GM Breweries Q4 Results: Local alcohol makers profit falls by 12.5% YoY; stock tumbles
Shares of GM Breweries tumbled as low as 4 per cent to touch the days low level of Rs 564.45 per share on the BSE minutes after the company announced its Q4 earnings.
GM Breweries – an alcohol manufacturing company – reported decent results for the January-March quarter of the financial year 2022-23 (Q4FY23), wherein the top line showed marginal growth, but the bottom line dipped year-on-year (YoY).
According to an exchange filing of GM Breweries, the company’s profit declined by 12.5 per cent YoY to Rs 35 crore in the quarter ended March 31, 2023, as compared to Rs 40 crore in the same quarter a year ago.
While the company’s income increased by nearly 10 per cent to Rs 156 crore in Q4FY23 as against Rs 142 crore in a year ago quarter.
Similarly, the Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of GM Breweries surged by 36 per cent to Rs 31.3 crore in March quarter of FY23 from Rs 23 crore in March quarter of FY22 and margins of the company expanded to 20 per cent against 16.2 per cent YoY.
Besides, the manufacturer of local brands like GM Santra also announced a final dividend of Rs 6 per equity share of Rs l0/- for the year ended March 31, 2023, the regulatory filing said.
Shares of GM Breweries tumbled as low as 4 per cent to touch the day’s low level of Rs 564.45 per share on the BSE minutes after the company announced its Q4 earnings.
The selling pressure in the stock can be attributed to the fall in the profit for the March quarter of last fiscal.
The counter has a high-low 52-week range of Rs 760.15-503.50 per share on the BSE.
GM Breweries’ shares have corrected nearly 23 per cent in the last one year against over a per cent fall in the Nifty50 index.
Year to date, the counter has tumbled almost 10 per cent as compared to around a 3.5 per cent decline in the benchmark index.
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