ICICI Direct: Globus Spirits - Multiple Triggers In Place   
A customer looks at a bottle of whiskey at a liquor store in New Delhi, India(Photographer Prashanth Vishwanathan/Bloomberg)

ICICI Direct: Globus Spirits - Multiple Triggers In Place   

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Globus Spirits Ltd. reported strong results owing to continued improvement in margin profile in spite of weaker operating leverage.

Revenues fell mere 22% YoY to Rs 230 crore, compared to the liquor industry, in general (fell closer to 45-55% levels), mainly owing to stronger Indian made Indian liquor performance due to better state mix (Haryana performed well), higher bulk realisation (up 14%) and better-than-expected performance of newer product launches.

Ebitda grew 46% YoY to Rs 39 crore mainly due to strong expansion in Ebitda margin (clocked highest ever Ebitda margin of 17.1% versus 9.1% in Q1 FY20, led by higher gross margins, lower fuel, freight and power cost).

Subsequently, profit after tax grew 1.6 times to Rs 19 crore.

Click on the attachment to read the full report:

ICICI Direct Globus Company Update.pdf

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