United Breweries Ltd.
UBLFast Moving Consumer Goods filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
9 transcript(s)/analyst meet(s) served; 2 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 9 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220509 | 2021-03-31 | yes | |
| TRANSCRIPT | 20210806 | 2021-06-30 | yes | |
| TRANSCRIPT | 20220203 | 2021-12-31 | yes | |
| TRANSCRIPT | 20220801 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221029 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230221 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230510 | 2023-03-31 | yes | |
| COVER_LETTER | 20250219 | 2024-12-31 | no | |
| COVER_LETTER | 20260810 | 2026-06-30 | no |
UBL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 1,270.20 |
| 52-week range | 1215.2 – 1840.3 |
| Return 1M | -5.81% |
| Return 3M | -4.41% |
| Return 1Y | -29.3% |
| Return 3Y | -19.55% |
| Return 5Y | -20.9% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 5,919.00 |
| Other income | 51.00 |
| Total income | 5,970.00 |
| Cost of materials consumed | 1,640.00 |
| Purchases of stock-in-trade | 43.00 |
| Changes in inventories | 123.00 |
| Employee benefit expense | 216.00 |
| Finance costs | 23.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.71 | 0.00 |
| institutions foreign | 0.05 | -0.00 |
| institutions domestic | 0.18 | -0.00 |
| mutual funds | 0.17 | 0.00 |
| public | 0.29 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2026-06-30 | 2 |
| TRANSCRIPT | 2023-03-31 | 7 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,674.00 | 3,700.00 | 4,081.00 | 5,243.00 | 4,193.00 | 4,155.00 | 4,789.00 | 5,811.00 | 4,744.00 | 4,427.00 | 4,427.00 | 5,381.00 | 3,737.00 | 3,937.00 | 4,408.00 | 5,919.00 |
| Other income | 14.00 | 13.00 | 12.00 | 10.00 | 12.00 | 25.00 | 26.00 | 7.00 | 10.00 | 10.00 | 8.00 | 11.00 | 15.00 | 11.00 | 8.00 | 51.00 |
| Total income | 3,688.00 | 3,714.00 | 4,093.00 | 5,253.00 | 4,205.00 | 4,180.00 | 4,815.00 | 5,819.00 | 4,754.00 | 4,437.00 | 4,435.00 | 5,392.00 | 3,752.00 | 3,948.00 | 4,417.00 | 5,970.00 |
| Cost of materials consumed | 902.00 | 886.00 | 1,107.00 | 1,297.00 | 1,045.00 | 1,008.00 | 1,218.00 | 1,357.00 | 1,189.00 | 1,132.00 | 1,258.00 | 1,543.00 | 1,080.00 | 1,262.00 | 1,113.00 | 1,640.00 |
| Purchases of stock-in-trade | 16.00 | 31.00 | 10.00 | 34.00 | 26.00 | 33.00 | 26.00 | 37.00 | 54.00 | 33.00 | 58.00 | 80.00 | 85.00 | 83.00 | 57.00 | 43.00 |
| Changes in inventories | -25.00 | 17.00 | -35.00 | 18.00 | -25.00 | -22.00 | -4.00 | 13.00 | -57.00 | -31.00 | 25.00 | 20.00 | 7.00 | -216.00 | 56.00 | 123.00 |
| Employee benefit expense | 95.00 | 103.00 | 117.00 | 99.00 | 118.00 | 110.00 | 126.00 | 132.00 | 175.00 | 168.00 | 191.00 | 199.00 | 186.00 | 181.00 | 195.00 | 216.00 |
| Finance costs | 1.00 | 2.00 | 1.00 | 2.00 | 1.00 | 2.00 | 2.00 | 2.00 | 2.00 | 3.00 | 6.00 | 11.00 | 15.00 | 17.00 | 29.00 | 23.00 |
| Depreciation and amortisation | 52.00 | 50.00 | 51.00 | 51.00 | 51.00 | 52.00 | 58.00 | 58.00 | 57.00 | 61.00 | 57.00 | 63.00 | 64.00 | 69.00 | 76.00 | 86.00 |
| Other expenses | 2,465.00 | 2,585.00 | 2,829.00 | 3,572.00 | 2,845.00 | 2,881.00 | 3,281.00 | 3,988.00 | 3,156.00 | 2,982.00 | 2,707.00 | 3,228.00 | 2,250.00 | 2,401.00 | 2,848.00 | 3,614.00 |
| Total expenses | 3,507.00 | 3,675.00 | 4,079.00 | 5,073.00 | 4,061.00 | 4,063.00 | 4,705.00 | 5,585.00 | 4,576.00 | 4,350.00 | 4,303.00 | 5,144.00 | 3,686.00 | 3,797.00 | 4,374.00 | 5,746.00 |
| Profit before exceptional items and tax | 181.00 | 38.00 | 13.00 | 180.00 | 144.00 | 117.00 | 110.00 | 233.00 | 178.00 | 87.00 | 132.00 | 248.00 | 66.00 | 151.00 | 42.00 | 224.00 |
| Exceptional items | 0.00 | -33.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -26.00 | 0.00 | 0.00 | 0.00 | -19.00 | 74.00 | 0.00 |
| Profit before tax | 181.00 | 5.00 | 13.00 | 180.00 | 144.00 | 117.00 | 110.00 | 233.00 | 178.00 | 61.00 | 132.00 | 248.00 | 66.00 | 132.00 | 116.00 | 224.00 |
| Current tax | 44.00 | 18.00 | 1.00 | 45.00 | 37.00 | 34.00 | 33.00 | 69.00 | 43.00 | 29.00 | 37.00 | 68.00 | 21.00 | 54.00 | 20.00 | 66.00 |
| Deferred tax | 3.00 | -11.00 | 3.00 | -1.00 | -0.00 | -3.00 | -4.00 | -9.00 | 3.00 | -6.00 | -3.00 | -5.00 | -2.00 | -2.00 | -6.00 | -8.00 |
| Tax expense | 46.00 | 7.00 | 4.00 | 44.00 | 37.00 | 31.00 | 28.00 | 60.00 | 46.00 | 23.00 | 34.00 | 64.00 | 19.00 | 51.00 | 14.00 | 58.00 |
| Profit for the period | 134.00 | -2.00 | 10.00 | 136.00 | 107.00 | 86.00 | 82.00 | 174.00 | 132.00 | 39.00 | 98.00 | 184.00 | 46.00 | 81.00 | 102.00 | 166.00 |
| Profit attributable to owners | 134.00 | -2.00 | 10.00 | 0.00 | 107.00 | 85.00 | 81.00 | 174.00 | — | 38.00 | 98.00 | 184.00 | 47.00 | 81.00 | 102.00 | 166.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 | 0.00 | -0.00 |
| Other comprehensive income | 9.00 | -0.00 | 3.00 | -0.00 | 4.00 | -1.00 | -1.00 | 3.00 | 3.00 | -3.00 | -1.00 | 12.00 | 2.00 | 1.00 | -4.00 | -0.00 |
| Total comprehensive income | 143.00 | -2.00 | 13.00 | 136.00 | 111.00 | 85.00 | 80.00 | 177.00 | 135.00 | 36.00 | 97.00 | 196.00 | 48.00 | 82.00 | 97.00 | 166.00 |
| Earnings per share, basic | 5.07 | -0.07 | 0.37 | 5.15 | 4.06 | 3.23 | 3.07 | 6.56 | 5.00 | 1.45 | 3.69 | 6.95 | 1.76 | 3.06 | 3.85 | 6.29 |
| Earnings per share, diluted | 5.07 | -0.07 | 0.37 | 5.15 | 4.06 | 3.23 | 3.07 | 6.56 | 5.00 | 1.45 | 3.69 | 6.95 | 1.76 | 3.06 | 3.85 | 6.29 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 14,651.00 | 10,186.00 | 131.00 | 16,651.00 | 18,380.00 | 19,409.00 | 17,463.00 |
| Other income | 9.00 | 50.00 | 0.00 | 49.00 | 74.00 | 36.00 | 45.00 |
| Total income | 14,660.00 | 10,236.00 | 132.00 | 16,701.00 | 18,453.00 | 19,444.00 | 17,509.00 |
| Cost of materials consumed | 2,966.00 | 1,965.00 | 27.00 | 4,225.00 | 4,568.00 | 4,937.00 | 4,997.00 |
| Purchases of stock-in-trade | 195.00 | 74.00 | 2.00 | 92.00 | 118.00 | 182.00 | 305.00 |
| Changes in inventories | -10.00 | -10.00 | 0.00 | -52.00 | -33.00 | -50.00 | -133.00 |
| Employee benefit expense | 504.00 | 485.00 | 5.00 | 412.00 | 452.00 | 718.00 | 762.00 |
| Finance costs | 31.00 | 23.00 | 0.00 | 5.00 | 7.00 | 13.00 | 72.00 |
| Depreciation and amortisation | 285.00 | 232.00 | 2.00 | 211.00 | 212.00 | 233.00 | 272.00 |
| Other expenses | 10,120.00 | 7,290.00 | 90.00 | 11,358.00 | 12,579.00 | 12,781.00 | 10,726.00 |
| Total expenses | 14,092.00 | 10,059.00 | 127.00 | 16,250.00 | 17,902.00 | 18,814.00 | 17,002.00 |
| Profit before exceptional items and tax | 569.00 | 177.00 | 5.00 | 450.00 | 551.00 | 631.00 | 507.00 |
| Exceptional items | 0.00 | -7.00 | 0.00 | -33.00 | 0.00 | -26.00 | 55.00 |
| Profit before tax | 569.00 | 169.00 | 5.00 | 417.00 | 551.00 | 605.00 | 562.00 |
| Current tax | 176.00 | 68.00 | 1.00 | 120.00 | 149.00 | 177.00 | 164.00 |
| Deferred tax | -35.00 | -12.00 | -0.00 | -8.00 | -9.00 | -15.00 | -15.00 |
| Tax expense | 141.00 | 56.00 | 1.00 | 113.00 | 140.00 | 163.00 | 149.00 |
| Profit for the period | 428.00 | 114.00 | 4.00 | 305.00 | 411.00 | 442.00 | 413.00 |
| Profit attributable to owners | 428.00 | 113.00 | 4.00 | 304.00 | 410.00 | 442.00 | 413.00 |
| Profit attributable to non-controlling interests | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | 1.00 | 0.00 |
| Other comprehensive income | -12.00 | 15.00 | 0.00 | 3.00 | 2.00 | 2.00 | 9.00 |
| Total comprehensive income | 417.00 | 129.00 | 4.00 | 308.00 | 413.00 | 445.00 | 423.00 |
| Earnings per share, basic | 16.18 | 4.28 | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 |
| Earnings per share, diluted | 16.18 | 4.28 | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 5,986.00 | 6,280.00 | 6,372.00 | 7,053.00 | 7,069.00 | 8,223.00 | 8,168.00 | 9,693.00 |
| Non-current assets | 2,522.00 | 2,594.00 | 2,587.00 | 2,638.00 | 2,415.00 | 2,544.00 | 3,004.00 | 3,466.00 |
| Current assets | 3,459.00 | 3,682.00 | 3,781.00 | 4,411.00 | 4,650.00 | 5,674.00 | 5,158.00 | 6,226.00 |
| Property, plant and equipment | 1,864.00 | 1,832.00 | 1,782.00 | 1,760.00 | 1,732.00 | 1,735.00 | 1,787.00 | 2,038.00 |
| Capital work-in-progress | 108.00 | 77.00 | 134.00 | 173.00 | 182.00 | 253.00 | 436.00 | 512.00 |
| Goodwill | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
| Other intangible assets | 14.00 | 12.00 | 10.00 | 9.00 | 8.00 | 7.00 | 6.00 | 5.00 |
| Inventories | 1,166.00 | 1,428.00 | 1,464.00 | 1,369.00 | 1,569.00 | 1,616.00 | 1,798.00 | 2,150.00 |
| Trade receivables | 1,258.00 | 1,407.00 | 1,428.00 | 2,314.00 | 2,434.00 | 2,861.00 | 2,423.00 | 2,944.00 |
| Cash and cash equivalents | 713.00 | 330.00 | 573.00 | 129.00 | 49.00 | 342.00 | 169.00 | 460.00 |
| Total equity and liabilities | 5,986.00 | 6,280.00 | 6,372.00 | 7,053.00 | 7,069.00 | 8,223.00 | 8,168.00 | 9,693.00 |
| Equity | 3,959.00 | 3,970.00 | 4,018.00 | 4,184.00 | 4,231.00 | 4,370.00 | 4,349.00 | 4,528.00 |
| Equity share capital | 26.00 | 26.00 | 26.00 | 26.00 | 26.00 | 26.00 | 26.00 | 26.00 |
| Other equity | 3,928.00 | 3,938.00 | 3,988.00 | 4,152.00 | 4,199.00 | 4,337.00 | 4,317.00 | 4,496.00 |
| Total liabilities | 2,027.00 | 2,311.00 | 2,354.00 | 2,870.00 | 2,838.00 | 3,853.00 | 3,819.00 | 5,165.00 |
| Non-current liabilities | 35.00 | 33.00 | 27.00 | 41.00 | 37.00 | 70.00 | 136.00 | 132.00 |
| Current liabilities | 1,992.00 | 2,277.00 | 2,327.00 | 2,829.00 | 2,801.00 | 3,783.00 | 3,683.00 | 5,033.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 36.00 | 0.00 | 0.00 |
| Borrowings, current | 0.00 | 0.00 | 0.00 | 77.00 | 105.00 | 584.00 | 637.00 | 1,175.00 |
| Trade payables | 546.00 | 717.00 | 666.00 | 948.00 | 788.00 | 1,150.00 | 1,004.00 | 1,799.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 218.00 | -120.00 | 518.00 | 77.00 | 255.00 | 235.00 | 453.00 | 435.00 |
| Net cash from investing activities | -77.00 | -121.00 | -72.00 | -148.00 | -93.00 | -239.00 | -421.00 | -409.00 |
| Net cash from financing activities | -291.00 | -292.00 | -202.00 | -130.00 | -242.00 | 217.00 | -205.00 | 92.00 |
| Purchase of property, plant and equipment | 91.00 | 156.00 | 91.00 | 192.00 | 100.00 | 258.00 | 430.00 | 512.00 |
| Net increase in cash | -149.00 | 330.00 | 244.00 | -201.00 | -80.00 | 213.00 | -173.00 | 118.00 |
| con:CFO.BEFORE_TAX | 307.00 | 20.00 | 608.00 | 216.00 | 349.00 | 427.00 | 571.00 | 649.00 |
| con:INTEREST_RECEIVED.OPERATING | -13.00 | 0.00 | -18.00 | 0.00 | 0.00 | 0.00 | -8.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | -2.00 | 0.00 | -3.00 | 0.00 | 0.00 | 0.00 | 13.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 78.00 | 140.00 | 75.00 | 139.00 | 94.00 | 192.00 | 98.00 | 214.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 2.00 | 1.00 | 1.00 | -0.00 | 0.00 | 0.00 | 79.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 72.71 | 72.71 | 70.99 | 70.83 | 70.83 | 70.83 | 70.83 | 70.83 | 70.83 | 70.83 | 0.71 | 0.71 | 0.71 | 0.71 |
| Domestic institutions | 14.41 | 14.65 | 15.97 | 16.06 | 16.13 | 16.38 | 16.61 | 16.52 | 16.17 | 16.37 | 0.17 | 0.17 | 0.18 | 0.18 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 15.04 | 0.16 | 0.16 | 0.17 | 0.17 |
| Insurance companies | 0.78 | 0.71 | 0.74 | 0.74 | 0.98 | 0.89 | 0.83 | 0.66 | 0.65 | 0.63 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 6.44 | 6.31 | 6.71 | 6.71 | 6.63 | 6.43 | 6.26 | 6.43 | 6.91 | 6.73 | 0.06 | 0.06 | 0.05 | 0.05 |
| Government | — | — | — | — | — | — | — | — | — | 1.16 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 27.29 | 27.29 | 29.01 | 29.17 | 29.17 | 29.17 | 29.17 | 29.17 | 29.17 | 29.17 | 0.29 | 0.29 | 0.29 | 0.29 |
| Non-institutional | 5.28 | 5.17 | 5.18 | 5.24 | 5.25 | 5.21 | 5.14 | 5.06 | 4.93 | 4.91 | 0.05 | 0.05 | 0.05 | 0.05 |
| Shares outstanding | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 | 264405149 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Heineken International BV | Enterprises over which investing p | Any other transaction, Dividend paid | 1,093,320,000.00 | 7 |
| Sirocco FZ Co | Enterprises over which investing p | Sale of goods or services | 1,010,140,000.00 | 1 |
| Scottish & Newcastle India Limited | Enterprises having significant inf | Dividend paid | 899,950,000.00 | 1 |
| PGP Glass Ceylon PLC | Enterprises over which investing p | Purchase of goods or services | 257,390,000.00 | 1 |
| Asia Pacific Breweries (Singapore) Pte Ltd | Enterprises over which investing p | Any other transaction, Sale of goods or services | 182,280,000.00 | 2 |
| Heineken Global Procurment B.V. | Enterprises over which investing p | Any other transaction | 95,800,000.00 | 1 |
| Heineken UK Limited | Enterprises over which investing p | Dividend paid | 84,890,000.00 | 1 |
| Radovan Sikorsky | Ex-Director & CFO | Remuneration | 67,690,000.00 | 1 |
| Maltex Malsters Limited | Subsidiary | Any other transaction, Dividend received, Investment | 57,860,000.00 | 6 |
| PGP Glass Private Limited | Enterprises over which investing p | Purchase of goods or services | 50,700,000.00 | 1 |
| Heineken Brouwerjien BV | Enterprises over which investing p | Any other transaction | 47,010,000.00 | 2 |
| Vivek Gupta | Managing Director & CEO | Remuneration | 37,430,000.00 | 1 |
| Heineken Supply Chain BV | Enterprises over which investing p | Any other transaction, Purchase of goods or services | 18,140,000.00 | 2 |
| Jorn Elimar Kersten | Director & CFO | Remuneration | 16,870,000.00 | 1 |
| DB Breweries Limited | Enterprises over which investing p | Any other transaction | 15,330,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2023-05-10 | Q4FY23 | Read the call | |
| 2023-02-21 | Q3FY23 | Read the call | |
| 2022-10-29 | Q2FY23 | Read the call | |
| 2022-08-01 | Q1FY23 | BREWERIES, RELATIONS, | Read the call |
| 2022-05-09 | FYFY21 | LIMITED | Read the call |
| 2022-02-03 | Q3FY22 | UNITED BREWERIES LIMITED | Read the call |
| 2021-08-06 | Q1FY22 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | FYFY21 | Q1FY22 | Q1FY23 | Q2FY23 | Q3FY22 | Q3FY23 | Q4FY23 |
|---|---|---|---|---|---|---|---|
| Capex | My first question is on working capital and CapEx. | Sure and one last question for me any capex plans now for the next one or two years given that volumes have now come down but if you anticipate a reco… | You talked about you're reevaluating or reviewing your CapEx plan. | Can you just quantify that number for FY2023 and FY2024 your capex plan? | Yes, I think one it will be lower on an overall basis the reason being in the last two years if you see our capex programs have been largely maintenan… | Sure, and the last bit was on any colour or any thoughts on capacity addition plans or capex plans for FY2024. | Got it thanks and last question was on capex; plans for 2024 anything to share here? |
| Capital allocation | — | — | — | You are talking about the Bira acquisition of Beer Café, right? | — | — | The stake from the promoter in the company; is there any possibility for a buyback there or a share increase from the promoter, is what I am asking ab… |
| Costs | My second and last question is on the key raw material. | Other expenses have increased by 51% due to learning’s from prior year which led to better management of COVID related disruptions and associated cost… | On glass it remains quite inflationary driven by the underlying input cost of soda ash and energy. | As you know there have been a lot of initiatives with respect to cost cutting, now that are margins are squeezed because of the inflationary pressures… | On glass although that is not the main driver for the input cost increase, we sold for the quarter but also on glass, we are taking actions to change … | Got that couple of questions on raw materials. | Sure, and the last question I had was on raw material inflation you said this might remain a headwind in the near term. |
| Debt and cash | So, congrats on working capital reduction. | Obviously, you had lower cash flow from operations this time so just wanted to get your sense, on what the movement is there? | — | — | January 31, 2022 continued focus on cost actions and working capital management. | — | — |
| Demand | We've seen a lot of speculation in the market coupled with high demand in March as the peak season of course, was quite buoyant for the whole industry… | Finally, turning to the slide on “Outlook and Summary”, we have observed progressive recovery of underlying consumer demand post the first COVID-19 wa… | Furthermore, we also have observed let's say supply restrictions that meant sometimes less than optimal sourcing, meaning that where demand was high, … | My second question is you indicated that the demand is great and also about capex plan? | Berend when you say higher investments to drive demand recovery do these include higher BTL spends also. | For many discretionary companies during the quarter, it was a case of two halves, so did you see something similar that October or maybe early Novembe… | My first question was on the demand front as we exited the quarter 17% volume growth ex-Tamil Nadu, but it seems growth rates were fairly healthy but … |
| Guidance | So I don't wanna start giving any margin guidance at this point in time. | We expect that to normalize as the state mix and the recovery continues in months to come. | So, should we expect you know, a major dip in the volumes, at least in the near term as you may go alone or solo in that market without an agency part… | — | I do not want to start with giving guidance but as I said we of course look at the pricing actions where possible not only next quarter but also Q1 of… | — | Yes, I mean this state mix is difficult to forecast was also a bit stronger in Q4 than we expected. |
| Margin | What is the blended impact as you exited Q4 on your cost index, and with these pricing decisions that you've taken, plus the cost optimization measure… | We realized positive sales and price mix for the quarter, combined with continued cost management and adaptation to new ways of working, the bottomlin… | Yes, Latika let me start with the gross margin let's say, in general. | Sure and last question is on the gross margin pressure which is quite common for every company so essentially when do you see good recovery here in te… | For the year-to-date the net sales is up 53% and year-to-date EBITDA reached 451 Crores up 188% from 157 Crores in prior year. | Okay with respect to this gross margin compression and specifically the sequential gross margin compression of 500 basis point and correct me if I am … | If I recollect correctly, last time you spoke about the high cost barley inventory probably getting exhausted by Q1 of FY2024 is that the same situati… |
| People | As we have reviewed, the capacity utilization, the fixed cost versus the volume, etcetera, benchmarked that to alternatives. we've concluded that it's… | — | But beyond that as we indicated then we would probably beyond a higher level, given the utilization rates observed in the current quarter and Yes, we … | — | — | — | — |
| Pricing | And you mentioned that you are trying for price hike. | On the pricing we have taken some price increases in some of the states. | Also, here, we went first with price increase in the state during the quarter. | We are seeing globally also the Ukraine crisis at least from a raw material availability perspective things are now resolving and you also spoke on th… | My first question is on the cost side so gross margins severe pressure QoQ and YoY on glass bottles and corrugated boxes are you able to do anything p… | This was partially offset by the volume and of course the price increases coming through as well nicely. | Some issues with moisture as it has been raining quite a bit as you rightly said about the weather conditions, so it has been raining more in those No… |
| Revenue growth | As we saw this quarter in the results and last Q3 as well, I think there's good operating leverage on the fixed cost, so that as we continue to expand… | Secondly, we also decide to reinvest part of that into commercial activities whether it is in the topline or in the A&P spend so, those elements will … | So, this 8% growth versus COVID, or say quarter on quarter growth of 41%, etcetera, any sense you can give us, is there a market share gain within bee… | It remains constant as a percentage of topline as it was in the last four or five quarters. | On the performance by region north posted strong growth at 35% particularly in UP and Rajasthan and Delhi there was a single-digit growth due to the p… | We did have some additional discounts booked in the last quarter, which were flowing through from previous quarters which impacted our revenue growth … | I said that excluding some of the route to market headwinds we had a growth of around 17% in the quarter. |