Sequentially, the company's net profit slumped 43.28% and revenue declined by 3.97% in Q1 FY24.

Profit before tax stood at Rs 26.61 crore in the quarter ended 30 June 2023, up 23.25% from Rs 21.59 crore recorded in Q1 FY23.

Total expenses rose 4.27% year on year to Rs 553.85 crore in Q1 FY24. Cost of material consumed was at Rs 109.34 crore (down 1.42% YoY) and employee benefits expenses stood at Rs 2.55 crore (up 26.24% YoY), during the quarter.

G M Breweries is engaged in the activities of manufacturing and marketing of alcoholic beverages such as country liquor (CL) and Indian made foreign liquor (IMFL). The company is the largest manufacturer of country liquor in the state of Maharashtra with a sizeable market share.

Shares of G M Breweries gained 0.87% to Rs 613.55 on the BSE.