breweries (31212) - q3, 2010
TRANSCRIPT
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T r e n d s o f Y o u r B u s i n e s s
E x c l u s i v e l y d i s t r i b u t e d b y
India, Q3 2010
Breweries
Please address all comments and enquiries to: [email protected]
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Breweries
! This report has been compiled to the best of the authors knowledge, using information originating from verified
sources. The authors of the report take no responsibility for the consequences of any decisions and actions taken as a
result of the use of this report. This report refers to the Indian economy.
Contents Page
1. Macroeconomic Scenario - 4
2. Analysis of Investment Attractiveness - 5
- Attract iveness Indicators - 5
- Driving Forces of Attractiveness - 5
- Risk-Profitability Maps - 7
3. Analysis of Revenue - 9
- Long-term Trend. Business Cycle. Correlation - 9
- Seasonality in Revenues. Seasonal Adjusted Revenues - 10
4. Concentration in the Sector - 11
5. Analysis of Financial Ratios - 12
- Distributions of Financials in the sector - 12
- General Indicators - 13
- Profitability Ratios - 18
- Liquidity Ratios - 21
- Financial Cycles - 22
- Financial Leverage Ratios - 23
- Production Factors - 25
- Investment Outlays - 27
- Costs - 29
- Structure of Fixed Assets - 33
- Structure of Current Assets - 34
- Structure of Current Liabilities - 35
- Main Leverages - 36
- DuPonts Pyramid - 37
6. Companies from the Sector - 38
- Top Players - market shares - 38
- Top Players from the Sector - 39
- Listed Companies from the Sector - 40
- Mergers and Acquisitions - 41
7. Key Concepts - 42- Definitions of Indices - 42
- Definitions of Selected Concepts - 44
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Breweries
Analysed sector:
Sub-class Breweries
Group is the most narrow
aggregation and does not contain any
subsectors
EconTrends for India is the unique tool for analyzing various Indian industries. It contains description of
macroeconomic environment, analysis of investment attractiveness, detailed analysis of revenue as well as in-depth
analysis of a wide scope of financial ratios. The report covers not the full sector but only its major part, since it is build
on the bottom-up aggregated financial data on listed companies from the Accord Fintech database reporting on
quarterly basis. Quarterly financial data from Income Statement are adjusted to assert their consistency with yearly
audited figures.
Profitability of a given industry is evaluated on the basis of average forecasted dynamics of EBITDA in two following
quarters. Every industry has a granted profitability mark that ranges from 1 up to 5, which reflects its profitability
versus other industries. Higher mark indicates higher profitability. Risk of an industry in turn is measured by the
standard deviation of forecasted Profitability Index. Every industry has also an assigned risk mark that ranges from 1
up to 5, which reflects its risk versus other industries. Higher mark means here lower risk. Each industry is at the end
characterized by the following two parameters its profitability and risk. They are used for evaluation of the short term
investment attractiveness, that reflects preferences of investors seeking to maximize their rates of return and to
minimize the risk they face.
The final Short-Term Investment Attractiveness Ranking of an analyzed industry explains its relative attractiveness
comparing to other sectors. The lower a position within the ranking the higher is attractiveness of an industry. Changes
in this position replicate either changes in profitability or in risk. Additionally like in the case of profitability and risk
measurement the final attractiveness is graded from 1 to 5, where the highest grade means the highest attractiveness.
Lower grade means worse investment-weather conditions, so either lower profitability or higher risk. The Short-Term
Investment Attractiveness Ranking is presented according to the structure of the North American Industry
Classification System (NAICS). However the used system of industry classification is not fully compatible with the
National C lassification of Activities in India due to Indian statistics - specific factors.
The Short-Term Investment Attractiveness Ranking developed for India under the EconTrends methodology is based
on the so called Profitability Index, that shows forecasted dynamics of EBITDA. It serves as a proxy for dynamics of
dirty cash flows in enterprises from a given industry. Fundamental components of the Profitability Index like net sales
and EBITDA margin, are forecasted using econometric models. The behavior over time of all these categories is
illustrated using appropriate pictograms in the Map of Forces.
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Breweries
-> expected slight
fall of GDP nominal
y/y growth in Q1
2011 comparying to
the value from Q3
2010
-> expected slight
fall of GDP real y/y
growth in Q1 2011
comparying to the
value from Q3 2010
-> expected slight
fall of CPI inflation
(eop) in Q1 2011
comparying to the
value from Q3 2010
-> expected slight
fall of PPI inflation
(eop) in Q1 2011
comparying to the
value from Q3 2010
-> expected
strenghtening of
USD/INR exchange
rate in Q1 2011
comparying to the
value from Q3 2010
Macroeconomic Scenario
Nominal GDP Growth
70
80
90
100
110
120
130
Q4
2006
Q1
2007
Q2
2007
Q3
2007
Q4
2007
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q32010
Q42010
Q1
2011
Period
Growth
Forecast
Period Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
Nominal GDP Growth 119.1 120.9 118.9 117.4 115.8
Real GDP Growth 108.6 108.9 108.9 108.2 107.9
Inflation (CPI) eop 115.3 113.7 110.3 109.2 108.0
Inflation (PPI) eop 109.5 110.6 109.3 108.2 107.5
USD/INR exchange rate, quarter av 45.92 45.67 46.50 44.86 45.34
Datasource: ISI, EMIS, CEIC
Inflation (CPI) eop
70
75
80
85
90
95
100
105
110
115
120
Q4
2006
Q1
2007
Q22007
Q32007
Q4
2007
Q1
2008
Q22008
Q32008
Q4
2008
Q1
2009
Q22009
Q32009
Q4
2009
Q1
2010
Q22010
Q32010
Q4
2010
Q1
2011
Period
Growth
Forecast
Inflation (PPI) eop
70
75
80
85
90
95
100
105
110
115
Q4
2006
Q1
2007
Q2
2007
Q3
2007
Q4
2007
Q1
2008
Q22008
Q32008
Q4
2008
Q1
2009
Q22009
Q32009
Q4
2009
Q12010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Period
Growth
Forecast
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expected rise of
attractiveness in the
sector
-> expected rise of
profitability
-> expected rise ofrisk (expected fall in
risk mark shown on
the chart)
5 0
4 1
3 1
2 1
1 1
5 0
4 0
3 1
2 1
1 1
CurrentAttractivene
ss
Pro
fitability
Risk
0
1
2
3
4
5
Current Attractiveness5 1
4 1
3 1
2 1
1 1
5 0
4 0
3 0
2 1
1 1
ForecastedAttractiven
ess
Pro
fitability
Risk
0
1
2
3
4
5
Forecasted Attractiveness
Driving Forces of Attractiveness- Profitability Index - y/y dynamics
- Net Revenue per Company - y/y dynamics
- EBITDA Margin - y/y dynamics
Current situation b e eForecasted situation b b b
Map of forces for the sectorNet revenue per company -
Y/Y dynamics
EBITDA margin - Y/Y
dynamics
Profitability index - Y/Y
dynamics
"+"
"-"
"o"
Symbol's colourDynamics of profit
Positive impact on profits dynamics
Negative impact on profits dynamics
Neutral impact on profits dynamics
Symbols sign
Fall of dynamics comparing to previous quarter
Stabilisation of dynamics comparing to prev ious quarter
Symbols orientationRise of dynamics comparing to previous quarter
Positive dynamics of "dr iving force"
Negative dynamics of "driving force"
Close to zero dynamics of "driving force"
expected fall in
dynamics of net
revenue in Q4 2010
expected fall in
dynamics of net
revenue in Q1 2011
Analysis of Investment Attractiveness
Attractiveness Indicators
Net revenue per company - Y/Y dynamics
0%
5%
10%
15%
20%
25%
30%
35%
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Period
Netrevenuepercompany
Y/Ydynamics
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Profitabilityindex-Y/Y
dynamics
Net revenue per company - Y/Y dynamics Profitability index - Y/Y dynamics
Forecast
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Breweries
expected fall in
dynamics of EBITDA
margin in Q4 2010
expected fall in
dynamics of EBITDA
margin in Q1 2011
EBITDA Margin - Y/Y dynamics
-20%
-15%
-10%
-5 %
0%
5%
10%
15%
20%
25%
30%
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Period
EBITDAMargin-Y/Y
dynamic
s
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Profitabilityindex-Y/Y
dynamic
s
EBITDA Margin - Y/Y dynamics Profitability index - Y/Y dynamics
Forecast
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Breweries
Risk-Profitability Maps
Risk - Profitability Map (current situation)
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4
Risk
Profitability
All sectors Most efficient sectors
Selected sector (Sub-class): Breweries
Investors' utility function
Risk - Profitability Map (current situation)
Zoom
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.00 0.05 0.10 0.15 0.20 0.25 0.30
Risk
Profitabilit
y
All sectors Most efficient sectors
Selected sector (Sub-class): Breweries
Investors' utility function
risk - profitability
map (current
situation)
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risk - profitability
map (forecasted
situation)
Risk - Profitability Map (forecasted situation)
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
Risk
Profitability
All sectors Most efficient sectors
Selected sector (Sub-class): Breweries
Investors' utility function
Risk - Profitability Map (forecasted situation)
Zoom
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.00 0.05 0.10 0.15 0.20 0.25
Risk
Profit
ability
All sectors Most efficient sectors
Selected sector (Sub-class): Breweries
Investors' utility function
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Breweries
Analysis of Revenue
Long-term Trend. Business Cycle. Correlation
Long-term trend in net revenue per company
0
500
1 000
1 500
2 000
2 500
3 000
Dec-06
Mar
-07
Jun-07
Sep-07
Dec-07
Mar
-08
Jun-08
Sep-08
Dec-08
Mar
-09
Jun-09
Sep-09
Dec-09
Mar
-10
Jun-10
Sep-10
Dec-10
Mar
-11
Jun-11
Sep-11
Period
[mnINR]
Net revenue per company Long-term trend in net revenue per company
Forecast
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Net Revenues per
company [mn INR]1368.9
1475.9
1497.1
1298.4
1449.6
1702.7
1710.4
1532.1
1805.9
2072.6
2218.3
1965.6
2205.9
2445.4
2507.6
2310.4
Longterm trend in net
sales per company
[mn INR] 1289.3
1361.5
1434.5
1508.4
1583.5
1659.7
1737.3
1816.2
1896.3
1977.6
2060.0
2143.3
2227.3
2312.1
2397.4
2483.1
Long run growth of nominalGDP
102 104 106 108 110 112 114 116
Implied long run growth of the
sector [%]1.11% 1.24% 1.37% 1.49% 1.62% 1.75% 1.88% 2.01%
Forecast of sector's long run growth
Ris e of long-term trend
in net revenue per
company
expec ted high and
increasing use of
capacity utilisation
ratio and assoc iated
poss ible growth in
dynamics of prices and
employment in 4th
quarter 201 0
Business cycle in net revenue per company
Dec-06
Mar
-07
Jun-07
Sep-07
Dec-07
Mar
-08
Jun-08
Sep-08
Dec-08
Mar
-09
Jun-09
Sep-09
Dec-09
Mar
-10
Jun-10
Sep-10
Dec-10
Mar
-11
Jun-11
Sep-11
Period
Negative part of business cycle Positive part of business cycle
Pressureforriseof
pricesdynamics
Pressureforfallof
pricesdynamics
Forecast
Lead of net sales Y/Y + 0Q + 1Q + 2Q + 3Q
Value (quarterly data) 11.94% 6.07% -8.39% 1.24%
Lag of net sales Y/Y - 0Q - 1Q - 2Q - 3Q
Value (quarterly data) 11.94% 8.49% -4.79% -22.61%
Correlation of decumulated net revenue Y/Y growth with past GDP growth
Correlation of decumulated net revenue Y/Y growth with future GDP growth
< 1 ; 0.8 ) < 0.8 ; 0.6 ) < 0.6 ; 0.4 ) < 0.4 ; 0.2 ) < 0.2 ; 0 ) < 0 ; -0.2 ) < -0.2 ; -0.4 )< -0.4 ; -0.6 )< -0.6 ; -0.8 ) < -0.8 ; -1 )
Degree of correlation
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Seasonality in Revenues. Seasonal Adjusted Revenues
in Q 1 posivive
seas onal deviation
prevails
in Q 2 posivive
seas onal deviation
prevails
in Q 3 negative
seas onal deviation
prevails
in Q 4 negative
seas onal deviation
prevails
Seasonality in net revenue per company
0
500
1 000
1 500
2 000
2 500
3 000
Dec-06
Mar
-07
Jun-07
Sep-07
Dec-07
Mar
-08
Jun-08
Sep-08
Dec-08
Mar
-09
Jun-09
Sep-09
Dec-09
Mar
-10
Jun-10
Sep-10
Dec-10
Mar
-11
Jun-11
Sep-11
Period
[mnINR]
-250
-200
-150
-100
-50
0
50
100
150
200
Seasonality
(additivedeviat
ion)
Net revenue per company Seasonality in net revenue per company
Forecast
Seasonality (per quarter) in net revenue per company
0
500
1 000
1 500
2 000
2 500
Q107
Q108
Q109
Q110
Q207
Q208
Q209
Q210
Q307
Q308
Q309
Q310
Q406
Q407
Q408
Q409
Period
[mnINR]
-250
-200
-150
-100
-50
0
50
100
150
200
Seasonality
(additivedeviation)
Net revenue per company (per quarter) Seasonality (per quarter) in net revenue per company
1st quarter 2nd quarter 3rd quarter 4th quarter
Net revenue per company
Seasonally adjusted net revenue per company
0
50 0
1 000
1 500
2 000
2 500
3 000
Dec-06
Mar
-07
Jun-07
Se
p-07
Dec-07
Mar
-08
Jun-08
Se
p-08
Dec-08
Mar
-09
Jun-09
Se
p-09
Dec-09
Mar
-10
Jun-10
Se
p-10
Dec-10
Mar
-11
Jun-11
Se
p-11
Period
[mnINR]
Net revenue per company Seasonally adjusted net revenue per company
Forecast
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Breweries
Market power
concentration
measured by
Herfindahl-
Hirschman Index
was strong in 2009
Net sales of top fivecompanies in the
sector reached the
market share of
80.50% in 2009
Market share of top companies in the sector
Year 2009
The Herfindahl-Hirschman Index 2112
Top 1 company 39.65%
Top 2 companies 55.80%
Top 3 companies 68.26%
Top 4 companies 74.99%
Top 5 companies 80.50%
Number of listed and non-listed companies in the sector 20
Concentration in the Sector
Distribution of net revenues in the sector (2009)
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cumulative share of companies from lower market share
Cu
mulativemarketshare
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Gini Coefficient
74.43%
Lorenz Curve
Perfect Inequality Line
Perfect Equality Line
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Breweries
Source: ISI, EMIS, C EIC
Analysis of Financial Ratios
Distributions of Financials in the sector
20% 40% 60% 80%
Q210 Q310 I II III IV
General Indicators
Number of companies 16 16
Y/Y dynamic s of net revenue per company [%] 29.69% 28.30% 2.48% 10.54% 21.64% 56.76%
Y/Y dynamics of total operating (excl. depreciation) cost per company [%] 27.37% 26.27% -7.44% 11.13% 22.28% 44.82%
Y/Y dynamics of EBITD A profit per company [%] 41.89% 32.99% -8.09% 8.27% 31.34% 102.77%
Y/Y dynamic s of EBI TD A profit per profit-making company [%] 44.38% 46.53% 0.50% 15.60% 82.93% 111.55%
Y/Y dynamic s of gross profit per company [%] 29.34% 72.12% -18.97% 18.18% 64.22% 106.25%
Y/Y dynamic s of gross profit per profit-making company [%] 28.48% 67.11% 11.42% 39.40% 100.86% 131.74%
Y/Y dynamic s of net profit per company [%] 19.85% 77.04% -25.31% 17.23% 81.89% 103.92%
Y/Y dynamics of net profit per profit-making company [%] 19.00% 62.14% 11.41% 56.03% 92.07% 135.60%
Profitability Ratios
EBIT DA Sales Margin [%] 13.48% 13.56% 2.83% 7.19% 10.89% 15.71%
Net Sales Margin [%] 4.46% 4.66% -2.31% 1.25% 4.83% 6.08%
Effective tax rate [%] 26.55% 27.32% 19.72% 25.53% 32.10% 34.26%
Share of profit-making companies [%] 87.50% 68.75%
D I S T R I B U T I O N O F P A R A M E T E R S
(The distribution of financial indicators in the sector)
Average value for the
company in
2008 2009 I II III IV
General IndicatorsY/Y dynamic s of cas h flow per company [%] 47.26% 184.29% 0.42% 101.38% 107.72% 279.05%
Y/Y dynamic s of cas h flow per profit-making company [%] 41.62% 208.72% -48.48% 101.32% 107.82% 352.91%
Profitability Ratios
Return on Equity [%] 11.14% 5.96% 1.58% 6.68% 8.09% 15.14%
Return on Ass ets [%] 6.31% 3.33% 0.95% 3.25% 4.60% 5.66%
Equity dividend ratio [%] 4.78% 10.43% 0.00% 8.13% 20.45% 24.64%
Liquidity RatiosCurrent ratio [%] 304.78% 408.73% 132.22% 234.04% 312.40% 413.46%
Quick ratio [%] 240.95% 343.99% 94.00% 138.39% 163.70% 341.44%
Super quick ratio [%] 13.43% 18.25% 7.25% 13.00% 17.35% 25.00%
Sundry debtors to sundry creditors ratio [%] 118.26% 129.38% 66.24% 121.11% 132.71% 198.02%
Financial Cycles
Days of coverage for C ash & Equivalent [days] 24 35 -13 39 59 86
Days of coverage for receivables [days] 57 69 40 67 75 96
Days of coverage for inventories [days] 45 50 31 55 64 91
Days of coverage for short term liabilities [days] 78 84 62 83 103 133
Financial Leverage Ratios
Debt to Equity ratio [%] 76.41% 78.93% 28.04% 53.74% 68.52% 104.19%
Equity to total assets ratio [%] 56.68% 55.89% 42.51% 58.25% 63.37% 72.31%
Share of loans from banks in total debt [%] 100.00% 100.00% 99.90% 100.00% 100.00% 100.00%
Secured to unsec ured loans ratio [%] 207.48% 231.88% 120.05% 184.62% 284.11% 1041.28%
Ope rating profit coverage [years] 2.97 4.00 2.3 3.1 3.7 5.9
Production FactorsLabour intensity of production [%] 5.05% 4.96% 1.82% 3.46% 4.69% 6.04%
Energy intensity of production [%] 2.21% 2.04% 0.83% 2.10% 3.28% 5.79%
Material intensity of production [%] 32.52% 33.01% 18.24% 29.08% 38.45% 46.25%
Total ass ets turnover [%] 111.54% 91.04% 56.93% 84.47% 131.90% 246.44%
Net fixed assets productivity [%] 372.79% 379.07% 189.85% 272.28% 328.49% 468.40%
InvestmentsInvestment outlays per company [mn INR] 1188.95 1108.39 0.54 11.03 87.19 691.99
Share of quoted equity investments [%] 1.01% 0.08% 0.00% 0.00% 0.00% 0.00%
Inves tment outlays as s hare in net revenue [%] 21.67% 16.42% 0.05% 1.10% 1.72% 9.10%
Inves tment outlays to depreciation ratio [%] 1103.83% 907.61% 3.14% 31.22% 99.82% 243.30%
Investment outlays index [%] 73.48% 55.38% -5.99% -4.66% -0.20% 11.54%
Costs
Share of labor costs in total operating cos ts [%] 5.42% 5.17% 1.97% 3.54% 5.66% 6.96%
Share of stock increase cos ts in total operating cos ts [%] 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Share of energy cost s in total operating costs [%] 2.37% 2.13% 0.93% 2.17% 3.36% 6.14%
Share of raw material cost in total operating cos ts [%] 34.92% 34.42% 20.41% 30.09% 43.53% 47.48%
Share of other manufacturing expenses in total operating costs [%] 20.11% 20.66% 8.03% 20.72% 32.68% 41.82%
Share of selling and admin. expenses in total operating costs [%] 33.17% 34.07% 14.04% 23.91% 25.38% 31.44%
Share of miscellaneous expenses in total operating costs [%] 1.90% 1.65% 0.81% 1.24% 1.60% 2.14%
Share of depreciation in total operating cos ts [%] 2.11% 1.89% 1.40% 2.15% 2.85% 4.12%
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Source: ISI, EMIS, C EIC
Number of companiesPeriod Q 407 Q 108 Q 208 Q 308
Value 18 18 17 19
Q /Q inc rease 1 0 -1 2
Y/Y inc rease 0 1 0 2
Period Q 408 Q 109 Q 209 Q 309
Value 19 17 17 17
Q /Q inc rease 0 -2 0 0
Y/Y inc rease 1 -1 0 -2
Period Q 409 Q 110 Q 210 Q310
Value 17 16 16 16
Q /Q inc rease 0 -1 0 0
Y/Y inc rease -2 -1 -1 -1
Net revenue per company [mn INR]Period Q 407 Q 108 Q 208 Q 308
Value [mn INR] 1 368.9 1 475.9 1 497.1 1 298.4Q /Q dynamics [%] 21.73% 7.82% 1.44% -13.27%
Y/Y dynamics [%] 38.48% 19.50% 36.80% 15.46%
Period Q 408 Q 109 Q 209 Q 309
Value [mn INR] 1 449.6 1 702.7 1 710.4 1 532.1
Q /Q dynamics [%] 11.65% 17.45% 0.45% -10.42%
Y/Y dynamics [%] 5.90% 15.37% 14.25% 18.00%
Period Q 409 Q 110 Q 210 Q310
Value [mn INR] 1 805.9 2 072.6 2 218.3 1 965.6
Q /Q dynamics [%] 17.87% 14.77% 7.03% -11.39%
Y/Y dynamics [%] 24.58% 21.73% 29.69% 28.30%
Period Q 407 Q 108 Q 208 Q 308
Value [mn INR] 1 224.2 1 366.2 1 296.7 1 167.6
Q /Q dynamics [%] 22.44% 11.59% -5.08% -9.96%
Y/Y dynamics [%] 37.80% 16.48% 41.73% 16.77%
Period Q 408 Q 109 Q 209 Q 309
Value [mn INR] 1 372.9 1 647.5 1 505.8 1 391.2
Q /Q dynamics [%] 17.59% 20.01% -8.60% -7.61%
Y/Y dynamics [%] 12.14% 20.60% 16.13% 19.16%
Period Q 409 Q 110 Q 210 Q310
Value [mn INR] 1 640.9 1 924.4 1 918.1 1 756.7
Q /Q dynamics [%] 17.95% 17.28% -0.33% -8.41%
Y/Y dynamics [%] 19.52% 16.80% 27.37% 26.27%
Total operating cost (incl. depreciation) per company [mn INR]
Net revenue & total operating costs per company
0
500
1 000
1 500
2 000
2 500
Q40
7
Q108
Q20
8
Q30
8
Q40
8
Q10
9
Q20
9
Q30
9
Q40
9
Q11
0
Q21
0
Q31
0
Period
[mn
INR]
Net revenue per company [mn INR] To ta l operating cos t (i nc l . deprec ia ti on) per company [mn INR]
General Indicators
stabilisation of
number of listed
companies covered
by the database in
Q310 comparing to
the value in Q210
fall of Y/Y dynamics
of net revenue per
company in Q310
comparing to the
value in Q210
fall of Y/Y dynamics
of total operating
cost (incl.
depreciation) per
company in Q310
comparing to the
value in Q210
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EBITDA profit per company [mn INR]Period Q 407 Q 108 Q 208 Q 308
Value [mn INR] 207.8 192.6 245.4 179.5
Q /Q dynamics [%] 17.81% -7.32% 27.43% -26.84%
Y/Y dynamics [%] 16.56% 15.55% 10.43% 1.78%
Period Q 408 Q 109 Q 209 Q 309
Value [mn INR] 134.8 143.2 248.7 196.2
Q /Q dynamics [%] -24.94% 6.27% 73.65% -21.11%Y/Y dynamics [%] -35.15% -25.63% 1.34% 9.28%
Period Q 409 Q 110 Q 210 Q310
Value [mn INR] 230.3 248.9 352.9 260.9
Q /Q dynamics [%] 17.37% 8.06% 41.81% -26.06%
Y/Y dynamics [%] 70.88% 73.76% 41.89% 32.99%
EBITDA profit per company [mn INR]
0
50
100
150
200
250
300
350
400
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
[mnINR]
-60%
-40%
-20%
0%
20%
40%
60%
80%
Y/YdynamicsofEBITDA
profitpercompany
(all
companies)[%]
EBITDA profi t per company [mn INR] Y/Y dynamics of EBITDA profi t per company (all companies) [%]
Period Q 407 Q 108 Q 208 Q 308
Value [mn INR] 222.3 231.2 260.8 246.8
Q /Q dynamics [%] 3.20% 3.99% 12.79% -5.35%
Y/Y dynamics [%] -4.03% -2.84% 10.43% 14.57%
Period Q 408 Q 109 Q 209 Q 309
Value [mn INR] 237.6 331.5 284.3 260.6
Q /Q dynamics [%] -3.72% 39.52% -14.26% -8.31%
Y/Y dynamics [%] 6.89% 43.41% 9.01% 5.61%
Period Q 409 Q 110 Q 210 Q310
Value [mn INR] 304.9 333.0 410.4 381.9Q /Q dynamics [%] 16.98% 9.23% 23.23% -6.94%
Y/Y dynamics [%] 28.31% 0.46% 44.38% 46.53%
EBITDA profit per profit-making company [mn INR]
EBITDA profit per profit-making company [mn INR]
0
50
100
150
200
250
300
350
400
450
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
[mnINR]
-10%
0%
10%
20%
30%
40%
50%
Y/YdynamicsofEBITDA
profitp
ercompany(profit-
makingcompanies)[%]
EBI TD A profit per profit-making company [mn INR]
Y/Y dynamics of EBI TD A profit per company (profit-making companies) [%]
fall of Y/Y dynamics
of EBITDA profit per
company in Q310
comparing to the
value in Q210
rise of Y/Y dynamics
of EBITDA profit per
profit-making
company in Q310
comparing to the
value in Q210
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Source: ISI, EMIS, C EIC
Gross profit per company [mn INR]Period Q 407 Q 108 Q 208 Q 308
Value [mn INR] 135.9 107.9 166.0 122.3
Q /Q dynamics [%] 28.39% -20.60% 53.83% -26.31%
Y/Y dynamics [%] 7.32% 24.64% 5.17% 15.56%
Period Q 408 Q 109 Q 209 Q 309
Value [mn INR] 22.6 19.7 187.3 69.9
Q /Q dynamics [%] -81.53% -12.69% 849.35% -62.67%Y/Y dynamics [%] -83.38% -81.72% 12.82% -42.85%
Period Q 409 Q 110 Q 210 Q310
Value [mn INR] 94.8 74.5 242.3 120.4
Q /Q dynamics [%] 35.54% -21.34% 225.00% -50.32%
Y/Y dynamics [%] 319.38% 277.82% 29.34% 72.12%
Gross profit per profit-making company [mn INR]Period Q 407 Q 108 Q 208 Q 308
Value [mn INR] 148.8 136.5 177.8 173.6
Q /Q dynamics [%] 10.84% -8.21% 30.24% -2.38%
Y/Y dynamics [%] -12.08% 0.59% 5.93% 29.35%
Period Q 408 Q 109 Q 209 Q 309
Value [mn INR] 77.9 170.7 225.7 110.5
Q /Q dynamics [%] -55.10% 119.04% 32.18% -51.04%
Y/Y dynamics [%] -47.61% 25.03% 26.89% -36.35%
Period Q 409 Q 110 Q 210 Q310
Value [mn INR] 148.3 107.2 289.9 184.6Q /Q dynamics [%] 34.19% -27.72% 170.53% -36.31%
Y/Y dynamics [%] 90.24% -37.22% 28.48% 67.11%
Gross profit per company [mn INR]
0
50
100
150
200
250
300
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
[mnINR]
-150%
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
Y/Ydynamicsofgross
profitpercompany
(all
companies)[%]
Gross pro fi t per company [mn INR] Y/Y dynamics of g ross pro fi t per company (a ll c ompanies ) [%]
Gross profit per profit-making company [mn INR]
0
50
100
150
200
250
300
350
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
[mnINR]
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Y/Y
dynamicsofgross
profitp
ercompany(profit-
makingcompanies)[%]
Gross profit per profit-making company [mn INR]
Y/Y dynamics of gross profit per c ompany (profit-making companies) [%]
rise of Y/Y dynamics
of gross profit per
company in Q310
comparing to the
value in Q210
rise of Y/Y dynamics
of gross profit per
profit-making
company in Q310
comparing to the
value in Q210
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Source: ISI, EMIS, C EIC
Cash flow per company [mn INR]
-250
-200
-150
-100
-5 0
0
50
100
150
200
250
2006
2007
2008
2009
Period
[mnINR]
-1000%
0%
1000%
2000%
3000%
4000%
5000%
6000%
7000%
Y/Ydynamicsofcashflow
percompany[%]
C as h flow per c ompany [mn I N R] Y /Y dynamic s of c as h flow per c ompany [% ]
rise of Y/Y dynamics
of cash flow per
company in 2009
comparing to the
value in 2008
Cash flow per company [mn INR]Period 2006 2007 2008 2009
Value [mn INR] 192.11 -215.13 -113.47 95.64
Y/Y dynamics [%] 6286.66% -211.98% 47.26% 184.29%
Cash flow per profit-making company [mn INR]
-300
-200
-100
0
100
200
300
2006
2007
2008
2009
Period
[
mnINR]
-1000%
0%
1000%
2000%
3000%
4000%
5000%
Y/Ydynami
csofcashflowper
profit-mak
ingcompany[%]
Cash flow per profit-making company [mn INR] Y/Y dynamics of cash flow per profit-making company [%]
rise of Y/Y dynamics
of cash flow per
profit-making
company in 2009
comparing to the
value in 2008
Cash flow per profit-making company [mn INR]Period 2006 2007 2008 2009
Value [mn INR] 234.21 -226.66 -132.32 143.86
Y/Y dynamics [%] 4488.75% -196.78% 41.62% 208.72%
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Profitability Ratios
Share of profit-making companies [%]Period Q 407 Q 108 Q 208 Q 308
Value [%] 94.44% 83.33% 94.12% 73.68%
Q /Q inc rease [%] 12.09% -11.11% 10.78% -20.43%
Y/Y inc rease [%] 16.67% 12.75% 0.00% -8.67%
Period Q 408 Q 109 Q 209 Q 309
Value [%] 57.89% 58.82% 88.24% 76.47%
Q /Q inc rease [%] -15.79% 0.93% 29.41% -11.76%
Y/Y inc rease [%] -36.55% -24.51% -5.88% 2.79%
Period Q 409 Q 110 Q 210 Q310
Value [%] 76.47% 75.00% 87.50% 68.75%
Q /Q inc rease [%] 0.00% -1.47% 12.50% -18.75%
Y/Y inc rease [%] 18.58% 16.18% -0.74% -7.72%
Share of profit-making companies [%]
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
EBITDA Sales Margin [%]Period Q 407 Q 108 Q 208 Q 308
Value [%] 16.03% 15.78% 15.04% 14.63%
Q /Q inc rease [%] -0.71% -0.25% -0.74% -0.41%
Y/Y inc rease [%] 0.27% -0.31% -2.02% -2.10%
Period Q 408 Q 109 Q 209 Q 309
Value [%] 13.15% 11.82% 11.46% 11.30%
Q /Q inc rease [%] -1.48% -1.33% -0.36% -0.16%
Y/Y inc rease [%] -2.88% -3.96% -3.58% -3.33%
Period Q 409 Q 110 Q 210 Q310
Value [%] 12.12% 12.98% 13.48% 13.56%
Q /Q inc rease [%] 0.82% 0.85% 0.50% 0.08%
Y/Y inc rease [%] -1.03% 1.16% 2.02% 2.25%
EBITDA Sales Margin [%]
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
fall of share of profit-
making companies
in Q310 comparing
to the value in Q210
rise of EBITDA sales
margin in Q310
comparing to the
value in Q210
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Source: ISI, EMIS, C EIC
Net Sales Margin [%]Period Q 407 Q 108 Q 208 Q 308
Value [%] 9.20% 8.02% 7.62% 7.51%
Q /Q inc rease [%] -1.46% -1.18% -0.41% -0.10%
Y/Y inc rease [%] 3.63% -2.69% -3.42% -3.14%
Period Q 408 Q 109 Q 209 Q 309
Value [%] 5.74% 3.58% 3.85% 3.00%
Q /Q inc rease [%] -1.78% -2.16% 0.27% -0.84%Y/Y inc rease [%] -3.47% -4.44% -3.77% -4.51%
Period Q 409 Q 110 Q 210 Q310
Value [%] 3.66% 4.39% 4.46% 4.66%
Q /Q inc rease [%] 0.65% 0.74% 0.06% 0.20%
Y/Y inc rease [%] -2.08% 0.81% 0.61% 1.65%
Net Sales Margin [%]
0%
1%
2%
3%
4%
5%
6%7%
8%
9%
10%
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
Effective tax rate [%]Period Q 407 Q 108 Q 208 Q 308
Value [%] 5.00% 19.74% 19.06% 20.35%
Q /Q inc rease [%] n/a 14.74% -0.69% 1.30%
Y/Y inc rease [%] -7.27% n/a n/a n/a
Period Q 408 Q 109 Q 209 Q 309
Value [%] 22.30% 31.77% 29.52% 30.83%
Q /Q inc rease [%] 1.95% 9.47% -2.25% 1.31%
Y/Y inc rease [%] 17.30% 12.03% 10.46% 10.47%
Period Q 409 Q 110 Q 210 Q310
Value [%] 29.04% 23.98% 26.55% 27.32%
Q /Q inc rease [%] -1.78% -5.07% 2.57% 0.77%
Y/Y inc rease [%] 6.74% -7.80% -2.97% -3.51%
Effective tax rate [%]
0%
5%
10%
15%
20%
25%
30%
35%
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Period
rise of effective tax
rate in Q310comparing to the
value in Q210
rise of net sales
margin in Q310
comparing to the
value in Q210
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Source: ISI, EMIS, C EIC
Return on Assets [%]Period 2006 2007 2008 2009
Value [%] 6.25% 10.74% 6.31% 3.33%
Y/Y inc rease [%] 5.52% 4.50% -4.43% -2.98%
Equity dividend ratio [%]Period 2006 2007 2008 2009
Value [%] 7.83% 5.00% 4.78% 10.43%
Y/Y inc rease [%] -3.38% -2.83% -0.22% 5.65%
fall of return on
assets in 2009
comparing to the
value in 2008
rise of equitydividend ratio in
2009 comparing to
the value in 2008
Return on Assets [%]
0%
2%
4%
6%
8%
10%
12%
2006
2007
2008
2009
Period
Equity dividend ratio [%]
0%
2%
4%
6%
8%
10%
12%
2006
2007
2008
2009
Period
Return on Equity [%]Period 2006 2007 2008 2009
Value [%] 14.60% 20.32% 11.14% 5.96%
Y/Y inc rease [%] 12.87% 5.71% -9.18% -5.18%
fall of return on
equity in 2009
comparing to the
value in 2008
Return on Equity [%]
0%
5%
10%
15%
20%
25%
2006
2007
2008
2009
Period
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Liquidity Ratios
Current ratio [%]Period 2006 2007 2008 2009
Value [%] 307.03% 303.50% 304.78% 408.73%
Y/Y inc rease [%] 5.23% -3.53% 1.28% 103.94%
Current ratio [%]
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
2006
2007
2008
2009
Period
Quick ratio [%]Period 2006 2007 2008 2009
Value [%] 254.04% 247.27% 240.95% 343.99%
Y/Y inc rease [%] 7.92% -6.77% -6.32% 103.04%
Quick ratio [%]
0%
50%
100%
150%
200%
250%
300%
350%
400%
2006
2007
2008
2009
Period
Super quick ratio [%]Period 2006 2007 2008 2009
Value [%] 55.55% 25.18% 13.43% 18.25%
Y/Y inc rease [%] 22.00% -30.37% -11.75% 4.82%
Super quick ratio [%]
0%
10%
20%
30%
40%
50%
60%
2006
2007
2008
2009
Period
rise of current ratio
in 2009 comparing
to the value in 2008
rise of quick ratio in
2009 comparing to
the value in 2008
rise of super quickratio in 2009
comparing to the
value in 2008
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Source: ISI, EMIS, C EIC
Sundry debtors to sundry creditors ratio [%]Period 2006 2007 2008 2009
Value [%] 96.67% 109.64% 118.26% 129.38%
Y/Y inc rease [%] 1.60% 12.97% 8.61% 11.12%
Sundry debtors to sundry creditors ratio [%]
0%
20%
40%
60%
80%
100%
120%
140%
2006
2007
2008
2009
Period
Financial Cycles
rise of sundry
debtors to sundry
creditors ratio in
2009 comparing to
the value in 2008
Days of coverage for Cash & Equivalent [days]Period 2006 2007 2008 2009
Value [days] 7 14 24 35
Y/Y inc rease [days] -5 7 10 11
Days of coverage for Cash & Equivalent [days]
0
5
10
15
20
25
30
35
40
2006
2007
2008
2009
Period
Days of coverage for receivables [days]
Period 2006 2007 2008 2009Value [days] 56 57 57 69
Y/Y inc rease [days] -11 0 1 12
Days of coverage for receivables [days]
0
10
20
30
40
50
60
70
80
2006
2007
2008
2009
Period
rise of days of
coverage for cash &
equivalent in 2009
comparing to the
value in 2008
rise of days ofcoverage for
receivables in 2009
comparing to the
value in 2008
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Breweries
Source: ISI, EMIS, C EIC
Days of coverage for inventories [days]Period 2006 2007 2008 2009
Value [days] 44 43 45 50
Y/Y inc rease [days] -11 -1 2 5
Days of coverage for inventories [days]
38
40
42
44
46
48
50
52
2006
2007
2008
2009
Period
Days of coverage for short term liabilities [days]Period 2006 2007 2008 2009
Value [days] 93 86 78 84
Y/Y inc rease [days] -17 -7 -8 5
Days of coverage for short term liabilities [days]
70
75
80
85
90
95
2006
2007
2008
2009
Period
rise of days of
coverage for
inventories in 2009
comparing to the
value in 2008
rise of days of
coverage for short
term liabilities in
2009 comparing to
the value in 2008
Financial Leverage Ratios
rise of debt to equityratio in 2009
comparing to the
value in 2008
Debt to Equity ratio [%]
Period 2006 2007 2008 2009Value [%] 133.85% 89.14% 76.41% 78.93%
Y/Y inc rease [%] -4.59% -44.71% -12.73% 2.52%
Debt to Equity ratio [%]
0%
20%
40%
60%
80%
100%
120%
140%
160%
2006
2007
2008
2009
Period
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Breweries
Source: ISI, EMIS, C EIC
Equity to total assets ratio [%]Period 2006 2007 2008 2009
Value [%] 42.76% 52.87% 56.68% 55.89%
Y/Y inc rease [%] 0.82% 10.11% 3.81% -0.80%
Share of loans from banks in total debt [%]Period 2006 2007 2008 2009
Value [%] 100.00% 100.00% 100.00% 100.00%
Y/Y inc rease [%] 0.00% 0.00% 0.00% 0.00%
Secured to unsecured loans ratio [%]Period 2006 2007 2008 2009
Value [%] 183.97% 219.31% 207.48% 231.88%Y/Y inc rease [%] 9.97% 35.34% -11.84% 24.40%
Equity to total assets ratio [%]
0%
10%
20%
30%
40%
50%
60%
2006
2007
2008
2009
Period
Share of loans from banks in total debt [%]
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
2006
2007
2008
2009
Period
Secured to unsecured loans ratio [%]
0%
50%
100%
150%
200%
250%
2006
2007
2008
2009
Period
fall of equity to total
assets ratio in 2009
comparing to the
value in 2008
stabilisation of share
of loans from banks
in total debt in 2009
comparing to the
value in 2008
rise of secured to
unsecured loansratio in 2009
comparing to the
value in 2008
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Breweries
Source: ISI, EMIS, C EIC
rise of operating
profit coverage in
2009 comparing to
the value in 2008
Operating profit coverage [years]
0.0
0 .5
1 .0
1 .5
2 .0
2 .5
3 .0
3 .5
4 .0
4 .5
2006
2007
2008
2009
Period
Operating profit coverage [years]Period 2006 2007 2008 2009
Value [year] 3.31 2.52 2.97 4.00
Y/Y inc rease [year] -1 .50 -0.79 0.46 1.02
Production Factors
Labour intensity of production [%]
4.6%
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
2006
2007
2008
2009
Energy intensity of production [%]
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
2006
2007
2008
2009
Labour intensity of production [%]Period 2006 2007 2008 2009
Value [%] 5.64% 5.46% 5.05% 4.96%
Y/Y inc rease [%] -19.88% -3.33% -7.50% -1.74%
Energy intensity of production [%]
Period 2006 2007 2008 2009
Value [%] 2.58% 2.51% 2.21% 2.04%
Y/Y inc rease [%] -9.75% -2.71% -12.15% -7.33%
fall of labour
intensity of
production in 2009
comparing to the
value in 2008
fall of energyintensity of
production in 2009
comparing to the
value in 2008
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Breweries
Source: ISI, EMIS, C EIC
rise of material
intensity of
production in 2009
comparing to the
value in 2008
fall of total assets
turnover in 2009
comparing to the
value in 2008
rise of net fixed
assets productivity
in 2009 comparing
to the value in 2008
Material intensity of production [%]Period 2006 2007 2008 2009
Value [%] 30.54% 30.69% 32.52% 33.01%
Y/Y inc rease [%] 0.31% 0.15% 1.83% 0.49%
Material intensity of production [%]
29%
30%
30%
31%
31%
32%
32%
33%
33%
34%
2006
2007
2008
2009
Total assets turnover [%]Period 2006 2007 2008 2009
Value [%] 109.53% 116.99% 111.54% 91.04%
Y/Y inc rease [%] 17.98% 6.81% -4.66% -18.38%
Net fixed assets productivity [%]Period 2006 2007 2008 2009
Value [%] 332.72% 346.34% 372.79% 379.07%Y/Y inc rease [%] 47.37% 13.62% 26.45% 6.28%
Total assets turnover [%]
0%
20%
40%
60%
80%
100%
120%
140%
2006
2007
2008
2009
Net fixed assets productivity [%]
300%
310%
320%
330%
340%
350%
360%
370%
380%
390%
2006
2007
2008
2009
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Breweries
Source: ISI, EMIS, C EIC
Investment Outlays
Investment outlays per company [mn INR]Period 2006 2007 2008 2009
Value [mn INR] 543.64 618.93 1 188.95 1 108.39
Y/Y dynamics [%] 2.87% 13.85% 92.10% -6.78%
Share of quoted equity investments [%]Period 2006 2007 2008 2009
Value [%] 8.57% 7.74% 1.01% 0.08%
Y/Y inc rease [%] 0.23% -0.83% -6.72% -0.94%
Investment outlays as share in net revenue [%]Period 2006 2007 2008 2009
Value [%] 15.16% 13.36% 21.67% 16.42%
Y/Y inc rease [%] -6.41% -1.80% 8.31% -5.26%
fall of investment
outlays per
company in 2009
comparing to the
value in 2008
fall of share of
quoted equity
investments in 2009
comparing to the
value in 2008
fall of investment
outlays as share in
net revenue in 2009
comparing to the
value in 2008
Investment outlays per company [mn INR]
0
200
400
600
800
1 000
1 200
1 400
2006
2007
2008
2009
Period
[mnINR]
-20%
0%
20%
40%
60%
80%
100%
Y/Ydynamicsof
investmentoutlaysper
company[%]
Inves tment out lays per company [mn INR] Y/Y dynamics of i nves tment out lays per company [%]
Share of quoted equity investments [%]
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2006
2007
2008
2009
Investment outlays as share in net revenue [%]
0%
5%
10%
15%
20%
25%
2006
2007
2008
2009
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Breweries
Source: ISI, EMIS, C EIC
fall of investment
outlays to
depreciation ratio in
2009 comparing to
the value in 2008
fall of investment
outlays index in
2009 comparing to
the value in 2008
Investment outlays to depreciation ratio [%]Period 2006 2007 2008 2009
Value [%] 728.40% 652.25% 1103.83% 907.61%
Y/Y inc rease [%] -22.85% -10.45% 69.23% -17.78%
Investment outlays index [%]Period 2006 2007 2008 2009
Value [%] 43.53% 39.19% 73.48% 55.38%
Y/Y inc rease [%] -11.51% -4.34% 34.29% -18.10%
Investments structure [%]
Q uoted Equity [%] 7.74% 1.01% 0.08%
Unquoted Equity [%] 1.84% 1.29% 2.88%
O ther Investments [%] 90.42% 97.70% 97.05%
Period 2007 2008 2009
Investment outlays to depreciation ratio [%]
0%
200%
400%
600%
800%
1000%
1200%
2006
2007
2008
2009
Investment outlays index [%]
0%
10%
20%
30%
40%
50%
60%
70%
80%
2006
2007
2008
2009
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Breweries
Source: ISI, EMIS, C EIC
Investments structure [%]
0%
20 %
40 %
60 %
80 %
100%
2007 2008 2009
Period
Quoted Equity [%] Unquoted Equity [%] Other Investments [%]
Costs
Share of labor costs in total operating costs [%]Period 2006 2007 2008 2009
Value [%] 6.12% 6.02% 5.42% 5.17%
Y/Y inc rease [%] -1.18% -0.11% -0.60% -0.25%
Share of labor costs in total operating costs [%]
4.6%
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
6.2%
2006
2007
2008
2009
Period
fall of share of labor
costs in total
operating costs in
2009 comparing to
the value in 2008
Investments structure [%] (2009)
0.1% 2.9%
97.0%
Q uoted Equity [%] Unquoted Equity [%] O ther Investments [%]
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Breweries
Source: ISI, EMIS, C EIC
stabilisation of share
of stock increase
costs in total
operating costs in
2009 comparing to
the value in 2008
fall of share of
energy costs in total
operating costs in
2009 comparing to
the value in 2008
fall of share of raw
material cost in total
operating costs in
2009 comparing to
the value in 2008
Period 2006 2007 2008 2009
Value [%] 0.00% 0.00% 0.00% 0.00%
Y/Y inc rease [%] 0.00% 0.00% 0.00% 0.00%
Share of stock increase costs in total operating costs [%]
Share of stock increase costs in total operating costs [%]
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2006
2007
2008
2009
Period
Period 2006 2007 2008 2009
Value [%] 2.80% 2.77% 2.37% 2.13%
Y/Y inc rease [%] -0.17% -0.03% -0.40% -0.24%
Share of energy costs in total operating costs [%]
Share of energy costs in total operating costs [%]
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
2006
2007
2008
2009
Period
Period 2006 2007 2008 2009
Value [%] 33.14% 33.84% 34.92% 34.42%
Y/Y inc rease [%] 1.79% 0.69% 1.08% -0.50%
Share of raw material cost in total operating costs [%]
Share of raw material cost in total operating costs [%]
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
2006
2007
2008
2009
Period
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Breweries
Source: ISI, EMIS, C EIC
rise of share of
other manufacturing
expenses in total
operating costs in
2009 comparing to
the value in 2008
rise of share of
selling and
administration
expenses in total
operating costs in
2009 comparing to
the value in 2008
fall of share ofmiscellaneous
expenses in total
operating costs in
2009 comparing to
the value in 2008
Period 2006 2007 2008 2009
Value [%] 21.11% 21.00% 20.11% 20.66%
Y/Y inc rease [%] -2.61% -0.12% -0.88% 0.55%
Share of other manufacturing expenses in total operating costs [%]
Period 2006 2007 2008 2009
Value [%] 32.21% 31.85% 33.17% 34.07%
Y/Y inc rease [%] 5.63% -0.36% 1.32% 0.90%
Share of selling and admin. expenses in total operating costs [%]
Period 2006 2007 2008 2009
Value [%] 2.35% 1.85% 1.90% 1.65%
Y/Y inc rease [%] -2.47% -0.50% 0.05% -0.25%
Share of miscellaneous expenses in total operating costs [%]
Share of other manufacturing expenses in total operating costs [%]
19.6%
19.8%
20.0%
20.2%
20.4%
20.6%
20.8%
21.0%
21.2%
2006
2007
2008
2009
Period
Share of selling and admin. expenses in total operating costs [%]
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
2006
2007
2008
2009
Period
Share of miscellaneous expenses in total operating costs [%]
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
2006
200
7
2008
2009
Period
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Breweries
Source: ISI, EMIS, C EIC
Share of depreciation in total operating costs [%]
1.6%
1.7%
1.8%
1.9%
2.0%
2.1%
2.2%
2.3%
2006
200
7
2008
2009
Period
Period 2006 2007 2008 2009
Value [%] 2.26% 2.26% 2.11% 1.89%
Y/Y inc rease [%] -0.11% 0.00% -0.15% -0.22%
Share of depreciation in total operating costs [%]
fall of share of
depreciation in total
operating costs in
2009 comparing to
the value in 2008
Costs structure [%]
Increase in Stock [%] 0.00% 0.00% 0.00%
Raw Materials C osts [%] 33.84% 34.92% 34.42%
Power Generation & Dis tribution C os t [%] 2.77% 2.37% 2.13%
O ther Manufacturing Expenses [%] 21.00% 20.11% 20.66%
Employee C ost [%] 6.02% 5.42% 5.17%
Selling and A dminis tration Expenses [%] 31.85% 33.17% 34.07%
Miscellaneous Expenses [%] 1.85% 1.90% 1.65%
Deprec iation [%] 2.26% 2.11% 1.89%
O ther operational costs [%] 0.43% 0.00% 0.00%
Period 2007 2008 2009
Costs structure [%]
0%
20 %
40 %
60 %
80 %
100%
2007 2008 2009
Period
Increase in Stock [%] Raw Materials Costs [%]Power Ge neration & Distribution C ost [%] O the r Manufacturing Ex penses [%]
Employee Cost [%] Selling and Administration Expenses [%]
Miscellaneous Expenses [%] Depreciation [%]
Other operational costs [%]
raw materials costs
dominate in the cost
structure
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Breweries
Structure of Fixed Assets
Costs structure [%] (2009)
0.0%
34.4%
20.7%5.2%
34.1%
1.7%
0.0%
1.9%
2.1%
Increase in Stock [%] Raw Materials C os ts [%]
P ower G eneration & Dis tribution C os t [% ] O ther M anufac turing E xpens es [% ]
Employee C os t [%] Selling and A dministration Expenses [%]
M iscellaneous Expenses [%] Depreciation [%]
O ther operational costs [%]
Fixed assets structure [%]
Goodwill [%] 2.31% 2.02% 1.84%
Freehold Land [%] 12.50% 13.68% 12.79%
Land Improvements [%] 0.20% 0.20% 0.19%
Buildings [%] 17.85% 18.60% 18.95%
P lant & Machinery [%] 53.23% 52.86% 54.01%
Furniture & Fixtures & O ffice A ppliances [%] 3.96% 3.88% 4.27%
V ehic les [%] 2.32% 2.14% 1.89%
Railway T racks & Sidings [%] 0.00% 0.00% 0.00%
A ircrafts & Helicopters [%] 0.41% 0.48% 0.45%
Leasehold Land [%] 2.69% 2.34% 2.13%
C omputer Software [%] 0.10% 0.22% 0.23%
Technical know-how [%] 0.00% 0.00% 0.00%
O ther Fixed A ssets [%] 4.43% 3.58% 3.24%
Period 2007 2008 2009
Fixed assets structure [%]
0%
20 %
40 %
60 %
80 %
100%
2007 2008 2009
PeriodGoodwill [%] Freehold Land [%]Land Improvements [%] Buildings [%]Plant & Machinery [%] Furniture & Fixtures & Office Appliances [%]Vehicles [%] Railway Tracks & Sidings [%]Aircrafts & Helicopters [%] Leasehold Land [%]Computer Software [%] Technical know-how [%]Other Fixed Assets [%]
plant& machinery
dominate in the
fixed assets
structure
Source: ISI, EMIS, C EIC
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Breweries
Fixed assets structure [%] (2009)
1.8%12.8%
18.9%
54.0%
4.3%1.9% 2.1%
0.2% 3.2%0.0%
0.2%
0.0%
0.4%
Goodwill [%] Freehold Land [%]Land Improvements [%] Buildings [%]P lant & Machinery [%] Furniture & Fixtures & O ffice A ppliances [%]V ehic les [%] Railway Tracks & Sidings [%]A irc rafts & Helicopters [%] Leasehold Land [%]C omputer Software [%] Technical know-how [%]O ther Fixed Ass ets [%]
Structure of Current Assets
Current assets structure [%]
Inventories [%] 18.53% 20.94% 15.84%
Sundry Debtors [%] 24.38% 26.51% 21.94%
C ash & Bank [%] 8.30% 4.41% 4.47%
Loans and A dvances [%] 48.49% 47.61% 57.26%
O ther current assets [%] 0.31% 0.53% 0.50%
Period 2007 2008 2009loans and advances
dominate in the
current assets
structure
Current assets structure [%]
0%
20 %
40 %
60 %
80 %
100%
2007 2008 2009
Period
Invento rie s [%] Sundry Debto rs [%] Cash & Bank [%] Loans and Advances [%] Other current a ssets [%]
Source: ISI, EMIS, C EIC
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Breweries
Current assets structure [%] (2009)
15.8%
21.9%
57.3%
0.5%
4.5%
Inventori es [%] Sund ry Debt ors [%] Cash & Bank [%] Loans and Advances [%] Ot he r c urrent as s ets [%]
Structure of Current LiabilitiesShort-term liabilities structure [%]
Sundry C reditors [%] 60 .10% 61.78% 63.73%
Unc laimed Dividend [%] 0 .16% 0.15% 0.13%
Interes t A c c rued But Not Due [%] 0.63% 1.36% 2.22%
P rovis ions [%] 10 .95% 9.58% 8.03%
O ther Short-term Liabilities [%] 28.16% 27.14% 25.88%
Period 2007 2008 2009 sundry creditorsdominate in the
short-term liabilities
structure
Short-term liabilities structure [%]
0%
20 %
40 %
60 %
80 %
100%
2007 2008 2009
Period
Sundry Creditors [%] Unclaimed Dividend [%] Interest Accrued But Not Due [%]
Provisions [%] Other Short-term Liabilities [%]
Source: ISI, EMIS, C EIC
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Breweries
DuPontsPyramid
Equity
per
comapny
2009
4144
2008
2788
2007
2093
2006
1400
Leverage
2009
1.79
Assets
per
company
2009
7415
2008
1.76
2008
4918
2007
1.89
2007
3959
ROE
2009
6.0%
2006
2.34
TAT
2009
0.91
2006
3273
2008
11.1%
2008
1.12
2007
20.3%
2007
1.17
2006
14.6%
ROA
2009
3.3%
2006
1.10
Net
revenue
per
company
2009
6751
2008
6.3%
2008
5486
2007
10.7%
2007
4631
2006
6.2
%
RO
S
20
09
3.7
%
2006
35
85
2008
5.7%
2007
9.2%
2006
5.7%
Net
profit
per
company
2009
247
2008
3
11
2007
425
2006
204
(*)Netprofitpercompanyornetrevenuepercompanyfrom
agivenyear
(**)Valueofassetspercompanyorequitypercompanyfromt
heendof
year
Equity
percompany(**)
[mnINR]
leverage=Assetsper
company/Equityper
company
Assetspercompany(**)
[mnINR]
Returnonnetsales
ROS=Netprofitper
company/Netrevenueper
company
Netprofitpercompany(*)
[mnINR]
Returnon
equity
ROE=ROA*leverage
Assetstur
nover
TAT=Netrev
enueper
company/As
setsper
compa
ny
Returnonassets
ROA=ROS*TAT
Netrevenuepercompany(*)
[mnINR]
*
*
/
/
/
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Breweries
Source: ISI, EMIS, C EIC
Top players - Market Shares
Companies from the Sector
Company Net salesMarket
share
Net sales
dynamics
Net profit
United Spirits Ltd. 51 824.5 38.41% 25.71% 3 443.5
United Breweries Ltd. 22 076.3 16.36% 25.66% 1 352.5
Radico Khaitan Ltd. 8 810.1 6.53% 21.99% 468.9
Empee Distilleries Ltd 8 361.6 6.20% -5.98% 171.1
Jagatjit Industries Ltd. 7 803.6 5.78% 27.62% 392.6
Balaji Distilleries Ltd. 6 995.1 5.18% 2.10% -48.0
Tilaknagar Industries Ltd. 3 677.4 2.73% 47.84% 348.8
Millennium Beer Inds. Ltd. 3 067.9 2.27% 25.95% -52.1
GM Breweries Ltd. 2 217.2 1.64% 3.26% 87.6
Khoday India Ltd. 1 357.6 1.01% -25.39% -94.5
Data on net s ales and net profit are in mn INR and represent standlone values from 4 las t quarters
Market shares of top listed companies from the sector
Q3 2010
Top listed companies and their market shares (Q3 2010)
1.01%
1.64%
2.27%
2.73%
5.18%
5.78%
6.20%
6.53%
16.36%
38.41%
0% 20% 40% 60%
Khoday India Ltd.
GM Breweries Ltd.
Millennium Beer Inds. Ltd.
Tilaknagar Industries Ltd.
Balaji Distilleries Ltd.
Jagatjit Industries Ltd.
Empee Distilleries Ltd
Radico Khaitan Ltd.
United Breweries Ltd.
United Spirits Ltd.
0 500 1000 1500 2000
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-39-
Breweries
TopPlayersfromtheSector
improveof
taxshield
+ + ++ o +
+ o + +
leverage
increase
+ + ++ o + +
+ o + o ++
++
cost
cutting
o o + + ++ + +
+ + o ++ +
increase
ofrevenu
e
++ + ++ ++ + + o o + o ++ +++o
35.39%
38.53%
47.14%
30.76%
38.55%
34.61%
35.42%
37.20%
ROS
7.25%
3.68%
0.64%
0.94%
-0.76%
2.29%
0.14%
3.19%
8.78%
-5.65%
2.05%
TAT
0.81
1.00
-24.52
0.75
1.19
1.39
2.56
4.27
0.89
3.50
-0.82
ROA
5.87%
3.68%
-15.71%
0.70%
-0.90%
3.19%
0.35%
13.63%
7.77%
-19.78%
-0.12%
leverage
1.64
1.57
0.31
4.00
1.29
1.26
3.02
1.28
1.84
-4.14
1.21
ROE
9.64%
5.78%
-4.87%
2.80%
-1.17%
4.01%
1.05%
17.46%
14.32%
81.90%
13.09%
Assets
[mnINR]
50525.9
16979.0
-603.1
9340.5
4980.7
3171.0
1108.7
664.3
2735.1
671.8
8957.4
Equity
[mnINR]
30787.2
10815.5
-1946.2
2336.9
3864.0
2521.3
367.5
518.6
1483.8
-162.2
5058.6
Y/Y
dynamicsof
netprofit
-4.69%
0.03%
-91.07%
-80.24%
-125.56%
1.09%
-38.20%
31.06%
-269.61%
-64.13%
NetProfit
[mnINR]
2966.6
624.9
94.7
65.4
-45.0
101.2
3.9
90.6
212.5
-132.9
398.2
Y/Y
dyna
micsof
net
rev
enues
28.88%
24.05%
22.34%
-14.01%
3
.76%
4
.84%
52.77%
66.47%
25.58%
23.85%
Net
Revenue
[mnINR]
40895.4
16982.7
14787.6
6960.3
5923.0
4412.2
2841.6
2839.0
2421.4
2351.9
10041.5
Market
sharein
2009
39.65%
16.15%
12.46%
6.73%
5.51%
3.27%
2.11%
2.10%
1.79%
1.74%
9.15%
v v v v v v v v v v
Datafrom2009
Shareofnetrevenuesof
top10companiesint
he
sector
91.52%
UnitedSpiritsLtd.
(Mar,2009)
UnitedBreweriesLtd.
(Mar,
2009)
BalajiDistilleriesLtd.
(Mar,
2009)
RadicoKhaita
nLtd.
(Mar,
2009)
JagatjitIndustriesLtd.
(Mar,
2009)
EmpeeDistillerie
sLtd
(Mar,
2009)
MohanMeakinLtd.
(Mar,2009)
GMBrewerie
sLtd.
(Mar,2009)
TilaknagarIndustries
Ltd.
(Mar,2009)
MillenniumBeerInds
.Ltd.
(Mar,2009)
Av
erage
Mainindicators
Public
com-
pany*)
Strategicconclusions
Potentialfor:
Effective
taxrate
DuPontpyramid
Thedatafor2008and2009arefromtheAccordFintechdatab
ase.Hence,thequalityofpresentedda
tais
strictlylimitedbytheq
ualityofdataintheAccordFintechdatabase.
*)Publiccompaniesre
presentonlythesePLCthatarelistedo
nNSE(NationalStockExchange)orBSE
(BombayStockExchan
ge)
Thedatebelowthecom
pany'snamerepresentstheendoffiscalyear.
Highpotential
Mediumpotential
Lowpotential
InduPontPyramidstockva
riablesarenot
averagedovertimeforcalculationpurposes
duetolackofthesedata
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Breweries
Listedcompan
iesfromthesecto
r(fromBSE&NSE)
U
26.8%
28.2%
23.6%
- - - - - - -
17.0%
- - - - - - - - -
22.5%
-
L
34.8%
36.8%
29.3%
-
17.5%
- - -
20.0%
-
18.7%
- - - - - - - - -
24.1%
-
U
1.10
1.10
0.92
- - - - - - -0.54
- - - - - - - - -0.85
-
L
1.55
1.55
1.24
-0.57
- - -0.71
-0.64
- - - - - - --0.02
-0.78
-
P/BV 4.84.8 11.211.2 - - 6.96.9 1.21.2 1.01.0 - - -1.9 0.30.3 - - 4.23.9
P/E
49.4
49.3
193.7
194.2
29.6
29.6
246.7
247.4
- -24.8
24.8 - - -
10.8
2.32.3 - -
91.1
79.8
%P
(y/y)
16.1%
16.0%
199.6%
200.1%
30.2%
30.2%
36.8%
37.0%
28.7%
28.7%
1.4%
1.4% - - -
23.4%
--8.3%
56.3%
56.3%
52.7%
42.8%
P
1463.8
1460.6
504.4
505.6
52.9
52.9
157.4
157.8
90.0
90.0
132.1
132.1
- - -104.5
86.0
86.2
29.0
29.0
314.4
290.9
146.6
146.3
121.1
121.4
2.82.8
16.1
16.2
4.74.7
2.52.5 - - -
1.0
0.50.5
1.61.6
37.0
33.0
0.40.1 0.10.0 -0.0 0.00.0 -0.0 -0.0 - - -0.0 0.00.0 -0.0 0.10.0
+++
+++
+++
+++
-+++
+++++
-++ -+
+ - - -++
+++++
-++
+++++
++++++
35.39%
38.53%
47.14%
30.76%
38.55%
34.61%
35.42%
37.20%
ROS
7.25%
3.68%
0.64%
0.94%
-0.76%
2.29%
0.14%
3.19%
8.78%
-5.65%
2.05%
TAT
0.809
1.000
-24.519
0.745
1.189
1.391
2.563
4.273
0.885
3.501
-0.816
ROA
5.87%
3.68%
-15.71%
0.70%
-0.90%
3.19%
0.35%
13.63%
7.77%
-19.78%
-0.12%
leverage
1.641
1.570
0.310
3.997
1.289
1.258
3.017
1.281
1.843
-4.141
1.206
ROE
9.64%
5.78%
-4.87%
2.80%
-1.17%
4.01%
1.05%
17.46%
14.32%
81.90%
13.09%
Book
Value
[mnINR]
30787.2
10815.5
-1946.2
2336.9
3864.0
2521.3
367.5
518.6
1483.8
-162.2
5058.6
NetP
rofit
[mn
INR]
2966.6
624.9
94
.7
65
.4
-45.0
101.2
3.9
90
.6
212.5
-13
2.9
398.2
Net
Revenue
[mnINR]
40895.4
16982.7
14787.6
6960.3
5923.0
4412.2
2841.6
2839.0
2421.4
2351.9
10041.5
Market
sharein
2009
39.65%
16.15%
12.46%
6.73%
5.51%
3.27%
2.11%
2.10%
1.79%
1.74%
9.15%
NSE
BSE
NSE
BSE -
BSE
NSE
BSE -
BSE
NSE
BSE -
BSE
NSE
BSE
NSE
BSE -
BSE
Datafrom2009
Company's
name
(Endoffiscal
year)
UnitedSpiritsLtd.
(Mar,2009)
UnitedBrewerie
sLtd.
(Mar,2009)
BalajiDistilleriesLtd.
(Mar,2009)
RadicoKhaitanLtd.
(Mar,2009)
JagatjitIndustrie
sLtd.
(Mar,2009)
EmpeeDistilleriesLtd
(Mar,2009)
MohanMeakinLtd.
(Mar,2009)
GMBrewerie
sLtd.
(Mar,2009)
TilaknagarIndustriesLtd.
(Mar,2009)
MillenniumBeerInds.Ltd.
(Mar,2009)
Av
erage
Average
daily
volum
e-
lastyear
[bnINR]
Liquidity
Mainindicators
Therearegivenbothm
arketindidatorsforeachcompany,top
valuerepresentsvalueonNSE(Nationa
lStock
Exchange),bottonfor
BSE(BombayStockExchange).