United Breweries Limited · NSE:UBL
United Breweries — Q4 FY2023 Earnings Presentation
14 slides from United Breweries's earnings presentation, May 4, 2023
Slide 1: Intimation of Financial Results Earnings Call
May 04, 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 Dea
Slide 2: Investec India invites you to United Breweries Ltd. Q4 FY23 Earnings call
Investec India invites you to United Breweries Ltd. Q4 FY23 Earnings call Post Earnings Business Update Diamond Pass Registration Friday, May 5, 2023 4:00pm https://bit.ly/3AP1EfW Management Team Mr. Radovan Sikorsky, Mr. Robin Achten, Director and CFO Business Control & Investor Relations Dial-In N
Slide 3: Investor Presentation Quarter & Year ended March 2023
Investor Presentation Quarter & Year ended March 2023
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-lo
Slide 5: Q4 highlights: Volume, Net Sales, Gross Margin, EBIT, Profit after Tax
Volume Premium Volume +3.1% +18.6% Net Sales Gross Margin +3.4% 38.6% (-1,008 bps vs PY) EBIT Profit after Tax -93% -94% 3
Slide 6: Full year highlights: Volume, Net Sales, Gross Margin, EBIT, Profit after Tax
Volume Premium Volume +31.0% +57.8% Net Sales Gross Margin +28.5% 42.9% (-677 bps vs PY) EBIT Profit after Tax -11% -17% 4
Slide 7: All-time high full year volumes
All-time high full year volumes Volume Growth1 Q4, YTD (+3%, +31%) North (+14%, +32%) East (+29%, +44%) ▪ Volume growth in Uttar Pradesh, ▪ Strong growth in West Bengal, Assam & Rajasthan & Haryana partially offset Orissa partially offset by Jharkhand by strong volume decline in Delhi West (+10%, +3
Slide 8: Q4' 22/23 Results
Q4’ 22/23 Results Q4 Results (standalone) Data in Rs. Cr. Mar-23 Mar-22 Change (%) Net Sales 1,764 1,707 3% COGS (1,083) (876) 24% Gross Profit 681 831 -18% Employee expenses (159) (125) 27% Other expenses (469) (446) 5% Other income 12 13 -10% EBITDA 65 273 -76% Depreciation (51) (53) -5% EBIT 14 2
Slide 9: YTD' 22/23 Results
YTD’ 22/23 Results YTD Results (standalone) Data in Rs. Cr. Mar-23 Mar-22 Change (%) Net Sales 7,492 5,832 28% COGS (4,274) (2,933) 46% Gross Profit 3,217 2,899 11% Employee expenses (591) (519) 14% Other expenses (2,012) (1,685) 19% Other income 49 30 66% EBITDA 664 725 -8% Depreciation (210) (217)
Slide 10: Net Sales growth driven by volume & pricing, partially offset by state-mix
Net Sales growth driven by volume & pricing, partially offset by state-mix Net sales Q4 (Rs. In Cr) 1 Strong volume growth in Telangana, West 1,764 Bengal, Uttar Pradesh & Rajasthan, muted by 5% -5% 1,707 RTM headwinds 3% 1 2 3 2 Price increases in key markets incl Rajasthan, Telangana, Karnataka, M
Slide 11: Net Sales growth driven by post Covid volume recovery
Net Sales growth driven by post Covid volume recovery Net sales YTD (Rs. In Cr) 31% 6% -8% 1 Strong volume growth across most markets 7,492 cycling covid lockdowns 5,832 2 Price increases in key markets incl Rajasthan, 1 2 3 Telangana, Karnataka, Maharashtra & Uttar Pradesh 3 Negative state mix for
Slide 12: EBIT Margin decline driven by commodity headwinds partially off-set by positive operating leverage
EBIT Margin decline driven by commodity headwinds partially off-set by positive operating leverage EBIT YTD (Rs. In Cr) 1 Positive volume effect on Gross Profit is partially off-set by increases in input costs resulting in significant GP margin contraction 508 453 1 2 2 Fixed cost leverage in employ
Slide 13: Outlook
Outlook ▪ Building further category growth while driving the share of premium in our portfolio remains a key focus ▪ Inflationary pressure on our cost base is expected to continue in the near term. We will seek appropriate action to further mitigate the impact, including revenue management initiativ
Slide 14: Quarterly Highlights Q&A
Quarterly Highlights Q&A Neelanshu to paste slide 12