The company’s net revenues increased 34.4 per cent YoY to Rs 479 crore from Rs 357 crore, due to new capacity addition in West Bengal and resumption of Haryana and Bihar facilities. Besides that, profit after tax (PAT) de-grew 9 per cent to Rs 49 crore from Rs 53 crore, in a year ago quarter.
In the past one month, the stock has underperformed market by falling 25 per cent, as compared to 5 per cent decline in the S&P BSE Sensex. However, it has zoomed 210 per cent in a year, against 6 per cent gain in the benchmark index.
The company manufactures and markets Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), bulk alcohol, and contract bottling for established IMFL brands.
"Governor Reserve, Oakton and Terai will be introduced in Haryana followed subsequently by introduction in Telangana towards end of Q1FY23 or early Q2FY23," the company said.
The company anticipates 140 KLPD new capacity with bottling plants in Jharkhand to be operational by end of Q1FY23. Meanwhile, the company has also received 10 years long term volume commitment of 86 million liters of ethanol for Haryana, Jharkhand, West Bengal and Odisha, on an annual basis.
That apart, analysts believe that the new capacity additions will enable the company increase ethanol blending to 20 per cent by 2025. "New capacity addition will be fungible capacities, which can manufacture both ethanol and alcohol. Around 75 per cent of expanded capacity will be utilised to manufacture ethanol and around 25 per cent will be utilised to manufacture alcohol for the consumer business," a report said.
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