United Breweries Limited · NSE:UBL
United Breweries — Q2 FY22 Earnings Presentation
13 slides from United Breweries's earnings presentation, Oct 28, 2021
Slide 1: Intimation of Financial Results Earnings Call
October 28, 2021 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 FY22 Earnings call
Investec India invites you to United Breweries Ltd Q2 FY22 Earnings call Post Earnings Business Update Diamond Pass Registration Thursday, October 28, 2021 10:30 am IST Management Team Mr. Berend Odink – Chief Financial Officer - United Breweries Limited Mr. PA Poonacha - Finance and Investor Relati
Slide 3: Investor Presentation Quarter ended Sep 2021
Investor Presentation Quarter ended Sep 2021 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 Volume growth of 49% in the quarter vs prior year driven by strong recovery of demand, prevalent across nearly all markets. Volumes were up 23% vs the first quarter. o Versus pre Covid period of 2019, the quarter volumes were at 78%, with continued month-on-month recovery. S
Slide 6: Q2'22 Results
Q2’ 22 Results Q2 Results (standalone) Data in Rs. Cr. Sep-21 Sep-20 Change (%) Net Sales 1,426 901 58% COGS (688) (430) 60% Gross Profit 738 471 57% Employee expenses (134) (110) 22% Other expenses (438) (320) 37% Other income 5 33 -86% EBITDA 170 73 133% Depreciation (56) (61) -9% EBIT 115 12 n.m.
Slide 7: YTD'22 Results
YTD’ 22 Results YTD Results (standalone) Data in Rs. Cr. Sep-21 Sep-20 Change (%) Net Sales 2,544 1,408 81% COGS (1,266) (700) 81% Gross Profit 1,278 707 81% Employee expenses (248) (225) 10% Other expenses (770) (537) 43% Other income 11 34 -69% EBITDA 272 (21) n.m. Depreciation (111) (112) -1% EBI
Slide 8: Regional volume performance vs PY
Regional volume performance vs PY Volume Growth Q2, YTD Sep (+49%, +73%) East (+89%, +208%) North (+44%, +72%) o Driven by higher volume in Orissa, West o Driven by higher volume in Uttar Bengal, Jharkhand, Assam Pradesh, Rajasthan o Higher growth on account of a relatively o New policy to be introd
Slide 9: Net Sales growth driven by higher volume
Net Sales growth driven by higher volume Revenue Q2 (in Rs. Cr) 443 (+49%) 82 (+9%) 1,426 901 Net Rev PY Volume Variance Mix / Price var Net Rev CY YTD 1,408 1025 (+73%) 112 (+8%) 2,544 o Higher volume in most markets driven by different nature of Covid-induced lockdown versus last year o Favourable
Slide 10: Volume growth and cost management led to improvement in EBITDA Margin
Volume growth and cost management led to improvement in EBITDA Margin EBITDA Q2 (in Rs. Cr) 267 (24) (146) 170 73 EBITDA PY Gross Profit Employee expenses Other EBITDA CY expenses/income Margin 8.1% -52 bps 280 bps 154 bps 11.9% o Gross profit increase driven by volume growth o Improvement in EBITDA
Slide 11: Robust FOCF driven by Operating Profits
Robust FOCF driven by ↑ Operating Profits YTD Sep ∆ Cashflow in Rs. Cr. 2020-21 2021-22 (+/-) Operating CF before change in WC (16) 273 289 Change in Working Capital 229 104 (125) Cash Flow from Operations 213 377 165 Operational Investments (96) (74) 22 Managerial Cash Flow 117 303 187 Interest (17
Slide 12: Outlook and summary
Outlook and summary o UBL has observed progressive recovery of underlying consumer demand post the first and second Covid-19 wave. o Although the trajectory and future impact of the pandemic remains uncertain, the Company has adapted its operations accordingly and will continue to manage the busines
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