Globus Spirits: New brand launches in pipelineGLOBUSSPR - 1214 Change: 4.55 (0.38 %)
News: Globus announced its Q2FY22 results. While the topline (net of excise) grew 17% YoY (3% QoQ) to Rs.382 crore, the EBITDA grew 46% YoY (de-grew 11% QoQ, due to 20-25% fuel inflation) to Rs.88 crore (margins expanded ~465 bps YoY to 23%, mainly led by expansion in gross margins by ~240 bps to 48.4%). Subsequently, PAT grew 52% (de-grew 6% QoQ) to Rs.53 crore.
Views: The company reported lower utilisation QoQ at 90% vs 99% in Q1 due to unplanned shutdown in Bihar plant (floods in August) and planned shutdown in Haryana and WB facilities. The company plans to launch Black lace rum and a Whisky brand in Rajasthan in Q3FY22 and two new IMIL brand launches in the state of Haryana. It also plans to re-introduce Goldee IMIL brand in WB and few other IMIL brand launches in Q3FY22. Key triggers to watch remain the on-track completion of its WB manufacturing unit (would raise the capacity by 25%) and the capex program henceforth (with regards to marketing its premium brands)