesh |
1. Volume commentary & regional growth figures are for Q2 vs PY. | 5 |
Q2 (Jul'23-Sep'23) Results
Q2 Results (standalone) | |||
Data in Rs. Cr. | Sep-23 | Sep-22 | Change (%) |
Net Sales | 1,888 | 1,680 | 12% |
COGS | (1,047) | (896) | 17% |
Gross Profit | 841 | 784 | 7% |
Employee expenses | (164) | (139) | 18% |
Other expenses | (492) | (426) | 15% |
Other income | 12 | 14 | -15% |
EBITDA | 197 | 233 | -16% |
Depreciation | (51) | (52) | -2% |
EBIT | 146 | 181 | -20% |
Finance costs | (1) | (1) | 44% |
Profit before tax | 145 | 180 | -20% |
Tax | (37) | (46) | -20% |
Profit after tax | 108 | 134 | -20% |
As % of Net Sales | Sep-23 | Sep-22 | Change (bps) |
Gross Profit | 44.5% | 46.7% | (213) |
EBITDA | 10.4% | 13.9% | (347) |
EBIT | 7.7% | 10.8% | (307) |
Profit before tax | 7.7% | 10.7% | (309) |
Profit after tax | 5.7% | 8.0% | (229) |
YTD (Apr'23-Sep'23) Results
YTD Results (standalone) | |||||
Data in Rs. Cr. | Sep-23 | Sep-22 | Change (%) | ||
Net Sales | 4,161 | 4,116 | 1% | ||
COGS | (2,398) | (2,254) | 6% | ||
Gross Profit | 1,763 | 1,862 | -5% | ||
Employee expenses | (311) | (288) | 8% | ||
Other expenses | (1,044) | (1,090) | -4% | ||
Other income | 23 | 25 | -9% | ||
EBITDA | 430 | 509 | -16% | ||
Depreciation | (102) | (110) | -7% | ||
EBIT | 328 | 399 | -18% | ||
Finance costs | (3) | (2) | 70% | ||
Profit before tax | 325 | 398 | -18% | ||
Tax | (81) | (102) | -20% | ||
Profit after tax | 244 | 296 | -18% | ||
As % of Net Sales | Sep-23 | Sep-22 | Change (bps) | ||
Gross Profit | 42.4% | 45.2% | (287) | ||
EBITDA | 10.3% | 12.4% | (203) | ||
EBIT | 7.9% | 9.7% | (182) | ||
Profit before tax | 7.8% | 9.7% | (185) | ||
Profit after tax | 5.9% | 7.2% | (133) | ||
Net Sales increase fueled by volume growth and strong pricing
Net sales Q2 (Rs. In Cr)
1,888 | ||||
1,680 | ||||
7% | 5% | 0% | ||
1 | 2 | 3 | ||
Net Sales PY | Volume | Price | Mix | Net Sales CY |
- Volume growth (+7%) driven by Telangana, Orissa and Rajasthan partially offset by a decline in Delhi
- Price increases in key markets incl. Rajasthan, Uttar Pradesh & Karnataka
- Stable mix where positive brand-mixwas almost fully off-setby state-mixfrom Karnataka and Telangana
8
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Disclaimer
United Breweries Limited published this content on 20 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2023 12:40:29 UTC.
