Liquor shares rally; Radico Khaitan, Globus Spirits hit 52-week highs
Globus Spirits was up 13% to Rs 141, also its 52-week high in intra-day trade. The stock surged 21% in past four trading sessions after the company reported 61% growth in net profit at Rs 2.78 crore in September quarter (Q2FY18). It delivered strong topline performance – growth of 57% at Rs 365 crore during the quarter driven by higher sales from the West Bengal facility.
United Spirits was up 5% to Rs 3,112, trading close to its 52-week high of Rs 3,181, touched on November 6, in intra-day trade. The company had reported a strong 84% jump net profit at Rs 153 crore, despite a drop in net sales during September 2017 quarter (Q2FY18).
“In the second quarter we have delivered strong underlying net sales growth of 4% driven by 12% growth in the Prestige & Above segment, despite the impact of the highway ban. Additionally, we have delivered expanded margins despite the impact of Goods and Service Tax (GST),” United Spirits, CEO, Anand Kripalu said while announcing Q2 results.
“With the recent Supreme Court clarification on the highway ban, we have seen outlets start to re-open in September and we expect the impact of the highway ban to continue to decrease and the business to normalize by end of the third quarter,” he added.