B9 Beverages Bira Beer Unlisted Shares
B9 Beverages
B9 Beverages Private Ltd is a Private Established on 28 May 2012. It is Registered as Non-govt company and is registered at Registrar of Companies, Delhi. Its authorized share capital is Rs. 428,750,432 and its paid up capital is Rs. 414,996,864.
Bira Beer Established in the summer of 2015 by B9 Beverages and headquartered in New Delhi, Bira 91 has quickly become the rage amongst urban millennials owing to its delicious beers, bold identity and a strong draft network. In 2017, Bira 91 leaped across to New York City to begin its campaign in the United States. And in 2018, the brand started on its wider expansion in the Asia Pacific market by entering Singapore.
In less than three years, Bira 91 is now in the top 25 craft beer brands worldwide by sales volume and the fastest growing beer brand in the world (growing 5x in 2017).
The company now operates two breweries in India, and has offices in nine cities including New York City. Bira 91 is backed by Sequoia Capital and Belgium’s Sofina Capital.
It has a passionate team of over 350 beer lovers who have only one goal – to change the world of beer and beer for the world!
Crafted with the creative urban drinker in mind — someone who likes to have fun and doesn’t take life (or beer) too seriously, the brand aims to disrupt the global beer world with 21st century technology and its playful monkey mascot.
Company Details
| CIN | U80903DL2012PTC236595 |
| Company Name | B9 BEVERAGES PRIVATE LIMITED |
| Company Status | Active |
| RoC | RoC-Delhi |
| Registration Number | 236595 |
| Company Category | Company limited by Shares |
| Company Sub Category | Non-govt company |
| Class of Company | Private |
| Date of Incorporation | 28 May 2012 |
| Age of Company | 7 years, 2 month, 29 days |
Promoters And Management:
| Name | Designation |
| Mr. Ankur Jain | Managing Director |
| Mrs. Shashi Jain | Director |
| Ms. Sakshi Vijay Chopra | Director |
| Mr. Varun Kwatra | Company secretary |
Financials of B9 Beverages (Bira Beer) Unlisted Shares:
(Fig. in Crores)
| Year | Revenue | Expense | PAT | Shares | FV | EPS |
| 2016 | 4.14 | 16 | -12 | 0.038403 | 10 | -320.9 |
| 2017 | 31 | 87 | -55 | 2.68 | 10 | -20.47 |
| 2018 | 160 | 241 | -101 | 3.02 | 10 | -7.06 |
| 2019 | 192 | 419 | -202 | 3.97 | 10 | -50 |
ANNUAL REPORT
B9 BEVERAGES LIMITED (BIRA) UNLISTED SHARE COMPANY OVERVIEW
B9 Beverages is the manufacturer of a craft beer brand popularly knowns as BIRA 91. It first entered into the market in 2015. BIRA 91 in very less time became very popular among millennials mainly for its delicious beers, bold identity and strong draft network. In 2017, Bira 91 started campaigning in United States and In 2018, it entered Singapore and started covering the Asia Pacific market.
Within just 3 years, Bira 91 came into the list of top 25 craft beer brands worldwide in accordance with sales volume and also became the fastest growing beer brand in the world.
The company established its first brewery unit in Flanders region of Belgium and the beer was imported to India. But after initial success, the company began manufacturing beer in India. Today, the company operates 4 breweries in India and have offices in 9 cities including New York.
Bira 91 is backed by Sequoia Capital and Belgium’s Sofina Capital.
The company product portfolio mainly consist of 5 beer variants – Bira 91 white, Bira 91 Blonde, Bira 91 Light, Bira 91 Strong and Bira 91 Indian Pale Ale.
B9 Beverages Share Price, Unlisted Share Details as of March 31, 2023
| B9 Beverages Outstanding Shares: | 47768094 |
| Face Value of B9 Beverages Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of B9 Beverages Unlisted Share: | INE833U01014 |
| Lot Size of B9 Beverages Unlisted Share: | 10 Shares |
| B9 Beverages Share Price: | Best In Industry |
| PAN Number of B9 Beverages: | AAECD6739Q |
B9 Beverages Incorporation Details
| B9 Beverages Limited CIN Number | U80903DL2012PLC236595 |
| B9 Beverages Limited Registration Date | 28-May-12 |
| Category / Sub-Category of B9 Beverages Limited | Company Limited by Shares |
| B9 Beverages Limited Registered Office Address | PREMISE NO. 106, SECOND FLOOR BLOCK H, CONNAUGHT CIRCUS NEW DELHI DL 110001 IN. |
B9 Beverages Board of Directors
Mr. Ankur Jain (Managing Director)
Mrs. Shashi Jain (Director)
Ms. Sakshi Vijay Chopra (Director)
Mr. Varun Kwatra (Company Secretary)
B9 Beverages Ltd Principal Business Activities
| Name and Description of main products/services | NIC Code of the product/service |
| Manufacturing and Trading of Beer | 11031 |
INDUSTRY OUTLOOK
Beer is the second most popular alcoholic beverage after whiskey in India. Alcohol consumption has become a part of social interactions among young people in India.
The Indian alcohol market is the 3rd largest and one of the fastest growing alcohol markets in the world. It is expected to reach $41 billion by 2022. In terms of volume, the beer market was valued at 55,337.3 lakh litres in 2020 and is expected to reach 90,047.4 lakh litres by 2025, growing at a CAGR of 10.89% during the 2021 – 2025 period.
On the basis of product type, the beer market can be segmented into strong, mild, and craft beer. The strong beer contributed the largest revenue share in 2020. The growth of craft beer in India highly depends on a healthy growth of the beer industry. The All India Brewers Association estimates the sales of craft beers to grow at 20% annually, which is higher than 5-7% growth in the beer market.
Growth in market of Craft beer will mainly be driven by millennials who prefer craft beer over regular lagers (Beer with more than 5% alcohol content).
Some of the major obstacles that slows down the growth of craft brewing industry are the restrictive and excessive state government regulations and the licensing problems, the growing cost of raw materials, and limited infrastructure.
During the initial stage of the COVID-19 pandemic, the alcohol industry experienced a huge downfall. The sale of alcoholic beverages was stopped for about 40 days. Moreover, introduction of COVID cess on liquor in some states increased the prices of alcohol.
The beer market in India is currently in its growth stage. Today, there are more than 140 beer brands in the India. However, the per capita beer consumption in India is still very low compared to other countries in Asia Pacific region and therefore the market could witness huge growth in the coming years. It is expected that most of the state governments will start to delink beer taxation from IMFL soon on the basis of alcohol content, clearing the obstacle for rational growth in the market. This industry is expected to flourish in terms of revenues and sales volume both.
B9 Beverages Limited Balance Sheet (Amt. in Million)
| Particulars | 31 March 2023 | 31 March 2022 |
| ASSETS | ||
| Non-current assets | – | – |
| Property, plant and equipment | 4,314.59 | 3,579.88 |
| Capital work-in-progress | 151.62 | 84.11 |
| Investment Property | 11.02 | – |
| Goodwill | 688.70 | – |
| Other intangible assets | 666.88 | 66.9 |
| Loans | 46.84 | 87.19 |
| Other financial assets | 543.18 | 432.72 |
| Income tax assets | 14.90 | 8.54 |
| Other Non Current Assets | 139.26 | 122.96 |
| Current assets | – | – |
| Inventories | 1,642.05 | 741.80 |
| Trade receivables | 1,696.84 | 1,190.37 |
| Cash and cash equivalents | 321.58 | 88.36 |
| Bank balances other than Cash and Cash equivalent | 1639.06 | 424.16 |
| Loans | 44.39 | 35.03 |
| Other financial assets | 30.18 | 7.59 |
| Other current assets | 790.5 | 431.11 |
| TOTAL ASSETS | 12,741.59 | 7,300.72 |
| EQUITY AND LIABILITIES | – | – |
| Equity share capital | 190.15 | 142.08 |
| Instruments entirely equity in nature | 1,451.37 | 795.20 |
| Other equity | -22.93 | -3,165.66 |
| Non-current liabilities | – | – |
| Borrowings | 174.03 | 1557.72 |
| Lease Liabilities | 2823.34 | 2674.43 |
| Provisions | 69.15 | 50.45 |
| Deffered Tax Liability | 139.80 | – |
| Current liabilities | – | |
| Borrowings | 2,972.02 | 1,909.44 |
| Lease Liabilities | 651.32 | 542.90 |
| Trade payables | ||
| Total outstanding dues of micro and small enterprises | 283.30 | 248.16 |
| Total outstanding dues of Creditors other than micro and small enterprises | 2,617.29 | 1,784.31 |
| Other financial liabilities | 266.63 | 260.42 |
| Other current liabilities | 986.91 | 487.70 |
| Provisions | 13.35 | 13.57 |
| Current Tax Liability | 125.86 | – |
| TOTAL EQUITY AND LIABILITIES | 12,741.59 | 7,300.72 |
B9 Beverages Limited Profit & Loss Statement (Amt. in Million)
| Particulars | 31 March 2023 | 31 March 2022 |
| Revenue from operations | 8,243.23 | 7,188.51 |
| Other income | 243.96 | 76.20 |
| Total income | 8,487.19 | 7,264.71 |
| Cost of Material Consumed | 2,653.85 | 1,610.10 |
| Changes in inventories of finished goods and work in progress | -262.72 | -6.60 |
| Excise duty on sale of goods | 3658.6 | 3,980.49 |
| Employee benefits expense | 1,149.88 | 935.67 |
| Finance costs | 965.99 | 890.81 |
| Depreciation and amortization expense | 1214.18 | 908.13 |
| Other expenses | 3,444.38 | 2,906.75 |
| Total expenses | 12,824.16 | 11,225.35 |
| Loss before Tax | -4,336.97 | -3960.64 |
| Current tax | 117.86 | – |
| Loss after Tax | -4,454.83 | -3,960.64 |
| Other comprehensive Income | – | – |
| Items that will not be reclassified to profit or loss | – | – |
| Remeasurement loss on defined benefit obligations | -3.37 | -5.26 |
| Items that will be reclassified to profit or loss | – | – |
| Exchanging difference in translating financial statements of foreign operations | -143.56 | -73.06 |
| Other comprehensive Income | -146.93 | -78.32 |
| Total comprehensive income for the year | -4,601.76 | -4038.96 |
| Loss attributable to: | – | – |
| Owners of the Company | -4,336.97 | -3960.64 |
| Loss for the year | -4,336.97 | -3960.64 |
| Other comprehensive income attributable to: | – | – |
| Owners of the Company | -146.93 | -78.32 |
| Other comprehensive income for the year | -146.93 | -78.32 |
| Total comprehensive income for the year attributable to: | – | – |
| Owners of the Company | -4,601.76 | -4038.96 |
| Total comprehensive income for the year | -4,601.76 | -4038.96 |
| Loss Per Share | – | – |
| Basic and Diluted (INR) | -93.26 | -95.83 |
B9 Beverages Limited Consolidated Cash Flow Statement (Amt. in Million)
| Particulars | 31 March 2023 | 31 March 2022 |
| Cash flows from operating activities | ||
| Loss before tax | -4,336.97 | -3960.64 |
| Adjustments for: | ||
| Depreciation and amortisation | 1214.18 | 908.13 |
| Employee Stock Option Expense | 109.91 | 148.08 |
| Provision for expired inventory | 138.9 | 78.25 |
| Bad debts | 77.9 | 20.95 |
| Loss Allowances | 34.5 | 35.27 |
| Interest income | -82.88 | -32.17 |
| Lease concessions | – | -1.04 |
| Property, Plant and equipment written off | 46.54 | 2.35 |
| Net gain on redemption of mutual funds units | -21.59 | -9.08 |
| Gain on termination of lease contracts | -68.11 | -1.8 |
| Finance cost | 897.32 | 890.81 |
| Unrealized foreign exchange loss/ (gain) | -6.88 | -38.88 |
| Operating profit before working capital changes | -1,997.18 | -1959.77 |
| (Increase)/decrease in trade receivables | -607.53 | -34.08 |
| (Increase)/decrease in inventories | -1039.15 | 173.77 |
| (Increase)/decrease in Loans, Other financial assets, and other assets | -594.33 | 4.30 |
| Increase/(decrease) in trade payables, other financial liabilities and other liabilities | 1,386.06 | -114.27 |
| Changes in working capital | -854.95 | 29.72 |
| Income tax refund (net) | -6.36 | 0.6 |
| Net cash generated by operating activities | -2,858.49 | -1929.45 |
| Cash flows from investing activities | ||
| Purchase of PPE and Capital WIP | -1282.63 | -444.86 |
| Interest received | 68.98 | 28.84 |
| Deposits made with banks (net) | -1110.83 | -51.49 |
| Net gain on redemption of mutual funds units | 21.59 | 9.08 |
| Loan (given)/repaid | 30.99 | 26.81 |
| Net cash generated by investing activities | -2271.90 | -431.62 |
| Cash flows from financing activities | ||
| Proceeds from issue of Instruments entirely equity in nature | 6090.28 | 2662.64 |
| Proceeds from transactions costs in relation to issue of Instruments entirely equity in nature | -83.74 | -48.65 |
| Proceeds from application money received for allotment of securities | – | 7 |
| Proceeds from non-current borrowings | 390.00 | 150 |
| Repayment of non-current borrowings | -640.97 | -50 |
| Payment of lease liabilities- principal | -579.28 | -441.24 |
| Payment of lease liabilities- Interest | -430.24 | -409.68 |
| Proceeds from current borrowings(net) | 1062.58 | 863.49 |
| Interest Paid | -445.02 | -436.51 |
| Net cash generated from financing activities | 5,363.61 | 2297.05 |
| Net increase/(decrease) in cash and cash equivalents during the year | 233.22 | -64.02 |
| Cash and cash equivalents at the beginning of the year | 88.36 | 152.38 |
| Cash and cash equivalents at the end of the year | 321.58 | 88.36 |
Let ‘s break down the Cash Flow Statement for the years 2023 and 2022, activity-wise:
Loss Before Tax:
In 2023, the loss before tax amounted to -rs. 4,336.97, while it was -rs. 3,960.64 in 2022, indicating increased losses over the period.
Adjustments:
Depreciation and amortization expenses increased from rs. 908.13 in 2022 to rs. 1,214.18 in 23, suggesting higher asset depreciation during the period.
Employee Stock Option Expense decreased from rs. 148.08 in 2022 to rs. 109.91 in 2023, indicating potentially reduced issuance or valuation of stock options.
Provision for expired inventory increased to rs. 138.9 in 2023 from rs. 78.25 in 2022, indicating potential losses associated with inventory expiration.
Bad debts increased to rs. 77.9 in 2023 from rs. 20.95 in 2022, suggesting higher defaults or write-offs in accounts receivable.
Interest income decreased from -rs. 32.17 in 2022 to -rs. 82.88 in 2023, indicating reduced interest earnings.
Finance costs slightly increased from rs. 890.81 in 2022 to rs. 897.32 in 2023, reflecting continued financial expenses.
Operating profit before working capital changes remained negative in both years, indicating operational challenges.
Working Capital Changes:
Changes in working capital were negative in both years, indicating potential liquidity challenges.
There were significant decreases in trade receivables and increases in trade payables and other liabilities, impacting working capital.
Income tax refund (net) was negligible in both years, indicating minimal impact on operating cash flows.
Cash Flows from Operating Activities:
Net cash generated by operating activities was significantly negative at -rs. 2,858.49 in 2023 and -rs. 1,929.45 in 2022, indicating substantial cash outflows from operations.
Cash Flows from Investing Activities:
Significant cash outflows were observed in investing activities, with net cash generated by investing activities amounting to -rs. 2,271.90 in 2023 and -rs. 431.62 in 2022.
This was primarily driven by the purchase of property, plant, and equipment (PPE), and deposits made with banks.
Cash Flows from Financing Activities:
Net cash generated from financing activities was positive and significantly higher at rs. 5,363.61 in 2023, compared to rs. 2,297.05 in 2022.
This increase was primarily due to proceeds from the issue of instruments entirely equity in nature, non-current borrowings, and proceeds from current borrowings.
Net Increase/(Decrease) in Cash and Cash Equivalents:
There was a net increase in cash and cash equivalents of rs. 233.22 in 2023, compared to a decrease of -rs. 64.02 in 2022.
Cash and Cash Equivalents:
Cash and cash equivalents at the end of the year increased to rs. 321.58 in 2023 from rs. 88.36 in 2022, indicating improved liquidity position at the end of the period.
Financial Ratios of B9 Beverages Limited
| Particulars | 2023 | 2022 |
| Current Ratio | 0.88 | 0.72 |
| Debt Equity Ratio | 0.6 | 6.2 |
| Debt service coverage ratio | -1.51 | -1.19 |
| Return on Equity Ratio | -139% | -393% |
| Inventory Turnover Ratio | 6.86 | 8.28 |
| Trade Receivables turnover Ratio | 5.19 | 5.71 |
| Trade Payables turnover Ratio | 2.8 | 2.5 |
| Net capital turnover ratio | -9.28 | -4.96 |
| Net profit ratio | -48% | -47% |
| Return on Capital employed | -36% | -61% |
| Return on Investment | 2% | 3% |
Insight of the financial ratios of B9 Beverages Limited For March 31, 2023
Current Ratio:
The current ratio measures the company ‘s ability to meet short-term liabilities with its short-term assets. A ratio below 1 suggests potential liquidity issues. B9 Beverages Limited ‘s current ratio improved to 0.88 in 2023 from 0.72 in 2022, indicating a better ability to cover short-term obligations.
Debt Equity Ratio:
The debt-to-equity ratio indicates the proportion of debt used to finance the company ‘s assets relative to shareholders ‘ equity. A higher ratio indicates higher financial risk. B9 Beverages Limited reduced its debt equity ratio significantly from 6.2 in 2022 to 0.6 in 2023, indicating a lower reliance on debt for financing its operations.
Debt Service Coverage Ratio:
The debt service coverage ratio measures the company ‘s ability to cover its debt obligations with its operating income. Negative values suggest insufficient operating income to cover debt obligations. B9 Beverages Limited ‘s debt service coverage ratio worsened from -1.19 in 2022 to -1.51 in 2023, indicating a deteriorating ability to cover debt obligations.
Return on Equity Ratio:
The return on equity (ROE) ratio measures the profitability of the company in relation to shareholders ‘ equity. Negative values indicate a loss on equity investments. B9 Beverages Limited ‘s ROE improved from -393% in 2022 to -139% in 2023, although still negative, suggesting a better utilization of equity capital.
Inventory Turnover Ratio:
The inventory turnover ratio measures how efficiently a company manages its inventory. A higher ratio indicates better inventory management. B9 Beverages Limited ‘s inventory turnover ratio decreased from 8.28 in 2022 to 6.86 in 2023, suggesting a slight decline in inventory turnover efficiency.
Trade Receivables Turnover Ratio:
The trade receivables turnover ratio measures how efficiently a company collects its accounts receivable. A higher ratio indicates quicker collection of receivables. B9 Beverages Limited ‘s trade receivables turnover ratio decreased from 5.71 in 2022 to 5.19 in 2023, indicating a slight decline in receivables collection efficiency.
Trade Payables Turnover Ratio:
The trade payables turnover ratio measures how quickly a company pays its suppliers. A higher ratio indicates faster payment to suppliers. B9 Beverages Limited ‘s trade payables turnover ratio increased from 2.5 in 2022 to 2.8 in 2023, suggesting improved efficiency in paying suppliers.
Net Capital Turnover Ratio:
The net capital turnover ratio measures how effectively a company utilizes its capital to generate revenue. Negative values suggest inefficient capital utilization. B9 Beverages Limited ‘s net capital turnover ratio worsened from -4.96 in 2022 to -9.28 in 2023, indicating a decline in capital efficiency.
Net Profit Ratio:
The net profit ratio measures the profitability of the company relative to its revenue. B9 Beverages Limited ‘s net profit ratio remained relatively stable at around -47% to -48% in both 2022 and 2023, indicating consistent but negative profitability.
Return on Capital Employed (ROCE):
ROCE measures the efficiency and profitability of capital investments. Negative values indicate a loss on capital investments. B9 Beverages Limited ‘s ROCE improved from -61% in 2022 to -36% in 2023, indicating better utilization of capital employed.
Return on Investment (ROI):
ROI measures the profitability of an investment relative to its cost. B9 Beverages Limited ‘s ROI slightly decreased from 3% in 2022 to 2% in 2023, indicating a lower return on investment.
Dividend History of B9 Beverages Limited
| Particulars | 2023 | 2022 |
| Dividend (In Rs.) | – | – |
| Retained Earnings (In Rs. Million) | -17894.78 | -13436.59 |
