Som Distilleries stock surges 5% on securing supply permit in Chhattisgarh

The Som Group which owns Som Distilleries and Breweries also operates a bottling unit in Bilaspur, Chhattisgarh under the name Legend Distilleries.

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Som Distilleries shares were trading 5 percent higher in the morning trade on August 29th following an announcement by the alco-beverages maker that it had obtained permission to supply in the state of Chhattisgarh.

“We have also started the initial dispatches to the state. Looking ahead we are confident of building a meaningful market presence in Chhattisgarh in the medium term,” the company said in a regulatory filing.

The Som Group which owns Som Distilleries and Breweries also operates a bottling unit in Bilaspur, Chhattisgarh under the name Legend Distilleries.

At 10.30 am on the NSE, Som Distilleries and Breweries stock was quoting at Rs 327.55, up 5.10 percent or Rs 15.90.

In year-to-date terms, the stock has grown 177.87 percent. The stock has a PE of 36.55x, making it the second cheapest among its peers in absolute terms.

In its results for Q1FY24, the company reported a 51.57 percent YoY (year-on-year) increase in revenue from operations at Rs 385 crore. Net profit for the quarter was up 30.76 percent YoY to Rs 34 crore. The operating profit margins for the quarter remained flat at 13 percent.

Som Distilleries is engaged in the business of producing alcoholic beverages, including whisky, brandy, vodka, and gin.

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