Breweries & Distilleries firm Globus Spirits announced Q1FY23 Result : Gross Revenue Rs. 6,830 Mn up 24% YoY and 4% QoQ Consumer segment revenue (net of excise) at Rs. 1,940 Mn, up 25% YoY and 15% QoQ Bulk Alcohol segment revenue at Rs. 2,343 Mn, up 52% YoY and 6% QoQ, led by enhanced capacities and improved realizations Continuing inflationary and higher input costs scenario Higher share of Manufacturing segment (~61% of Net Revenue) led by capacity addition at West Bengal of 140 LKPD effective Q4FY22 EBITDA Profitability (EBITDA margin at 14.1%) impacted on account of, Rs. 703 Mn down 29% YoY and 18% QoQ Cash Profit to EBITDA at ~71% in Q1FY23 RoE of 18% and RoCE of 22% Profit After Tax Rs. 373 Mn Cash Profit Rs. 498 Mn Result PDF
Conference Call with Globus Spirits Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.
Breweries & Distilleries company Globus Spirits declares Q4FY22 result: Gross Revenue growth backed by growth in both Consumer Business (Net Revenue of Rs 6,791 Mn in FY22, up 32% YoY) and Manufacturing Business (Net Revenue of 9,002 Mn in FY22, up 26% YoY.) Despite higher input costs and impact of plant shutdown, EBITDA Margin in FY22 remained stable at 21.2%, led by higher share of Value Plus segment and better realizations. All plants operating at optimum capacity from Q4FY22 (incl. 140 KLPD at West Bengal) Continuing to generate high Cash Profit. Cash profit to EBITDA is 69%. Recommended dividend of Rs 3 per share (30% of FV of Rs 10 per share) EBITDA impact of Rs 45 Cr in FY22 due to shutdown of Bihar plant for 50 days in Q2FY22 and 72 days in Q3FY22 on account of floods situation and a major planned overhaul in the power plant of Samalkha (Haryana) for 40 days in Q3FY22. Both these plants are operating at normal capacity since mid of Dec’21 In Q4FY22, all plants operated at optimum levels, including the new capacity at West Bengal (140 KLPD), resulting in higher revenue Gross Margin at 42% in Q4FY22 was in-line with expectation, given the inflationary input cost scenario Price of ethanol increased by Rs 1.37 per litre effective Dec’21, leading to higher revenue and aiding margins Additional capacity of 140 KLPD at West Bengal plant was operational at optimum level, which yielded higher revenue and operational efficiencies FY22 - Gross Margin backed by higher consumer segment sales of 14.64 Mn cases, growth of 19% YoY EBITDA Margin at 18% in Q4FY22 improved slightly over Q3FY22 but continued to be impacted by higher fuel and other costs effective second half of FY22 There has been a steep increase in fuel cost with 37% YoY in FY22 Packing material cost increased by 40% YoY in FY22 AFS prices corrected in Q3FY22 due to weak demand and Q4FY22 prices were as per the internal expectation. Result PDF
Breweries & Distilleries company Globus Spirits declares Q3FY22 result: EBITDA impacted (Q3FY22 v/s Q2FY22): EBITDA impact of Rs 25 Cr due to shutdown of Bihar plant for ~72 days in Q3FY22 on account of floods situation and a major planned overhaul in the power plant of Samalkha (Haryana) for ~40 days in Q3FY22 Both Haryana and Bihar plants are operational in the normal capacity since mid of Dec-21 Gross Margin at 48.5% in Q3FY22 was in-line with expectation Gross Margin improvement backed by higher Consumer Segment sales of 3.73 Mn cases in Q3FY22 (growth of 12% YoY). For 9MFY22, the overall Consumer Segment sales stood at 10.9 Mn cases (growth of 32% YoY) Despite higher input manufacturing costs, business continues to operate as per expected levels of contribution The State of Rajasthan has announced a price hike of Rs 39 per case for Value Plus segment liquor and Rs 19 per case for Value segment liquor effective new policy year The prices of Ethanol has increased by Rs 1.37 per litre, effective Dec-21 Additional capacity of 140 klpd at West Bengal plant operational and will yield higher revenue EBITDA Margin impacted (Q3FY22 v/s Q2FY22) mainly due to inflation in fuel cost and higher cost due to purchase of alcohol Fuel (rice husk and coal) rate increased by ~18% QoQ AFS prices corrected in Q3FY22, and current prices are as per the Industry and internal expectation Higher cost of purchasing ENA from outside to meet the Consumer Business’ requirement in Haryana due to plant closure Finance cost reduction by 41% YoY in 9MFY22 was led by reduced debt. Debt on term loans lowered by ~22% in 9MFY22 Effective Tax Rate - Based on cash outflow of tax paid, it is at 21.7% for 9MFY22. The Company is contemplating to shift to the new regime of computation of tax where the tax rate will be 25.63% vis-à-vis the current tax rate of 34.94%, with effective from 1st April 2022 Result PDF
Conference Call with Globus Spirits Management and Analysts on Q2FY22 Performance and Outlook. Listen to the full earnings transcript.