Som Distilleries stock gains 2% after profit grows 80% YoY in Q2FY24
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In the September-ended quarter, Som Distilleries consolidated total income rose 72 percent YoY to Rs 464 crore from Rs 269 crore in the year-ago period
In the past six months, the stock of this smallcap liquor manufacturer soared 129 percent as against 9 percent rise in the Sensex benchmark
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Shares of Som Distilleries & Breweries gained 2.6 percent to day’s high of Rs 355 per share on the BSE on October 16 after the company clocked 80 percent year-on-year (YoY) growth in consolidated profit to Rs 14 crore in the July-September quarter of fiscal year 2023-24 (Q2FY24). The S&P BSE Sensex was down 151 points or 0.2 percent to 66,131 levels, as of 9:40 am.
In the past six months, the stock of this smallcap liquor manufacturer soared 129 percent as against 9 percent rise in the Sensex benchmark. Earlier, Som Distilleries stock hit 52-week high of Rs 389 apiece on October 5, 2023.
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For the quarter ended September, Som Distilleries consolidated total income rose 72 percent YoY to Rs 464 crore from Rs 269 crore in the year-ago period. However, on a sequential basis, total income declined by 38 percent from Rs 760 crore in Q1FY24.
The company’s consolidated net profit, too, slipped 56 percent quarter-on-quarter (QoQ) to Rs 14 crore in Q2FY24 from Rs 33 crore in Q1FY24. Meanwhile, the company’s net profit rose 80 percent YoY from Rs 8 crore in Q2FY23.
That apart, Som Distilleries net sales for the September-ended quarter stood at Rs 248 crore, registering a growth of 68 percent YoY.
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Analysts at HDFC Securities shared a bullish call on the counter, upgrading estimate for FY24 and FY25.
“The core markets of the company are Madhya Pradesh (~45-50 percent of total revenue; ~35 percent market share), Karnataka (~30-35 percent of total revenue; ~16 percent market share) and Odisha (~10 percent of total revenue; ~12 percent market share). The company remains committed to its strategic objective of entering into new markets and further strengthen its foothold in existing markets. Som Distilleries will continue to evaluate markets based on its potential and profitability. This will enable the company to enhance its market share in medium to long term,” the brokerage firm said in an earlier note.
On September 5, the company’s board had approved fund raise of Rs 350 crore. However, later on October 9, the company junked plans of fund raise via qualified institutional placement (QIP) basis as it received fewer bids.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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