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ICICI Direct Report
Globus Spirits Ltd. continued to report strong results in Q2 FY21.
Indian made Indian liquor made a come-back during the quarter (good performance in Rajasthan, Haryana) and posted 33% YoY growth in Q2, followed by 18% growth in bulk revenues (higher volumes).
Net revenues during the quarter grew 20% YoY to Rs 328 crore, whereas the liquor industry in general de-grew 9-10%.
Ebitda doubled YoY to Rs 60 crore mainly due to strong expansion in Ebitda margin (clocked highest ever Ebitda margin of 18.3% versus 10.7% in Q2 FY20, led by higher gross margins, lower fuel, freight and power cost).
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