GM Breweries

₹748 0.9 | 0.1%

WEBSITE BSE:507488 NSE : G.M.BREWERI 10 May, 16:01

Market Cap ₹1367 Cr.

Stock P/E 9.0

P/B 1.7

Current Price ₹748

Book Value ₹ 449.9

Face Value 10

52W High ₹825

Dividend Yield 0.94%

52W Low ₹ 548.7

Edit Ratio

GM Breweries Research see more...

Overview Inc. Year: 1981Industry: Breweries & Distilleries

G.M. Breweries Ltd manufactures and sells alcoholic liquor in India. The employer’s alcoholic drinks consist of Indian made foreign liquor and country liquor. It offers its merchandise beneath the G.M.SANTRA, G.M.DOCTOR, G.M.LIMBU PUNCH, and G.M.DILBAHAR SOUNF brand names. The employer was established in 1981 and is based in Mumbai, India.

GM Breweries Share Price

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Peer Comparison

GM Breweries Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	514	541	551	562	609	603	579	594	618	623
Other Income	1	25	1	1	3	15	1	1	7	71
Total Income	515	567	553	563	612	618	580	596	625	694
Total Expenditure	487	518	530	531	576	572	552	565	593	598
Operating Profit	28	48	23	32	36	46	28	31	32	96
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	2	2	2	2	2	1	2	2	2	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	26	47	22	30	35	45	27	29	31	95
Provision for Tax	7	7	5	8	9	10	7	7	8	8
Profit After Tax	20	40	16	23	26	35	20	22	23	87
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	20	40	16	23	26	35	20	22	23	87
Adjusted Earnings Per Share	10.8	21.9	8.8	12.4	14.2	19.2	10.9	12.2	12.4	47.4

GM Breweries Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	485	516	690	748	910	971	961	702	1030	-388	-406	2414
Other Income	1	2	6	4	10	14	14	30	29	21	80	80
Total Income	486	519	696	752	919	984	974	732	1059	-367	-325	2495
Total Expenditure	446	481	604	679	802	854	876	627	934	-505	-513	2308
Operating Profit	40	38	92	73	117	131	98	106	124	137	188	187
Interest	3	4	2	0	0	0	0	0	0	0	0	0
Depreciation	5	6	5	6	6	7	7	5	6	6	6	8
Exceptional Income / Expenses	0	0	3	0	0	0	0	0	0	0	0	0
Profit Before Tax	33	28	88	67	111	123	91	100	118	132	181	182
Provision for Tax	11	10	29	23	38	41	23	20	25	32	30	30
Profit After Tax	22	19	58	44	73	82	68	80	93	100	152	152
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	22	19	58	44	73	82	68	80	93	100	152	152
Adjusted Earnings Per Share	11.8	10.2	31.9	23.9	39.9	45	37.1	43.8	51.1	54.6	82.9	82.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	0%	NAN%	NAN%	NAN%
Operating Profit CAGR	37%	21%	7%	17%
PAT CAGR	52%	24%	13%	21%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	31%	23%	7%	27%
ROE Average	20%	18%	17%	21%
ROCE Average	24%	22%	22%	30%

GM Breweries Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	115	126	181	225	291	367	430	505	591	682	822
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	23	19	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	5	5	5	5	5	4	4	4	3	3	2
Total Current Liabilities	78	56	46	50	55	52	50	64	74	85	93
Total Liabilities	221	206	231	279	351	424	484	573	668	769	917
Fixed Assets	96	86	79	63	66	67	62	57	53	53	50
Other Non-Current Assets	87	80	92	187	240	314	360	421	493	609	746
Total Current Assets	38	40	61	29	45	43	62	94	122	108	121
Total Assets	221	206	231	279	351	424	484	573	668	769	917

GM Breweries Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	4	5	10	7	6	2	1	0	6	2	2
Cash Flow from Operating Activities	28	20	60	53	63	61	79	1	97	96	59
Cash Flow from Investing Activities	-27	-13	-4	-50	-61	-57	-72	10	-95	-87	-48
Cash Flow from Financing Activities	0	-3	-32	-4	-5	-5	-7	-6	-7	-9	-11
Net Cash Inflow / Outflow	1	4	24	-1	-4	-2	-0	6	-5	0	-1
Closing Cash & Cash Equivalent	5	10	34	6	2	1	0	6	2	2	1

GM Breweries Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	11.78	10.19	31.9	23.87	39.88	45.03	37.12	43.82	51.08	54.64	82.9
CEPS(Rs)	14.29	13.24	34.86	26.98	43.16	49.04	41.11	46.82	54.39	57.82	86.26
DPS(Rs)	1.28	1.6	1.6	2.4	2.4	3	3	4	5	6	7
Book NAV/Share(Rs)	62.64	69.04	99.01	122.89	159.36	200.69	235.47	276.29	323.37	373	449.9
Core EBITDA Margin(%)	4.04	3.4	6.82	5.08	6.74	6.9	5.05	6.15	5.41	5.03	4.47
EBIT Margin(%)	3.63	3.09	7.14	4.95	6.98	7.28	5.44	8.18	6.68	5.7	7.56
Pre Tax Margin(%)	3.34	2.75	6.98	4.94	6.97	7.28	5.43	8.17	6.68	5.69	7.55
PAT Margin (%)	2.21	1.8	4.64	3.22	4.57	4.86	4.06	6.54	5.28	4.32	6.31
Cash Profit Margin (%)	2.68	2.34	5.07	3.63	4.94	5.29	4.5	6.99	5.63	4.57	6.57
ROA(%)	10.65	8.74	26.7	17.1	23.13	21.26	14.96	15.16	15.05	13.9	17.97
ROE(%)	20.49	15.48	37.97	21.52	28.26	25.01	17.02	17.12	17.04	15.69	20.15
ROCE(%)	27.06	21.26	52.96	33.14	43.16	37.46	22.79	21.41	21.54	20.69	24.15
Receivable days	0.09	0.05	0.05	0.09	0.15	0.32	0.34	0.28	0.42	0.27	0.16
Inventory Days	4.04	5.76	4.64	3.2	2.55	3.17	4.18	7.24	6.18	5.42	4.97
Payable days	17.72	10.96	11.5	10.2	11.29	10.69	14.46	18.47	5.87	8.85	20.62
PER(x)	6.88	7.06	18.62	15.8	19.68	14.58	8.33	9.49	13.95	9.75	7.64
Price/Book(x)	1.3	1.04	6	3.07	4.93	3.27	1.31	1.51	2.2	1.43	1.41
Dividend Yield(%)	1.58	2.22	0.27	0.64	0.31	0.46	0.97	0.96	0.7	1.13	1.11
EV/Net Sales(x)	0.35	0.3	1.52	0.91	1.57	1.24	0.57	1.07	1.24	-2.45	-2.82
EV/Core EBITDA(x)	4.29	4.1	11.45	9.37	12.14	9.18	5.54	7.13	10.28	6.91	6.1
Net Sales Growth(%)	2.68	6.41	33.64	8.35	21.66	6.71	107.06	-26.95	46.75	-137.71	4.4
EBIT Growth(%)	51.04	-9.53	180.49	-25.2	65.64	10.74	-26.31	10.23	17.92	11.51	37.93
PAT Growth(%)	54.69	-13.49	212.93	-25.16	67.06	12.9	-17.56	18.04	16.56	6.97	51.73
EPS Growth(%)	54.69	-13.49	212.93	-25.16	67.06	12.9	-17.56	18.04	16.56	6.97	51.73
Debt/Equity(x)	0.25	0.25	0	0	0	0	0	0	0	0	0
Current Ratio(x)	0.48	0.71	1.33	0.58	0.82	0.82	1.25	1.46	1.64	1.27	1.3
Quick Ratio(x)	0.31	0.37	1.05	0.37	0.61	0.48	0.83	1.03	1.21	0.84	0.99
Interest Cover(x)	12.81	8.97	43.83	317.46	3579.41	1731.36	1760.34	1581.7	8493.87	3482.89	488.52
Total Debt/Mcap(x)	0.19	0.24	0	0	0	0	0	0	0	0	0

GM Breweries Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.43	74.43	74.43	74.43	74.43	74.43	74.43	74.43	74.43	74.43
FII	1.91	1.7	1.63	1.78	1.68	1.66	0.3	0.34	0.3	0.35
DII	0	0	0	0	0	0	0.02	0	0	0
Public	23.66	23.87	23.94	23.79	23.89	23.91	25.25	25.24	25.27	25.21
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36
FII	0.03	0.03	0.03	0.03	0.03	0.03	0.01	0.01	0.01	0.01
DII	0	0	0	0	0	0	0	0	0	0
Public	0.43	0.44	0.44	0.43	0.44	0.44	0.46	0.46	0.46	0.46
Others	0	0	0	0	0	0	0	0	0	0
Total	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83

Pros

Company is almost debt free.

Cons

Debtor days have increased from 8.85 to 20.62days.
Earnings include an other income of Rs. 80 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.