United Breweries Q4 Review - Sharper Recovery Reflects Pre-Covid-19 Performance: ICICI Direct
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ICICI Direct Report
United Breweries Ltd.’s net revenue showed a sharp recovery and grew 8% year-on-year to Rs 1,544 crore.
Volumes grew 9% YoY, due to good growth in all key markets except Telangana, Delhi and Odisha.
Gross margins grew 110 basis points YoY to 52% due to a better state mix and price hikes, which along with control on operational costs led to Ebitda margin of 16.9% (up 760 basis points YoY).
Subsequently, absolute Ebitda was at Rs 261 crore (up 98% YoY).
The company reported exceptional expense of Rs 62 crore due to recognition of impairment loss of Rs 44.5 crore at Bihar plant and impairment loss of Rs 17.8 crore on investment in subsidiary company.
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