UNITED BREWERIES Announces Quarterly Results (2QFY20); Net Profit Down 29.7%

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UNITED BREWERIES Announces Quarterly Results (2QFY20); Net Profit Down 29.7%
Thu, 14 Nov

UNITED BREWERIES has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

UNITED BREWERIES Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m33,31847,07235,878-23.8%7.7%
Other incomeRs m373219-40.2%-48.9%
TurnoverRs m33,35547,10435,897-23.8%7.6%
ExpensesRs m30,13643,78333,953-22.5%12.7%
Gross profitRs m3,1823,2891,925-41.5%-39.5%
DepreciationRs m656692689-0.5%4.9%
InterestRs m40778814.5%119.8%
Profit before taxRs m2,5232,5521,167-54.3%-53.7%
TaxRs m88590716-98.3%-98.2%
Profit after taxRs m1,6381,6451,151-30.0%-29.7%
Gross profit margin%9.67.05.4
Effective tax rate%35.135.51.3
Net profit margin%4.93.53.2
* 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 7.7% on a year-on-year (YoY) basis. The expenses were up by 12.7% YoY during the same period.
  • The company's operating profit declined by 39.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 5.4% in 2QFY20 as against 9.6% in 2QFY19.
  • Depreciation charges increased by 4.9% and finance costs increased by 119.8% YoY, respectively.
  • Other income declined by 48.9% YoY during the quarter.
  • Net profit for the quarter declined by 29.7% YoY. Net profit margins during the quarter declined from 4.9% in 2QFY19 to 3.2% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 23.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 22.5% QoQ during the same period.
  • The company's operating profit declined by 41.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 5.4% in 2QFY20 as against 7.0% in 1QFY19.
  • Net profit for the quarter declined by 30.0% QoQ, while net profit margins declined from 3.5% in 1QFY19 to 3.2% in 2QFY20.

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

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UNITED BREWERIES Share Price Performance

Over the last one year,UNITED BREWERIES share price has moved down from Rs 1,300.2 to Rs 1,242.6, registering a Loss of Rs 57.6 or around 4.4%.

Overall, the S&P BSE SENSEX is up 14.3% over the year.

Current Valuations

At the current price of Rs 1,242.6, the price to earnings (P/E) ratio of UNITED BREWERIES stands at 71.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 10.3 times.

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