Associated Alcohols & Breweries Ltd - Stock Valuation and Financial Performance

BSE: 507526 | NSE: ASALCBR | Breweries & Distilleries | Small Cap

Assoc Alcohols &Brew Share Price

475.35 -1.05 -0.22%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Assoc Alcohols &Brew

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Associated Alcohols & Breweries stock performance -

mw4me loader
P/E Ratio (SA):
17.67
Market Cap:
851.3 Cr.
52-wk low:
318.1
52-wk high:
594.6

Is Associated Alcohols & Breweries Ltd an attractive stock to invest in?

1. Is Associated Alcohols & Breweries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Associated Alcohols & Breweries Ltd is a good quality company.

2. Is Associated Alcohols & Breweries Ltd undervalued or overvalued?

The key valuation ratios of Associated Alcohols & Breweries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Associated Alcohols & Breweries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Associated Alcohols & Breweries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Assoc Alcohols &Brew:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Associated Alcohols & Breweries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 8.2%11.8%15.8%16.4%20.5%19.9%27%25.3%20.9%10.8%-
Value Creation
Index
-0.4-0.20.10.20.50.40.90.80.5-0.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 213298288291324399523436513701706
Sales YoY Gr.-40%-3.7%1.2%11.4%23%31.1%-16.6%17.6%36.7%-
Adj EPS 3.268.19.713.916.727.73233.122.626.6
YoY Gr.-85.5%35.9%19%42.9%20.6%65.8%15.7%3.3%-31.6%-
BVPS (₹) 31.637.444.853.666.882.5108139.3173201221.2
Adj Net
Profit
5.810.814.717.52530.250.157.959.840.948
Cash Flow from Ops. -1347.49.724.638.924.858.466.779.26.8-
Debt/CF from Ops. -7141.30.61.20.20.10.114-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 14.1%16.7%10.3%36.7%
Adj EPS 24.2%10.3%-6.5%-31.6%
BVPS22.8%24.7%23%16.2%
Share Price 50.2% 12.8% 4.1% 48.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
10.817.419.819.72322.429.125.921.212.112.6
Op. Profit
Mgn %
8.610.413.213.916.114.414.220.5168.910.3
Net Profit
Mgn %
2.73.65.167.77.69.613.311.75.86.8
Debt to
Equity
1.60.70.50.30.20.20.1000.3-
Working Cap
Days
107808092991038911211710161
Cash Conv.
Cycle
2016132432373440312834

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 10.27%

Return on Equity has declined versus last 3 years average to 12.60%

Net Profit has been subdued in last 3 years -6.48%

Sales growth is not so good in last 4 quarters at 7.55%

Latest Financials - Associated Alcohols & Breweries Ltd.

Standalone Consolidated
TTM EPS (₹) 26.6 5.9
TTM Sales (₹ Cr.) 706 292
BVPS (₹.) 221.2 0
Reserves (₹ Cr.) 382 61
P/BV 2.13 0.00
PE 17.67 79.47
From the Market
52 Week Low / High (₹) 318.10 / 594.55
All Time Low / High (₹) 1.25 / 653.35
Market Cap (₹ Cr.) 851
Equity (₹ Cr.) 18.1
Face Value (₹) 10
Industry PE 71.4

Management X-Ray of Assoc Alcohols &Brew:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Assoc Alcohols &Brew

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales213298288291324399523436513701
Operating Expenses 195268250251273341450346430639
Manufacturing Costs75909580120162188157199336
Material Costs96143118130103126191123155210
Employee Cost 8171719222024253235
Other Costs 16182023283447414558
Operating Profit 18313740525773898262
Operating Profit Margin (%) 8.6%10.3%13.0%13.6%15.9%14.4%14.0%20.5%16.0%8.8%
Other Income 521334751410
Interest 7754422111
Depreciation 7101011111214141414
Exceptional Items 0200000000
Profit Before Tax 10182327394764788155
Tax 46910141714212014
Profit After Tax 6121417253049586142
PAT Margin (%) 2.7%4.1%5.0%5.8%7.8%7.6%9.4%13.3%11.9%5.9%
Adjusted EPS (₹)3.26.87.99.413.916.727.332.133.623.0
Dividend Payout Ratio (%)0%4%6%11%7%6%4%3%3%4%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 57688197121149195252313363
Share Capital 991818181818181818
Reserves 48596379103131177234295345
Minority Interest0000000000
Debt85383324142269484
Long Term Debt63251883852167
Short Term Debt22131516111517318
Trade Payables15272417203136334726
Others Liabilities 33373238555737565879
Total Liabilities 191170170176210259274349422553

Fixed Assets

Gross Block14013914897101150156171187195
Accumulated Depreciation42455511213346617484
Net Fixed Assets9893938680116110111113110
CWIP 022523211924110
Investments 432233232560
Inventories26322929385657586584
Trade Receivables781218193139392419
Cash Equivalents 1712744522788162
Others Assets381927334445325291107
Total Assets 191170170176210259274349422553

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -1347102539255867797
PBT 10182327394764788155
Adjustment 141416141512171579
Changes in Working Capital -2823-17-6-2-13-2-715-43
Tax Paid -1-2-7-10-13-22-20-19-23-15
Cash Flow From Investing Activity -9-6-9-13-23-28-33-65-70-94
Capex -9-6-9-11-15-33-16-12-39-93
Net Investments 00110000-4319
Others 000-3-85-17-5212-20
Cash Flow From Financing Activity 28-47-7-12-163-25-3-986
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 23-38-8-9-53-6-5-165
Interest Paid 000-4-4-2-2-2-1-1
Dividend Paid 00-1-1-2-2-2-2-2-2
Others 5-911-53-155-524
Net Cash Flow 5-5-60-1-11-11-1
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)10.7919.7719.2419.0223.1422.4228.6525.9321.5412.29
ROCE (%)12.7519.1124.3825.2331.9630.9934.4734.3528.3714.67
Asset Turnover Ratio1.21.661.691.681.721.762.011.461.331.44
PAT to CFO Conversion(x)-2.173.920.711.471.560.831.181.161.30.17
Working Capital Days
Receivable Days14101318202224312211
Inventory Days42353836374239464439
Payable Days735379586473631019464

Associated Alcohols & Breweries Ltd Stock News

Associated Alcohols & Breweries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Assoc Alcohols &Brew on 28-Mar-2024 16:01 is ₹475.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Assoc Alcohols &Brew stood at ₹851.3.
The latest P/E ratio of Assoc Alcohols &Brew as of 28-Mar-2024 16:01 is 17.67.
The latest P/B ratio of Assoc Alcohols &Brew as of 28-Mar-2024 16:01 is 2.13.
The 52-week high of Assoc Alcohols &Brew is ₹594.5 and the 52-week low is ₹318.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Assoc Alcohols &Brew is ₹706.1 ( Cr.) .

About Associated Alcohols & Breweries Ltd

Associated Alcohols and Breweries (AABL) is one of the largest distilleries in India and the flagship company of the Associated Kedia Group – a Rs. 100 crore liquor conglomerate with interests in liquor manufacturing and bottling. The company was set up by its founder Chairman -- the Late Bhagwati Prasad Kedia. Incorporated in 1989, AABL took over the existing distillery of the promoter group in 1990 and expanded activities into manufacturing of highest grade liquors. Extra Neutral Alcohol is a vital ingredient in the making of an alcoholic beverage. AABL supplies this vital ingredient to many leading manufacturers under a special agreement. In the IMFL segment, the company has an understanding with reputed companies like Diageo (owner of brands like Smirnoff vodka and Johnnie Walker Scotch Whisky), Mason and Summers and Diageo-Radico. These companies buy a total of 55-60% of the total IMFL produced by AABL. The balance production is used for direct supplies to the branded suppliers across the country, apart from manufacturing its own branded products.

AABL's distillery is located in Khodigram, in the Khargone district of Madhya Pradesh. It has a present distillation capacity of 42 MLPA. The distillery is presently undergoing a series of transformations that will result in increasing its expanded capacity to 65 MLPA. AABL supplies Extra Neutral Alcohol (ENA), a vital ingredient, to many leading manufacturers under a special agreement. In the IMFL segment, the company has an understanding with reputed companies like Diageo (owner of brands like Smirnoff vodka and Johnnie Walker Scotch Whisky), Mason & Summers and Diageo-Radico. AABL has for long been recognized as one of the finest suppliers of high quality ENA in the Indian market. The company's relationships with leading international and national brands bear ample proof.

AABL has chalked out a huge greenfield expansion plan to capture domestic and international demand and serve all the segments of alcohol ranging from country liquors to IMFL. This plan includes setting up a multi-pressure ENA plant, a collector plant, a Reverse Osmosis Water Treatment Plant and a 2 MW power plant. AABL is setting up a multi pressure ENA plant. This plant will completely replace the older plant and increase its production capacity from the present 42 MLPA to 65 MLPA. The multi-pressure ENA plant cuts down the stages in the manufacture and thus improves process efficiency.

Business areas of the company:

AABL is engaged in the business of bottling vodka and scotch whisky for large reputed international brands. AABL is also one of the only liquor companies bottling single malt scotch whisky (Glen Drummond) for the leading liquor group Mason & Summers. AABL has a ten line bottling operations in two different sections. It packs about 45,000 cases per month and has a production capacity of around 42 million litres per annum (MLPA).

Brands:

  • London Bridge gin
  • James McGill whisky
  • Red & White whisky
  • Bombay Special whisky
  • Jamaican Magic rum
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