BSE: 526471 | NSE: | Breweries & Distilleries | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Winsome Breweries Ltd is a below average quality company.
The key valuation ratios of Winsome Breweries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Winsome Breweries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 5.6% | 6.3% | 9% | 3.9% | -3.6% | -1.6% | -5.1% | -4.1% | -2.3% | 1.6% | - |
| Value Creation Index ⓘ | -0.6 | -0.6 | -0.4 | -0.7 | -1.3 | -1.1 | -1.4 | -1.3 | -1.2 | -0.9 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 73.2 | 76.3 | 48.7 | 27.1 | 0 | 9.2 | 6.1 | 8.3 | 0.6 | 1.4 | 0 |
| Sales YoY Gr. | - | 4.3% | -36.2% | -44.4% | -100% | NA | -33.8% | 36.1% | -92.5% | 122.6% | - |
| Adj EPS ⓘ | 0.6 | 0.5 | 1 | 0.4 | -0.4 | -0.4 | -0.7 | -0.7 | -0.3 | 0 | 0.4 |
| YoY Gr. | - | -8.9% | 100% | -65.7% | -225.7% | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 11.6 | 12.1 | 13.8 | 14.2 | 14 | 13.6 | 12.9 | 12.4 | 12.1 | 12.3 | 12.5 |
| Adj Net Profit ⓘ | 1.6 | 1.4 | 2.8 | 1 | -1.2 | -1.1 | -1.9 | -1.9 | -0.8 | 0.1 | 1 |
| Cash Flow from Ops. ⓘ | 10.9 | 2.5 | -2.8 | 3.3 | 1.6 | -2.4 | -0.3 | -4.6 | -2.2 | -1 | - |
| Debt/CF from Ops. ⓘ | 0.7 | 3.2 | -3.8 | 3 | 6.1 | -4.1 | -33.1 | -1.8 | -4.1 | -9.6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -35.7% | NA | -39.1% | 122.6% | ||||
| Adj EPS ⓘ | -27.8% | NA | NA | NA | ||||
| BVPSⓘ | 0.7% | -2.5% | -1.6% | 1.7% | ||||
| Share Price | 23.7% | 62.8% | 64.7% | 151.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4.9 | 4.3 | 7.9 | 2.5 | -3.1 | -2.8 | -5.3 | -5.4 | -2.4 | 0.3 | 3 |
| Op. Profit Mgn % ⓘ | -0.1 | 0.2 | -5.4 | -31.1 | 0 | -76.3 | -184.4 | -65.2 | -312.8 | -80.4 | -45.7 |
| Net Profit Mgn % ⓘ | 2.1 | 1.9 | 5.8 | 3.6 | 0 | -11.6 | -31.6 | -22.6 | -132.1 | 6.3 | 292.5 |
| Debt to Equity ⓘ | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 | 0 |
| Working Cap Days ⓘ | 181 | 163 | 277 | 449 | 0 | 1,333 | 2,151 | 1,398 | 16,233 | 6,482 | 0 |
| Cash Conv. Cycle ⓘ | -23 | -23 | -42 | -38 | 0 | -29 | -4 | -67 | -103 | -97 | 0 |
Return on Equity has increased versus last 3 years average to 3.00%
Sales growth has been subdued in last 3 years -39.07%
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.4 | - |
| TTM Sales (₹ Cr.) | 0.4 | - |
| BVPS (₹.) ⓘ | 12.5 | - |
| Reserves (₹ Cr.) ⓘ | 7 | - |
| P/BV ⓘ | 3.51 | - |
| PE ⓘ | 119.11 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 16.41 / 65.55 |
| All Time Low / High (₹) | 0.10 / 65.55 |
| Market Cap (₹ Cr.) | 121 |
| Equity (₹ Cr.) | 27.7 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 83.2 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 73 | 76 | 49 | 27 | 0 | 9 | 6 | 8 | 1 | 1 |
| Operating Expenses ⓘ | 73 | 76 | 51 | 35 | 3 | 16 | 18 | 14 | 3 | 2 |
| Manufacturing Costs | 39 | 39 | 25 | 17 | 1 | 8 | 5 | 7 | 0 | 0 |
| Material Costs | 16 | 16 | 11 | 6 | 0 | 2 | 2 | 2 | 0 | 0 |
| Employee Cost | 6 | 6 | 5 | 4 | 1 | 3 | 3 | 2 | 1 | 1 |
| Other Costs ⓘ | 12 | 16 | 10 | 8 | 1 | 3 | 8 | 4 | 2 | 2 |
| Operating Profit ⓘ | 0 | 0 | -3 | -8 | -3 | -7 | -11 | -5 | -2 | -1 |
| Operating Profit Margin (%) | -0.1% | 0.2% | -5.4% | -31.3% | - | -77.2% | -187.0% | -65.2% | -312.0% | -80.4% |
| Other Income ⓘ | 3 | 3 | 7 | 11 | 3 | 8 | 11 | 5 | 2 | 3 |
| Interest ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation ⓘ | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2 | 2 | 4 | 2 | -2 | -1 | -2 | -2 | -1 | 1 |
| Tax ⓘ | 0 | 1 | 1 | 0 | -1 | 0 | -1 | 0 | 0 | 0 |
| Profit After Tax | 2 | 1 | 3 | 1 | -1 | -1 | -2 | -1 | -1 | 1 |
| PAT Margin (%) | 2.1% | 1.8% | 6.0% | 4.3% | - | -9.0% | -29.6% | -16.8% | -131.0% | 41.1% |
| Adjusted EPS (₹) | 0.6 | 0.5 | 1.1 | 0.4 | -0.4 | -0.3 | -0.7 | -0.5 | -0.3 | 0.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 32 | 34 | 38 | 39 | 39 | 37 | 36 | 34 | 33 | 34 |
| Share Capital ⓘ | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| Reserves ⓘ | 4 | 6 | 10 | 12 | 11 | 10 | 8 | 7 | 6 | 6 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 7 | 8 | 10 | 9 | 9 | 9 | 8 | 8 | 9 | 9 |
| Long Term Debt | 7 | 8 | 3 | 2 | 1 | 1 | 0 | 0 | 0 | 0 |
| Short Term Debt | 0 | 0 | 7 | 7 | 8 | 8 | 8 | 8 | 9 | 9 |
| Trade Payables | 5 | 12 | 7 | 5 | 2 | 6 | 8 | 1 | 0 | 0 |
| Others Liabilities ⓘ | 8 | 9 | 5 | 5 | 9 | 13 | 9 | 9 | 9 | 6 |
| Total Liabilities ⓘ | 52 | 63 | 60 | 59 | 59 | 65 | 61 | 52 | 52 | 49 |
Fixed Assets | ||||||||||
| Gross Block | 26 | 29 | 30 | 30 | 34 | 38 | 37 | 38 | 38 | 39 |
| Accumulated Depreciation | 20 | 21 | 21 | 22 | 23 | 24 | 26 | 26 | 28 | 28 |
| Net Fixed Assetsⓘ | 6 | 8 | 8 | 8 | 11 | 14 | 12 | 11 | 11 | 10 |
| CWIP ⓘ | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 14 | 15 | 15 | 18 | 16 | 14 | 14 | 10 | 10 | 10 |
| Inventories | 4 | 4 | 4 | 0 | 0 | 3 | 3 | 0 | 0 | 0 |
| Trade Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Equivalents | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 5 | 6 |
| Others Assetsⓘ | 27 | 34 | 32 | 31 | 30 | 34 | 31 | 29 | 26 | 24 |
| Total Assets ⓘ | 52 | 63 | 60 | 59 | 59 | 65 | 61 | 52 | 52 | 49 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 11 | 2 | -3 | 3 | 2 | -2 | 0 | -5 | -2 | -1 |
| PBT ⓘ | 2 | 2 | 4 | 2 | -2 | -1 | -2 | -2 | -1 | 1 |
| Adjustment ⓘ | 0 | 0 | 2 | 0 | 0 | -1 | 0 | 0 | -1 | -2 |
| Changes in Working Capital ⓘ | 9 | 0 | -8 | 3 | 3 | -0 | 2 | -2 | -0 | 0 |
| Tax Paid ⓘ | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | -11 | -2 | 1 | -3 | -1 | 3 | 2 | 4 | 1 | 3 |
| Capex | 0 | -1 | -1 | 0 | -4 | -3 | 0 | 0 | -1 | 0 |
| Net Investments | -11 | -1 | 0 | -4 | 2 | 3 | 0 | 4 | 0 | 1 |
| Others ⓘ | 1 | 1 | 2 | 1 | 1 | 3 | 1 | 1 | 2 | 2 |
| Cash Flow From Financing Activityⓘ | 0 | -1 | 2 | -1 | -1 | -1 | -1 | 0 | 1 | 0 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 3 | -1 | -1 | -1 | -1 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 4.93 | 4.29 | 8.18 | 3.02 | -2.48 | -2.19 | -4.94 | -3.99 | -2.39 | 1.69 |
| ROCE (%) | 5.62 | 6.28 | 8.98 | 3.87 | -3.63 | -1.58 | -5.11 | -4.1 | -2.34 | 1.62 |
| Asset Turnover Ratio | 1.4 | 1.33 | 0.79 | 0.45 | 0 | 0.15 | 0.1 | 0.15 | 0.01 | 0.03 |
| PAT to CFO Conversion(x) | 5.5 | 2 | -1 | 3 | N/A | N/A | N/A | N/A | N/A | -1 | Working Capital Days |
| Receivable Days | 0 | 1 | 0 | 0 | 0 | 7 | 0 | 0 | 0 | 0 |
| Inventory Days | 20 | 19 | 32 | 0 | 0 | 128 | 189 | 0 | 0 | 0 |
| Payable Days | 189 | 195 | 316 | 376 | 0 | 675 | 1,363 | 1,038 | 0 | 0 |
Winsome Breweries was incorporated on June 18, 1992 under the Companies Act, 1956 with the Registrar of Companies, Delhi and Haryana at New Delhi. The certificate of commencement was obtained by the company on July 9, 1992. The time lag between the incorporation and the setting up of the project has been on account of the time required by the company to change the site from Himachal Pradesh to Rajasthan, acquisition of land, conversion of land and tie-up of collaboration arrangements. After entering into the collaboration agreement on May 7, 1993, the company has proceeded with implementation of its project.
Winsome Breweries is an Indo-German joint venture with Henninger Brau, Germany with financial participation through the latter`s associate concern, Holmswood.
The company engages in the manufacture and sale of beer, primarily in India. It manufactures and markets beer under the brand name `Henninger` in India, Bangladesh, Nepal and Sri Lanka.
During the year 1997-98, the company launched its two indigenous brands namely `German Thunder` and `Limo Lemon`. Besides its own brands, the company also brews and bottles `Haywards 2000`, `Haywards 5000`, and `Royal Challenge` brands of Shaw Wallace. The company`s plant is located in Alwar, Rajasthan.
Future Prospects:
Winsome Breweries is continuing its arrangement with United Breweries and has continuously increased its capacity utilization. In order to have maximum capacity utilisation, the company is also discussing the possibilities of tie-ups with several other foreign companies, as they consider the plant as one of the best in India.
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