UBL Q1 PAT soars 428% YoY to Rs 162 cr

28 Jul 2022 , 10:38 AM

Total expenditure jumped 112.2% year on year to Rs 2,172.57 crore in Q1 June 2022. Cost of raw materials consumed soared 158.3% to Rs 1,329.24 crore and employee benefits expenses rose 31% to Rs 149.77 crore in Q1 FY23 over Q1 FY22. Profit before tax in Q1 FY23 stood at Rs 218.14 crore, up by 411.5% from Rs 42.65 crore posted in Q1 FY22. UBL said that the quarter witnessed a more than doubling of volumes, in addition to a sequential growth of 42% resulting in an 8% growth over corresponding pre-covid quarter 2019. The premium segment recorded growth ahead of the total portfolio. All regions recorded growth in the quarter compared to both 2021 and 2019, except for South which recorded growth versus 2021 but recorded a marginal drop against 2019 impacted by the change in policy in Andhra Pradesh. The record volumes were achieved despite a number of supply chain restrictions in the peak season. Gross margin during the quarter was lower by 408 bps as compared to the corresponding quarter of the previous financial year due to inflationary pressures witnessed in the prices of barley, packaging materials and crude oil. Although commodity prices remain elevated, there are some indications that spot prices are softening. The company said that price increase has been realized in multiple states, including Haryana, Karnataka, Maharashtra, MP, Orissa, Rajasthan, Telangana and UP. It continues to pursue options of further price increases, where possible. Capex during the quarter was Rs 44 crore with the volume growth during the quarter resulting in an on-going review of capacity plans to meet future demand. The company added that it has strong liquidity position, with being debt free it has a bank balance of Rs 860 crore. United Breweries, controlled by Dutch multinational company Heineken NV, is primarily engaged in the manufacture, purchase, and sale of beer and non-alcoholic beverages. The scrip advanced 0.57% to Rs 1645.60 on the BSE. Powered by Capital Market – Live News