India's Globus Spirits slumps on Q2 profit tumble

Globus Spirits

12/11/2024 10:10

** Shares of Globus Spirits  GLOS.NS  drop around 15% to 900
rupees, set for their worst day since late May, 2022 
** Alcohol manufacturer posted a near-90% fall in Q2
consolidated net profit  
     ** EBITDA from its largest segment- manufacturing - dropped
76% y/y hurt by higher grain and maize prices
  
    ** Gross margin drops to 29% from 33% a year ago; EBITDA
margin down 200 bps to 5%
    ** Stock hits its lowest level since late-August 
    ** More than 622,000 shares traded, 5x their 30-day avg
    ** GLOS up 6% YTD compared to 42% gain in rival Tilaknagar
Industries  TILK.NS  and 38% jump in G M Breweries  GMBR.NS 
     
     
    ($1 = 84.3975 Indian rupees)

(Reporting by Nishit Navin)
((nishit.navin@thomsonreuters.com;))