United Breweries trips 2% after weak profit and sales numbers

The beer major’s volumes for the quarter fell 12 percent year-on-year during the same period.

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United Breweries shares were down 2 percent at Rs 1,538.85 at 9.20 am after the company reported weak profit and revenue numbers for the April-to-June quarter.

United Breweries’ standalone net profit declined 16 percent year-on-year to Rs 136 crore in the April-to-June quarter. Sales fell 7 percent to Rs 2,273 crore year-on-year in Q1FY24.

The beer major’s volumes for the quarter fell 12 percent year-on-year during the same period. Volumes fell sharply in Tamil Nadu, Andhra Pradesh, Delhi, and Haryana due to high raw material prices. United Breweries faced capacity constraints in Tamil Nadu as the existing facilities of the company could not handle the growing beer demand in peak season.

EBITDA margins fell 15 percent year-on-year to Rs 233 crore in the April-to-June quarter.

Gross margins declined 369 basis points year-on-year to 40.6 percent in Q1FY24. United Breweries’ gross margins were impacted due to high-cost barley inventory, which is expected to be replaced by relatively higher yield inventory, which would improve margins further, said ICICI Securities.

Brokerages will comment on United Breweries’ results after the earnings conference call on July 31.

Inflationary pressure on our cost base is expected to soften in the near term but volatility will remain, said the company in its Q1FY24 investor presentation. United Breweries further said, “We continue to focus on revenue management & cost initiatives, to drive margin accretion.”

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