Bira's losses up two folds to ₹202 crore in FY19
Craft beer maker, Bira has been a poster boy for local mild alcoholic beverages. Over its five year-long journey, the firm’s brands: Bira91, Bira Blond and White and Boom have been claiming to corner a decent market share in the top 10 cities.
However, such claims look out of sync when one reads through its financial performance in FY19. Its revenues registered a mild growth of 15.4% to Rs 183 crore in the last fiscal year as compared to Rs 158.6 crore in FY18.
Meanwhile, the company’s losses doubled from Rs 101.8 crore in FY18 to Rs 202.2 crore in FY19. This is the second consecutive year when the beverage company has doubled its losses.
Net cash outflow from operations also blew up by 46.4% to Rs 191 crore in FY19 from Rs 130 crore in FY18. B9 Beverages which owns and operates the Bira91 brand sold products worth Rs 392.2 crore during FY19, growing 20.7% as compared to FY18 and collected Rs 210 crore in excise duty for the government. Bira collected Rs 9.3 crore in non-operating finance income during FY19.
The Delhi-based company had issued shares to raise Rs 288.7 crore and borrowed another Rs 19 crore during the fiscal ended in March 2019 to fuel the expansion of its brewing capacity and manage working capital needs.
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