If you enjoy your beer, you might be interested in reading about Som Distilleries Breweries which commands the highest market share in the Beer segment in the state of Madhya Pradesh.
In Aug’23, the company had allotted 1,28,75,000 convertible warrants at an issue price of Rs 110/- per warrant. Out of the same, 1,21,25,000 warrants were allotted to Promoters and only some 24 lakh warrants are pending conversion by the promoters.
Below, we have shared notes from the Q3 FY 25 concall to understand the company better.
Before that: Recently, we released a new stock recommendation under “Insider Bets“ subscription which is based on Promoters’ actions.
Promoter is basically infusing capital and increasing stake when the stock is down 60% from peak. You can read the details HERE
Som Distilleries Breweries – Notes from Q3 FY 25 concall
Operational Performance
- Total Volume: The company reported a 50 lakh cases sales volume in Q3 FY25
- Beer Sales: 47 lakh cases, reflecting a 4.7% year-on-year (YoY) growth
- IMFL Sales: 3.4 lakh cases, with a strong 25% YoY growth
- 9M Beer segment: 178 lakh cases, up 18% YoY
- 9M IMFL segment: 14% YoY growth
Debt & Cash Flow Management
- Total Debt: Rs 1,110 crore
- Cash Reserves: Rs 23 crore in cash and equivalents
- Debt Reduction: The company has reduced its total debt by 37% in 9 months
Brand & Product Performance
- Legend Beer: Successfully launched in Karnataka, with 7 lakh cases sold in Q3, totaling 18 lakh cases in 9M FY25
- Woodpecker Beer: A premium beer brand gaining market traction
- Realization per Case: Increased to Rs 560 per case, compared to Rs 518 in Q3 FY24
Capacity & Expansion Plans
- Som Distilleries (SDBL): 73% utilization in 9M
- Woodpecker Brewery: 65% utilization in 9M
- Odisha Plant: 64% utilization in 9M
- Odisha Plant expansion: Plans to increase production capacity from 3.52 crore to 3.82 crore cases
Strategic Investments & Market Focus
- Evaluating states with stable liquor policies before entering new markets to ensure long-term sustainability
- Actively expanding into Uttar Pradesh, Rajasthan, Delhi, Jharkhand, and Northeast India
- Increasing focus on premium beer and IMFL brands to boost margins
- MP Liquor Ban Impact: Minimal effect, as only 47 liquor shops closed out of 3,500 in Madhya Pradesh
Future Outlook & Business Strategy
- Targeting Rs 2,000 crore revenue by FY27
- Industry CAGR at 9%, but company aiming for higher growth
- The company is transitioning from a beer-dominant brand to a full-fledged AlcoBev player
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Disclaimer: This is not a recommendation to buy/sell any of the stocks mentioned above. The securities quoted are for illustration only and are not recommendatory.
Ekansh Mittal
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