Som Distilleries

₹294.8 3.9 | 1.3%

WEBSITE BSE:507514 NSE : SOM DISTILL. 10 May, 16:01

Market Cap ₹2299 Cr.

Stock P/E 26.4

P/B 4.1

Current Price ₹294.8

Book Value ₹ 72

Face Value 5

52W High ₹389.8

Dividend Yield 0.08%

52W Low ₹ 175.3

Edit Ratio

Som Distilleries Research see more...

SOM Distilleries & Breweries Limited: Favourable demographics should support next leg of growth

Overview Inc. Year: 1993Industry: Breweries & Distilleries

Som Distilleries & Breweries Ltd is an India-based brewing organization which is engaged in making beer from malt plus whiskies. The Company is likewise engaged in blending and bottling of Indian made overseas liquor (IMFL). The Company's product portfolio consists of beer, rum, brandy, vodka and whisky. The Company's brands consist of Hunter, Black Fort and Power Coal in the Beer phase, in addition to Milestone 100 whisky and White Fox vodka. The Company's other brands additionally encompass Legend, Genius, Sunny and Woodpecker Beer. It also offers White Fox Refresh, which has Hunter Pint Beer and vodka and natural extracts. The Company has a advertising and marketing and distribution network in Madhya Pradesh, Chhattisgarh, Delhi, Gujarat, Jharkhand, Orissa, Pondicherry, Uttarakhand and Kerala with over 60 vendors in India. The Company's plant is placed at Rojrachak village. The Company has an installed ability of 59,200 kiloliters of beer and 5,400 kiloliters of IMFL.

Som Distilleries Share Price

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Price

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Peer Comparison

Som Distilleries 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	152	269	438	268	305	482	759	466	501	739
Other Income	1	0	2	1	3	0	2	0	0	4
Total Income	153	269	439	269	308	483	760	466	501	742
Total Expenditure	147	257	404	251	288	454	710	439	469	697
Operating Profit	7	12	36	19	19	29	50	28	32	46
Interest	4	4	4	4	3	4	3	3	3	3
Depreciation	4	4	4	4	4	4	4	6	6	6
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	-1	4	28	10	12	20	43	19	24	36
Provision for Tax	0	-3	2	2	1	4	9	4	6	16
Profit After Tax	-1	6	26	8	11	16	34	15	18	20
Adjustments	0	0	0	0	0	-0	-0	0	0	0
Profit After Adjustments	-1	6	26	8	11	16	34	15	18	20
Adjusted Earnings Per Share	-0.2	0.9	3.6	1.2	1.4	2.1	4.4	1.9	2.3	2.6

Som Distilleries Profit & Loss

#(Fig in Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	245	351	393	460	288	365	807	2465
Other Income	3	2	3	4	3	0	1	6
Total Income	248	353	397	463	290	365	808	2469
Total Expenditure	209	292	344	415	297	346	705	2315
Operating Profit	39	60	53	48	-7	20	103	156
Interest	11	9	12	15	19	15	16	12
Depreciation	4	4	9	12	13	17	17	22
Exceptional Income / Expenses	0	0	0	0	0	0	0	0
Profit Before Tax	24	47	31	21	-39	-13	70	122
Provision for Tax	10	22	12	6	-1	-3	10	35
Profit After Tax	14	25	20	15	-38	-10	60	87
Adjustments	0	0	0	0	-0	0	0	0
Profit After Adjustments	14	25	20	15	-38	-10	60	87
Adjusted Earnings Per Share	2.5	4.5	3	2.3	-5.8	-1.4	8.1	11.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	121%	21%	18%	0%
Operating Profit CAGR	415%	29%	11%	0%
PAT CAGR	0%	59%	19%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	62%	113%	32%	11%
ROE Average	18%	1%	3%	6%
ROCE Average	16%	4%	6%	10%

Som Distilleries Balance Sheet

#(Fig in Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	141	161	311	320	282	290	375
Minority's Interest	0	0	0	0	0	0	0
Borrowings	41	70	96	145	123	111	160
Other Non-Current Liabilities	15	15	16	11	10	6	59
Total Current Liabilities	108	120	264	281	296	293	317
Total Liabilities	305	366	687	757	712	699	912
Fixed Assets	68	78	207	272	414	406	391
Other Non-Current Assets	26	108	165	161	28	25	131
Total Current Assets	211	181	312	324	269	268	389
Total Assets	305	366	687	757	712	699	912

Som Distilleries Cash Flow

#(Fig in Cr.)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	20	31	26	25	22	14	9
Cash Flow from Operating Activities	88	81	4	41	23	9	14
Cash Flow from Investing Activities	-81	-87	-197	-70	-13	-6	-108
Cash Flow from Financing Activities	5	0	192	26	-18	-8	97
Net Cash Inflow / Outflow	12	-6	-1	-3	-7	-5	3
Closing Cash & Cash Equivalent	31	26	25	22	14	9	13

Som Distilleries Ratios

#	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.53	4.51	2.97	2.29	-5.77	-1.4	8.14
CEPS(Rs)	3.17	5.27	4.3	4.06	-3.74	0.99	10.43
DPS(Rs)	0.75	0.75	0.75	0	0	0	0.25
Book NAV/Share(Rs)	25.19	28.81	46.71	48.48	42.7	41.18	50.65
Core EBITDA Margin(%)	11.76	13.66	8.89	6.25	-1.89	2.94	6.82
EBIT Margin(%)	11.59	13.11	7.93	5.11	-4.02	0.43	5.77
Pre Tax Margin(%)	7.85	11.06	5.68	2.95	-7.7	-1.91	4.7
PAT Margin (%)	4.69	5.88	3.55	2.12	-7.51	-1.5	4.03
Cash Profit Margin (%)	5.87	6.88	5.13	3.76	-4.87	1.06	5.16
ROA(%)	4.64	7.51	3.73	2.09	-5.19	-1.39	7.49
ROE(%)	10.05	16.7	8.36	4.81	-12.65	-3.44	18.14
ROCE(%)	16.3	24.1	12.03	7.14	-3.95	0.58	15.65
Receivable days	59.82	50.82	62.34	63.86	94.13	68.77	31.42
Inventory Days	28.5	22.23	40.94	51.1	62.03	42.54	26.78
Payable days	148.51	55	84.85	112.93	194.26	139.61	67.52
PER(x)	25.14	24.52	26.33	13.17	0	0	18.8
Price/Book(x)	2.53	3.84	1.68	0.62	0.75	1.5	3.02
Dividend Yield(%)	1.16	0.67	0.94	0	0	0	0.16
EV/Net Sales(x)	1.63	1.95	1.68	0.87	1.41	1.71	1.69
EV/Core EBITDA(x)	10.32	11.3	12.56	8.3	-58.03	31.94	13.18
Net Sales Growth(%)	0	43.28	12.16	16.94	-37.47	26.98	120.91
EBIT Growth(%)	0	60.57	-21.98	-17.03	-156	113.8	2973.39
PAT Growth(%)	0	78.19	-22.2	-23.01	-352.1	74.15	712.83
EPS Growth(%)	0	78.19	-34.1	-23.01	-352.35	75.77	681.43
Debt/Equity(x)	0.52	0.56	0.55	0.69	0.74	0.68	0.65
Current Ratio(x)	1.95	1.5	1.18	1.15	0.91	0.92	1.23
Quick Ratio(x)	1.83	1.34	0.84	0.79	0.68	0.64	0.82
Interest Cover(x)	3.1	6.4	3.53	2.37	-1.09	0.18	5.41
Total Debt/Mcap(x)	0.21	0.15	0.33	1.12	0.98	0.45	0.21

Som Distilleries Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	24.48	29.29	30.11	30.41	32.72	33.11	34.47	34.5	34.73	35.26
FII	0.11	0.05	0.21	1.18	1.64	1.1	1.08	0.86	0.58	0.77
DII	0	0	0	0	0	0	0.15	0.47	0.49	0.45
Public	75.42	70.66	69.68	68.41	65.64	65.79	64.31	64.18	64.2	63.51
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	1.59	2.05	2.11	2.13	2.41	2.44	2.66	2.67	2.69	2.75
FII	0.01	0	0.01	0.08	0.12	0.08	0.08	0.07	0.04	0.06
DII	0	0	0	0	0	0	0.01	0.04	0.04	0.04
Public	4.9	4.94	4.88	4.79	4.84	4.85	4.97	4.97	4.98	4.95
Others	0	0	0	0	0	0	0	0	0	0
Total	6.5	7	7	7	7.38	7.38	7.73	7.75	7.75	7.8

Pros

Debtor days have improved from 139.61 to 67.52days.

Cons

Promoter holding is low: 35.26%.
Company has a low return on equity of 1% over the last 3 years.
Stock is trading at 4.1 times its book value.

* 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.