United Breweries Limited · NSE:UBL
United Breweries — Q3 FY2021 Earnings Presentation
12 slides from United Breweries's earnings presentation, Jan 29, 2021
Slide 1: Intimation of Financial Results Earnings Call
January 29, 2021 1. The Secretary-Listing Department 2. The Manager-Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot. C/1, G Bl. Dalal Street, Fort Bandra-Kurla Complex, Bandra (East) Mumbai - 400 023 Mumbai – 400 051
Slide 2: Q3FY21 Financial Results Earnings Call
Q3FY21 Financial Results Earnings Call Friday, January 29, 2021, at 2:00 PM IST Register Investec India is pleased to host the management of United Breweries Ltd. for a conference call with investors and analysts to discuss their Q3FY21 Financial Results Earnings Call Friday, January 29, 2021, at 2:
Slide 3: Investor Presentation Quarter ended Dec 2020
Investor Presentation Quarter ended Dec 2020 1
Slide 4: Disclaimer
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-loo
Slide 5: Key Results Highlights
Key Results Highlights o Continued volume recovery in Q3 over previous quarters with Q3 volume vs PY at -15% (Q2 -48% vs Q1 -77%). o Strong underlying EBITDA margin improvement to 15.6% (excl. non recurring items) vs 15.4% prior year, driven by improvement in Gross Profit margin (119 bps), and cost
Slide 6: Q3 20/21 Results
Q3 20/21 Results Unaudited QTD Results (standalone) Data in Rs. Cr. Dec-20 Dec-19 Change (%) Net Sales 1,290 1,453 -11% COGS (595) (688) -13% Gross Profit 695 766 -9% Employee expenses (124) (125) -1% Other expenses (397) (419) -5% Other income 5 3 34% EBITDA 178 224 -21% Depreciation (58) (74) -21%
Slide 7: YTD 20/21 Results
YTD 20/21 Results Unaudited YTD December 20 Results (standalone) Data in Rs. Cr. Dec-20 Dec-19 Change (%) Net Sales 2,697 5,080 -47% COGS (1,295) (2,461) -47% Gross Profit 1,402 2,619 -46% Employee expenses (349) (372) -6% Other expenses (935) (1,505) -38% Other income 39 9 354% EBITDA 157 751 -79%
Slide 8: Regional volume performance vs PY
Regional volume performance vs PY Volume Growth Total Company (Q3, YTD) (-15%, -51%) East (14%, -58%) North (-21%, -46%) o Growth across all main markets, except o Balanced recovery in Q3 across most Orissa where on premise opened in States January o Substantial growth in West Bengal on the back of
Slide 9: Positive price/mix mitigates volume impact
Positive price/mix mitigates volume impact Revenue Q3 (in Rs. Cr) 1,453 -219 (-15%) 56 (4%) 1,290 Net Rev PY Volume Variance Mix / Price var Net Rev CY YTD 5,080 -2606 (-51%) 223 (4%) 2,697 o Lower volume in most markets (except Eastern India) driven by Covid-induced slowdown o Favorable price/mix v
Slide 10: Underlying margins showing recovery
Underlying margins showing recovery EBITDA Q3 (in Rs. Cr) 224 (71) 46 201 (23) 178 1 EBITDA PY Gross Profit Employee Other EBITDA w/o non Non recurring EBITDA CY expenses expenses/income recurring items items Q3 15.4% 119 bps -99 bps -2 bps 15.6% -180 bps 13.8% • Gross profit decline driven by volum
Slide 11: Outlook and summary
Outlook and summary • Industry outlook continues to develop positively yet remains volatile depending amongst others on the future trajectory of the pandemic. • The Company continues to actively review costs and focus on working capital management and capital investments to further strengthen the op
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