 "GM Breweries drop 6% after reporting weak Q2FY25 results; profit slips 3%")
GM Breweries' share price lost as much as 6.4 per cent on Thursday (October 10) and logged an intraday low of Rs 805 per share. The selling in the stock came after the company released its Q2FY25 results.
At around 12:44 PM, GM Breweries shares were down 3.15 per cent at Rs 832.75 per share. In comparison, the BSE Sensex was up 0.30 per cent at 81,708.93 at around the same time.
GM Breweries released its Q2 results during market hours which showed the company's profit declined nearly 3 per cent year-on-year to Rs 21.7 crore against Rs 22.4 crore. Its revenue from operations stood at Rs 595.78 crore as against Rs 594.47, marginally up 0.22 per cent.
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For the quarter ended September 30, 2024, GM Breweries' total income stood at Rs 598.81 crore against Rs 595.76 crore a year ago, up 0.5 per cent. Conversely, its total expenses for the quarter under review stood at Rs 570 crore, compared with Rs 566.3 crore last year, rising 0.65 per cent.
GM Breweries, in May 2024, had issued bonus shares to its shareholders. The issue was for one free share for every four shares they held as of the record date of May 25, 2024.
GM Breweries manufactures and markets alcoholic beverages, including country liquor and Indian-made foreign liquor. According to its website, it is the largest manufacturer of country liquor in Maharashtra, with a significant market share. The company was set up in the year 1981 by Jimmy William Almeida.
The company has a fully automatic Bottling Plant at Virar, District Thane, in the state of Maharashtra with a capacity to produce about 50,000 cases a day. Initially, GM Breweries started producing 200 cases a day which has now reached to more than 50,000 cases a day, as per its website.
In the past one year, shares of GM Breweries have gained 50.3 per cent against Sensex's rise of 23 per cent.