Globus Spirits stock gains after Motilal Oswal fund offloads 2 lakh shares

Motilal Oswal Midcap 30 Fund sold 2 lakh shares, or 0.69 percent in shareholding, in Globus Spirits at an average price of Rs 918.25 per share.

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Shares of Globus Spirits were trading 0.5 percent higher on the NSE on September 7 a day after a Motilal Oswal Mutual Fund scheme sold 2 lakh shares of the company. As of 9:30 am, the stock was trading higher at Rs 922.90, up by 1 percent from yesterday’s close of Rs 912.60.

On September 6, according to NSE Bulk Deal data, Motilal Oswal Midcap 30 Fund sold 2 lakh shares, or 0.69 percent in shareholding, in Globus Spirits at an average price of Rs 918.25 per share.

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As of June 2023, Motilal Oswal Midcap Fund held a 4.34% stake, while Motilal Oswal Equity Opportunities Fund and Motilal Oswal India Excellence Fund each held 2.19% stake in the distillery company.

The financials

In Q1FY24, Globus Spirits reported a total revenue of Rs 570.1 crore, up by 15.1 percent year-on-year in the previous fiscal.  Manufacturing contributes around 64 percent to the total revenue. For the quarter, revenue from manufacturing grew to Rs 367 crore, up by 22 percent from Q1FY23.

The balance 34 percent comes from the consumer business, which saw a 5 percent year-on-year increase to Rs 203.1 crore for the quarter ending June 2023. Earnings before Interest, Depreciation and Taxes and Amortisation (EBIDTA) for the same period also grew by 5.5 percent year-on-year to Rs 74.2 crore, while net profit grew 4 percent year-on-year to Rs 38.8 crore.

Also read: Globus Spirits Standalone June 2023 Net Sales at Rs 570.09 crore, up 15.07% Y-o-Y

Globus Spirits, which has over 23 brands under its portfolio, owns distilleries in Rajasthan, Haryana, West Bengal, and Bihar.

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