Net sales declined 76.5% year-on-year (YoY) to Rs 27.87 crore during the quarter. Profit before tax (PBT) stood at Rs 3.24 crore in Q1 FY21, down by 87.1% from Rs 25.02 crore in Q1 FY20. Current tax expense declined 90.7% YoY to Rs 0.81 crore in the first quarter.

With respect to the impact of COVID-19 pandemic on operations, the company said that its operations were allowed to be restarted from 20 May 2020. However, sales of the company's products are still not permitted in Mumbai, Thane, Solapur & some other region, the principal market for company's products. The sale to the markets mentioned herein constitutes to around approximately 80 to 85% of the total company's sale as reported in quarter ended June 2019 & quarter ended March 2020.

In view of the restrictions on sale of country liquor due to extension of lockdown, the sale for the current quarter ended 30 June 2020 has been reduced by 15,83,034 boxes i.e. 1.39 crore bulk litre in comparison to quarter ended 30 June 2019. This has resulted in eventual reduction of profit at EBIT and net profit level, the liquor maker said in a filing.

G M Breweries is engaged in manufacturing and marketing of alcoholic beverages such as country liquor (CL) and Indian made foreign liquor (IMFL).

Powered by Capital Market - Live News

Net profit of G M Breweries declined 85.06% to Rs 2.43 crore in the quarter ended June 2020 as against Rs 16.27 crore during the previous quarter ended June 2019. Sales declined 76.51% to Rs 27.87 crore in the quarter ended June 2020 as against Rs 118.63 crore during the previous quarter ended June 2019.

Powered by Capital Market - Live News

G M Breweries will hold a meeting of the Board of Directors of the Company on 23 July 2020.

Powered by Capital Market - Live News

G M Breweries announced that the Annual General Meeting (AGM) of the company will be held on 6 August 2020.

Powered by Capital Market - Live News