News: GM Breweries has announced its Q4FY22 results. While revenues grew 17% YoY (up 5% QoQ), EBITDA de-grew 17% YoY (EBITDA margins contracted 537 bps YoY and 444 bps QoQ to 16.2%). Subsequently, PAT declined 12% YoY
Views: Gross margins contracted 520 bps YoY and 493 bps QoQ, likely due to higher rectified spirits, glass prices, which led to lower EBITDA. We expect a similar margin impact on other liquor companies, during the quarter, led by higher ENA and glass prices
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