G M Breweries announced that the 40th Annual General Meeting (AGM) of the company will be held on 23 May 2023.

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G M Breweries announced that the Board of Directors of the Company at its meeting held on 6 April 2023, inter alia, have recommended the final dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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The company's net sales stood at Rs 155.97 crore in Q4 FY23, registering growth of 9.88% as against Rs 141.94 crore in Q4 FY22.

Sequentially, the company's net profit rose 35.42% and revenue increased by 1.5% in Q4 FY23.

The company's profit before tax declined 3.82% to Rs 45.07 crore inQ4 FY23 as against Rs 46.86 crore in Q4 FY22.

Total expenses advanced 10.27% year on year to Rs 573.33 crore in Q4 FY23. Cost of material consumed was at Rs 113.62 crore (up 3.73% YoY) and employee benefits expenses stood at Rs 2.87 crore (up 35.38% YoY) during the quarter.

For FY23, the company's net profit rose 7% to Rs 99.87 crore on 29.5% increase in net sales to Rs 593.51 crore.

The board recommended a final dividend of Rs 6 per equity share for the year ended 31 March 2023.

The board also approved re-appointment of Jimmy Almeida as managing director for a term of 5 years with effect from 1 April 2023 up to 31 March 2028, subject to approval of shareholders at the ensuing Annual General Meeting of the Company.

G M Breweries is engaged in the activities of manufacturing and marketing of alcoholic beverages such as country liquor (CL) and Indian made foreign liquor (IMFL). The company is the largest manufacturer of country liquor in the state of Maharashtra with a sizeable market share.

Shares of G M Breweries were down 4.59% to Rs 559 on the BSE.

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Net profit of G M Breweries declined 12.43% to Rs 35.10 crore in the quarter ended March 2023 as against Rs 40.08 crore during the previous quarter ended March 2022. Sales rose 9.88% to Rs 155.97 crore in the quarter ended March 2023 as against Rs 141.94 crore during the previous quarter ended March 2022.

For the full year,net profit rose 6.97% to Rs 99.87 crore in the year ended March 2023 as against Rs 93.36 crore during the previous year ended March 2022. Sales rose 29.45% to Rs 593.51 crore in the year ended March 2023 as against Rs 458.47 crore during the previous year ended March 2022.

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