United Breweries Limited · NSE:UBL
United Breweries — Q2 FY2023 Earnings Presentation
13 slides from United Breweries's earnings presentation, Oct 20, 2022
Slide 1: Intimation of Financial Results Earnings Call
October 20, 2022 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
Slide 2: Investec India invites you to United Breweries Q2 FY23 Earnings call
Investec India invites you to United Breweries Ltd Q2 FY23 Earnings call Post Earnings Business Update Diamond Pass Registration: Friday, October 21, 2022 04:00 pm IST Management Team Mr. Radovan Sikorsky - Director and CFO- United Breweries Limited Mr. PA Poonacha - Finance and Investor Relations D
Slide 3: Investor Presentation Quarter ended September 2022
Investor Presentation Quarter ended September 2022 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 for the Quarter
Key Results Highlights for the Quarter o Volume growth of 23% in the quarter vs prior year, primarily driven by Rajasthan, WB state and Telangana. o The premium segment recorded growth ahead of the total portfolio, growing 48% vs 23% Total portfolio growth; o EBIT for the quarter ↑ 58%, driven by vo
Slide 6: Q2'22/23 Results
Q2’ 22/23 Results Q2 Results (standalone) Data in Rs. Cr. Sep-22 Sep-21 Change (%) Net Sales 1,680 1,426 18% COGS (896) (688) 30% Gross Profit 784 738 6% Employee expenses (139) (134) 4% Other expenses (426) (438) -3% Other income 14 5 215% EBITDA 233 170 37% Depreciation (52) (56) -7% EBIT 181 115
Slide 7: YTD'22/23 Results
YTD’ 22/23 Results YTD Results (standalone) Data in Rs. Cr. Sep-22 Sep-21 Change (%) Net Sales 4,116 2,544 62% COGS (2,254) (1,266) 78% Gross Profit 1,862 1,278 46% Employee expenses (288) (248) 16% Other expenses (1,090) (770) 42% Other income 25 11 132% EBITDA 509 272 87% Depreciation (110) (111)
Slide 8: Regional volume performance vs PY
Regional volume performance vs PY Volume Growth Q2, YTD (+23%, +67%) Strong recovery and growth over COVID affected PY across all markets East (+52%, +72%) North (+15%, +49%) o Driven by ↑ volume in West Bengal o Driven by higher volume in Rajasthan, (>100%), due to increased demand post Haryana & U
Slide 9: Net Sales growth driven by higher volume
Net Sales growth driven by higher volume Revenue Q2 (in Rs. Cr) 324 (23%) 52 (4%) -123 (-9%) 1,680 1,426 Net Rev PY Volume Variance Price variance Mix variance Net Rev CY o Higher volume driven by strong growth in Telangana, Rajasthan and West Bengal o Negative state mix due to differential volume g
Slide 10: Net Sales growth driven by higher volume
Net Sales growth driven by higher volume Revenue YTD (in Rs. Cr) 1,692 (+67%) 159 (6%) -280 (-11%) 4,116 2,544 Net Rev PY Volume Variance Price variance Mix variance Net Rev CY o Volume growth of 67% spread across markets (LY impacted by C-19) o Price increase implemented in Punjab and Delhi in Q2 o
Slide 11: Margin recovery despite increased commodity prices
Margin recovery despite increased commodity prices EBIT YTD (in Rs. Cr) 584 (40) (307) 1 399 161 EBIT PY Gross Profit Employee expenses Other expenses/income Depreciation EBIT CY YTD Margin 6.3% -501 bps 274 bps 395 bps 169 bps 9.7% o Gross profit growth driven by volume growth and price increases.
Slide 12: Outlook and summary
Outlook and summary o Focus remains on building further category penetration while driving the share of premium in the portfolio. o Inflation pressure on Cost of goods sold will most likely remain for the foreseeable future. UBL is in the process of pursuing further price increases in combination wi
Slide 13: Thank You
Thank You be