The company transitioned its income tax to a new regime, resulting in a decreased tax rate of 25.11% from the previous rate of 34.94%. This change led to a reversal of deferred tax liability of Rs 30.03 crore due to the re-measurement of deferred tax assets/liabilities from previous periods.
Profit before tax stood at Rs 19.5 crore in Q3 December 2023, down 51.3% year-on-year and up 11.8% quarter-on-quarter.
EBITDA was at Rs 43.1 crore in Q3 December 2023, down 28.3% YoY and up 4.9% QoQ. EBITDA margin stood at 6.2% in Q3FY24 lower than 7.2% in Q2FY24 and 10.1% in Q3FY23.
Total expenses rose 11.65% to Rs 860 crore in Q2 FY24 over Q2 FY23. During the quarter, cost of materials consumed stood at Rs 491.31 crore (up 36% YoY) while employee benefits expense was at Rs 19.95 crore (up 10% YoY).
In Q3 FY24, the net revenue for IMFL (Prestige & Above) segment experienced a 15% year-on-year increase and a 39% quarter-on-quarter increase, totaling Rs 17.1 crore. Volumes sold saw a corresponding rise of 40% year-on-year and 40% quarter-on-quarter, reaching 0.12 million cases.
For Value and Value Plus segment, the net revenue declined by 7% year-on-year but increased by 2% quarter-on-quarter, amounting to Rs 193.3 crore. The volume sold dropped by 7% year-on-year and increased by 4% quarter-on-quarter, totaling 3.68 million cases.
The total consumer revenue decreased by 5% year-on-year but increased by 4% quarter-on-quarter, reaching Rs 210.5 crore. The total consumer volumes also decreased by 6% year-on-year but increased by 5% quarter-on-quarter, amounting to 3.79 million cases.
IMFL as a percentage of total consumer revenue was at 8.1% in Q3 FY24 compared to 6.7% in Q3FY23 and 6.1% in Q2FY24.
Globus Spirits is engaged in the business of manufacture and sale of Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), ethanol, bulk alcohol and franchise bottling.
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