United Breweries Ltd.

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Tax burden spoils party for India's whiskey makers Apr 15, 2018

See more articles on United Breweries Ltd.

Company Background

The company is the beer-industry leader in India, controlling about 50% of the market. Dutch brewer Heineken holds a roughly 40% share in the company, while UB Group Chairman Vijay Mallya holds a stake of about 36%. Heineken owns much of its stake in the company through its Indian subsidiary, Scottish & Newcastle India.

Mallya's stake was once the same as Heineken's, but the Dutch company increased its interest 2013. Mallya, who also owns the grounded Kingfisher Airlines, was elected chairman of UB Group in 1983 at age 28. Prior to joining his family business, he worked for the American Hoechst Corporation (now Sanofi-Aventis) in the U.S. and Jenson & Nicholson in the U.K.

United Breweries was set up in 1915 after Scotsman Thomas Leishman bought and merged five breweries in south India. In 1947, the company was purchased by Mallya's father, Vittal Mallya. In 2004, United Breweries entered a joint venture with Scottish & Newcastle India, which is now owned by Heineken, to produce and sell beverages. The company behind India's best-selling beer, Kingfisher Strong, started manufacturing and distributing Heineken beer in India in 2009.

Business Summary

United Breweries Ltd. is a holding company, which engages in the manufacture and trade of beer and Non-alcoholic beverages. It operates through the Beer and Non-Alcoholic Beverages segments. The Beer segment includes the production and sale of beer, as well as the licensing of brands. The Non-Alcoholic Beverages segment involves in the purchase and sale of non-alcoholic drinks. The firm's brands include Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Storm, and Kingfisher Buzz. The company was founded on March 15, 1915 and is headquartered in Bangalore, India.

Financial Highlights

Mar 2022	INR	USD
Revenue	58,384.40M	783.58M
Gross Profit	18,638.70M	250.15M
Operating income	4,924M	66.08M
Income before tax	4,944.40M	66.35M
Net income	3,654.60M	49.04M
EBITDA	7,095.90M	95.23M
Diluted EPS	13.82	0.18
Dividends Per Share	10.50	0.14
Total Assets	59,705M	787.92M
Total liabilities	20,312.40M	268.06M
Total equity	39,351.20M	519.31M
Operating cash flow	8,964.70M	120.31M
	Currency in INR	Currency in USD

Historical Data

INR | USD

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Revenue	56,190.20M	64,754.30M	65,092.40M	42,430.90M	58,384.40M
Gross Profit	20,154.30M	23,676.30M	21,843.90M	12,704.60M	18,638.70M
Operating income	6,566.40M	9,092.30M	6,090.60M	1,966.80M	4,924M
Income before tax	6,078.20M	8,793.10M	5,689.20M	1,694.10M	4,944.40M
Net income	3,942M	5,629.40M	4,277.30M	1,132.20M	3,654.60M
EBITDA	9,162.90M	11,690.90M	8,941.60M	4,286.90M	7,095.90M
Diluted EPS	14.93	21.29	16.17	4.28	13.82
Dividends Per Share	2	2.50	2.50	0.50	10.50
Total Assets	47,745.10M	54,315.70M	55,774.50M	58,788.20M	59,705M
Total liabilities	20,813.10M	22,447.60M	20,538.50M	22,927.90M	20,312.40M
Total equity	26,902.60M	31,837.70M	35,202.60M	35,822.80M	39,351.20M
Operating cash flow	5,147.90M	6,188M	4,833.60M	5,967.30M	8,964.70M

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Revenue	871.62M	925.81M	918.00M	571.57M	783.58M
Gross Profit	312.63M	338.50M	308.06M	171.14M	250.15M
Operating income	101.85M	129.99M	85.89M	26.49M	66.08M
Income before tax	94.28M	125.71M	80.23M	22.82M	66.35M
Net income	61.14M	80.48M	60.32M	15.25M	49.04M
EBITDA	142.13M	167.14M	126.10M	57.74M	95.23M
Diluted EPS	0.23	0.30	0.22	0.05	0.18
Dividends Per Share	0.03	0.03	0.03	0.00	0.14
Total Assets	732.04M	784.05M	737.25M	804.06M	787.92M
Total liabilities	319.11M	324.03M	271.48M	313.59M	268.06M
Total equity	412.47M	459.58M	465.32M	489.95M	519.31M
Operating cash flow	79.85M	88.47M	68.16M	80.38M	120.31M

Valuation Measures

Mar 2022
PER	107.71
ROA	6.16%
ROE	9.72%
Operating margin	8.43%
Profit margin	6.25%

Key executives

Chief Executive Officer, MD & Executive Director: Rishi Pardal
Senior Vice President-Operations & Malting: Rohtash Kumar Jindal
Senior Vice President-Operations: C. Gouri Shankar
Chief Financial Officer & Director: Radovan Sikorsky
Head-Information Technology: Kapil Pal

Shareholders

United Breweries Ltd. (34.0%)
Government of India (16.7%)
Heineken NV (12.4%)
MALLYA VIJAY (8.0%)
ICICI Prudential Asset Management Co. Ltd. (2.8%)
Kotak Mahindra Asset Management Co. Ltd. (1.8%)
McDowell Holdings Ltd. (1.7%)
Franklin Templeton Asset Management (India) Pvt. Ltd. (1.6%)
SBI Funds Management Pvt Ltd. (1.4%)
Kamsco Industries Pvt Ltd. (1.2%)

Contact Details

Website:http://www.unitedbreweries.com
Address: UB Towers, UB City, No. 24 Vittal Mallya Road, Bangalore, 560001, India
Phone: +91.80.45655000

Related Companies

United Breweries Ltd. Provident Fund
Pacific Spirits Pvt Ltd. /Brewery Assets/
Scottish & Newcastle India Pvt Ltd.
Maltex Malsters Ltd.
Chennai Breweries Pvt Ltd.
UB Ajanta Breweries Pvt Ltd
London Draft Pubs Pvt Ltd.
UB Group Employees Welfare Trust

Competitors

Last Updated on 4 Oct, 2022