News: GM Breweries announced its Q1FY23 results. While revenues remained flattish QoQ, its EBITDA de-grew 6% QoQ (EBITDA margins contracted 90 bps QoQ and 830 bps YoY to 15.3%). However, its PAT declined 60% QoQ (due to higher other income in base quarter)
Views: Gross margins contracted 50 bps QoQ and 1140 bps YoY, likely due to continued inflation in rectified spirits, glass prices and packaging which led to lower EBITDA. We expect a similar margin impact on other liquor companies, during the quarter, led by higher raw material prices
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