UNITED BREWERIES Announces Quarterly Results (2QFY19); Net Profit Up 74.5%

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UNITED BREWERIES Announces Quarterly Results (2QFY19); Net Profit Up 74.5%
Fri, 16 Nov

UNITED BREWERIES has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

UNITED BREWERIES Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m27,38041,57933,318-19.9%21.7%
Other incomeRs m1215337-75.8%208.3%
TurnoverRs m27,39241,73233,355-20.1%21.8%
ExpensesRs m25,16137,57530,136-19.8%19.8%
Gross profitRs m2,2194,0043,182-20.5%43.4%
DepreciationRs m6506376563.0%0.9%
InterestRs m1279240-56.6%-68.5%
Profit before taxRs m1,4543,4282,523-26.4%73.6%
TaxRs m5151,208885-26.7%71.9%
Profit after taxRs m9382,2191,638-26.2%74.5%
Gross profit margin%8.19.69.6
Effective tax rate%35.435.335.1
Net profit margin%3.45.34.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 21.7% on a year-on-year (YoY) basis. The expenses were up by 19.8% YoY during the same period.
  • The company's operating profit increased by 43.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 9.6% in 2QFY19 as against 8.1% in 2QFY18.
  • Depreciation charges increased by 0.9% and finance costs declined by 68.5% YoY, respectively.
  • Other income increased by 208.3% YoY during the quarter.
  • Net profit for the quarter increased by 74.5% YoY. Net profit margins during the quarter increased from 3.4% in 2QFY18 to 4.9% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 19.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 19.8% QoQ during the same period.
  • The company's operating profit declined by 20.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 9.6% in 2QFY19 as against 9.6% in 1QFY18.
  • Net profit for the quarter declined by 26.2% QoQ, while net profit margins declined from 5.3% in 1QFY18 to 4.9% in 2QFY19.

To see how UNITED BREWERIES has performed over the last eight quarters, please visit here.

UNITED BREWERIES Share Price Performance

Over the last one year, UNITED BREWERIES share price has moved up from Rs 1,123.2 to Rs 1,314.9, registering a Gain of Rs 191.7 or around 17.1%.

Overall, the S&P BSE SENSEX is up 8.1% over the year.

Current Valuations

At the current price of Rs 1,314.9, the price to earnings (P/E) ratio of UNITED BREWERIES stands at 66.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 12.9 times.

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