Som Distillers hits new high

Som Distillers is in high spirits today; from its close ofRs.333.55, the stock opened over 7% higher at Rs.357 and soon went on to hit a new 52-week high at Rs.360.50. Profit booking came in at this level and the stock is now trading at Rs.340 levels.

The market has given its Q1FY24 earnings a big thumbs up. On a 51% (YoY) jump in revenues at Rs.385 crore, the net profit rose 42% at Rs.37 crore.

The company’s EBITDA was up 42% at Rs.48 crore while margins jumped up from 12.59% to 13.4%.

Two weeks ago, the company had announced receiving permission to supply its beer brands in the state of Rajasthan, which is recognised for its substantial beer consumption, stands among the top five states in India in terms of market demand.