breweries (31212) - q3, 2010

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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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! 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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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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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




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




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






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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%




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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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%


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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Breweries


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


of total operating

cost (incl.

depreciation) per

company in Q310

comparing to the

value in Q210



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Breweries


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) [%]


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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Breweries


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) [%]


of gross profit per

company in Q310

comparing to the

value in Q210


of gross profit per

profit-making

company in Q310

comparing to the

value in Q210



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Breweries


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 [% ]


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 [%]


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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Breweries



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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Breweries


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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Breweries


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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Breweries


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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Breweries


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


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


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


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


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


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


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


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


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


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


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




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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 [%]




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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 [%]




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-37-

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


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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-40-

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).

breweries (31212) - q3, 2010

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