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ICICI Direct Report
United Breweries Ltd.'s performance was below our estimates on profitability.
Revenues grew 23% YoY to Rs 1581 crore, led by volume growth of 19%. Absolute Ebitda remained flat at Rs 183 crore (Ebitda margins contracted 247 basis points to 11%).
However, profit after tax grew 39% to Rs 100 crore, as Ebitda was supported by lower depreciation, interest expense and higher other income.
The company has been undergoing re-organisation to better imbibe United Breweries culture and strategy to its employees. Although business was a bit lower in November, it picked up again in December.
The company has launched a new visual identity for Kingfisher. United Breweries launched a new range of packs in Goa in December and received very positive feedback.
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