Globus Spirits Limited has informed the Exchange regarding Analysts/Institutional Investor Meet/Con. Call Updates : Earnings call Transcript
“Globus Spirits Limited Q3 FY-20 Earnings Conference Call”
February 10, 2020
MANAGEMENT: MR. SHEKHAR SWARUP – JOINT MANAGING DIRECTOR
MR. VIJAY REKHI – CHAIRMAN, UNIBEV
MR. BHASKAR ROY – CHIEF OPERATING OFFICER
MR. AJAY GOYAL – CHIEF FINANCIAL OFFICER
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Globus Spirits Limited February 10, 2020
Moderator:
Ladies and gentlemen good day and welcome to the Globus Spirits Limited Q3 FY20 Earnings
Conference Call. As a reminder all participant lines will be in the listen-only mode and there
will be an opportunity for you to ask questions after the presentation concludes. Should you
need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on
your touchtone phone. Please note that this conference is being recorded. I now hand the
conference over to Mr. Shekhar Swarup – Joint Managing Director. Thank you and over to
you.
Shekhar Swarup:
Thanks. Good afternoon and thank you everyone for joining us on our nine-months and quarter
ended December, 2019 Earnings Conference Call. Along with me we have Mr. Vijay Rekhi –
Chairman, Unibev, Mr. Bhaskar Roy – Chief Operating Officer, Globus Spirits, Mr. Ajay
Goyal – Chief Finance Officer at Globus Spirits and our Investors Relations team.
We continue our growth trajectory in this quarter gone by which has been an outcome of our
team’s efforts and various recent structural changes in the industry. Manufacturing business
has experienced robust growth with bulk alcohol revenues growing by 46% year-on-year in the quarter ended 31st December, 2019. Higher contribution from the manufacturing segment
thrust the operating margins to stabilize at 11% during the quarter gone by. Lately in a revision
of price in the new tender of ethanol, the OMCs have increased the price by about 8% to Rs.
50.36 paisa up from over Rs. 47 previously; demonstrating this will lead to increase in ENA
prices across all states. Central government’s impetus towards ethanol manufacturing has
brought structural change for distillers and we believe this will sustain going forward.
Consumer business witnessed a growth of 6% in value in spite of some decline in volumes
amidst a slowdown in the last quarter. Haryana IMIL performance however witnessed an
improvement on account of reduction in illicit liquor in the state. We also welcome various
government initiatives in the Union Budget that should aid to boost rural income and increase
disposable income at the hands of our consumers that we hope will improve consumption.
Prolonged winter in North India has also helped enhance the demand for Country liquor.
Going forward we continue to focus on improving production efficiencies. Some of these
efficiencies will be elaborated by Dr. Roy in his remarks. Pro-active steps towards
restructuring high-cost loans and negotiating borrowing costs with existing banks, steady
repayment will further aid rationalizing of finance cost. Return ratios witness significant
improvement in the last quarter, current annualized ROE stood at 13% against 7% and ROCE
improved to 11% annualized as against 8% as compared to financial year 2019. I now request
Mr. Vijay Rekhi to discuss the developments at Unibev.
Vijay Rekhi:
Thank you Shekhar, very good afternoon to everyone and welcome to the earnings call. As per
our strategy of focusing on expanding geographical presence, we have launched our products
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in upcountry Maharashtra, various districts and Mumbai Metro as well as in the state of Goa
during the quarter ended December, 2019 increasing our presence in total to nine states.
Unibev also achieved its own milestone of highest ever sales since inception which was closed
at 20,600 cases on a year to date basis thereby demonstrating early signs of brand’s
acceptability by consumers. We are in continuous process of building our brand portfolio in
the Premium and Above segments with niche offerings to the consumers. We continue to be
prudent on our marketing expenditures. Currently spends are channeled through selected
digital media and exclusive events participation where consumer can have a palette experience
of the product. Our focus will be towards expanding our brand awareness in the recently added
geographies like upcountry Maharashtra, Mumbai and Goa and also planned launch in three
more states during this year. Along with developing Premium products offering in Whiskey
which are already in the market; we are considering other categories such as BIO that this
Bottled-in-India, Scotch and Rum to enhance our total offerings to the consumers in the very
near future. Unibev may be small as yet today but the team’s commitment will make it reach
new heights tomorrow. This is our belief. I now request Dr. Bhaskar Roy to share operational
performance of Globus Spirits.
Bhaskar Roy:
Thank you Mr. Rekhi. Good afternoon and warm welcome to everyone. I will share the
operational performance of the company. Optimum utilization of resources and operational
efficiencies has always helped us to run at high utilization levels during Quarter 3, FY20. The
capacity utilization stood at 92.4%. As mentioned by JMD Shekhar Swarup, we have initiated
various measures to improve production efficiencies. At Haryana facility initiative towards
modernization, power plants have been taken which will further reduce the fuel cost of the
company. We are continuously working towards identifying new measures to improve the
production efficiencies. IMIL volumes for the quarter stood at 2.88 million cases in Q3 FY20
compared to 3.08 million cases in Q3 FY19. Average realizations for the quarter stood at Rs.
387 per case against Rs. 341 per case during Quarter 3 FY19, a growth of 14% year-to-year.
Franchisee bottling volumes in Quarter 3, FY20 at 1.03 million cases, in Quarter 3, FY20
compared to 1.26 million cases in Quarter 3, of FY19. Bulk alcohol volumes for Quarter 3,
FY20 stood at 30 million liters compared to 25 million liters in Quarter 3 of FY19. On account
of increase capacities through debottlenecking whereas bulk realizations stood at Rs. 56.2 per
liter, Quarter 3, FY20 compared to Rs. 46.1 per liter in Quarter 3 of FY19, growth of 22%. On
account of higher ENA and higher DDGS realizations, the revenue mix was higher towards
manufacturing segment at 66% compared to 59% in Quarter 3 of FY19. With that I will like to
call upon our CFO Mr. Ajay Goyal to continue the discussions on the financial performance.
Ajay Goyal:
Thank you Dr. Roy. Good afternoon everyone. I will take you through the key financial highlights for the quarter ended December 31st, 2019. During Q3 FY20 the total income net of
excise duty was reported at Rs. 3,268 million against Rs. 2,608 million in Q3 FY19, a growth
of 25% year-on-year basis backed by higher bulk alcohol revenues which grew by 46% year-
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on-year. EBITDA stood at Rs. 360 million in Q3 FY20 against Rs. 250 million in Q3 FY19, a
growth of 44% with EBITDA margins at 11% in Q3 FY20 against 9.6% in Q3 FY19. Part
benefits of higher bulk alcohol realization were offset by increased raw material costs. Profit
After Tax during the quarter stood at Rs. 147 million compared to Rs. 58 million in Q3 FY19.
Reduction in finance cost and overall performance enabled a robust growth on year-on-year
basis. As mentioned by Mr. Shekhar Swarup during the quarter we have successfully
restructured our high-cost debt and other loans has been rationalized bringing effective
weighted average borrowing cost below 10%. This concludes my remarks on the financial
highlights. I would now request the moderator to open the forum for questions.
Moderator:
Thank you very much. We will now begin the question and answer session. The first question
is from the line of Yash C, an Individual Investor.
Yash C:
At the moment if government is also focusing towards methanol-based blending due to cost
constraint, how do you foreseeing the situation, do you have any steps or strategies to tackle
this situation in near term future?
Shekhar Swarup:
As of now we neither see this as a threat or an opportunity. Firstly our own company’s
allocation to ethanol isn’t going to be more than 25% or 30% of our capacities. We remain
focused on beverage-based ENA or bottling of Country liquor or IMFL along with supporting
our own brands of IMFL and Unibev. Whereas government has announced a methanol
program, it’s not something that affects us in any way. The route to produce methanol is not
viable through fermentation methods. So I don’t see this as an impact to our business.
Yash C:
How are your projections towards bottom-line and top-end the growth in financial year 2021?
Shekhar Swarup:
We have refrained from giving forward-looking projections on such calls but the structural
change that has come in place due to ethanol, we saw a little bit of a slowdown on that when
there was a delay in revising prices in line with inflation in agriculture commodity but some of
that has happened already and in January-February and we hope that this trend should continue
what we have been able to demonstrate.
Yash C:
How much the total debt is on the current level?
Ajay Goyal:
Total debt as today long-term debt is Rs. 179 crores.
Moderator:
The next question is from the line of Vikram Kotak from Ace Lansdowne Investment.
Vikram Kotak:
My question is towards the IMFL business. What is the burn right now on the business and
what’s your own view or what’s Mr. Rekhi’s view that how long this is going to sustain
because I think you invested for almost 2.5 years now in the business? So where are we seeing
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that point where you start not expecting cash flows from the company but rather you have a
less burn on overall balance sheet. That’s the first question.
Globus Spirits Limited February 10, 2020
Shekhar Swarup:
Unibev this year had certain projections and basis those projections that were made earlier this
year; the company is not been able to achieve those for a variety of reasons. First and foremost
the reason is largely due to registration of new brands in some markets, we find that the team
had underestimated how difficult that would be and in fact most of our registration that were
planned for this year only came through in Q3 and already in January we are seeing results of
that. So suffice it to say the plan for this financial year has been delayed by about 6 to 9
months and as a result the burn continued, previous years burn continued into this year. The
good news is, the registration of labels for the second time in the same stage or renewal of
label, not a first-time registration is far easier as we have already seen in this financial year, for
some of the states we have launched in the previous financial year and therefore next year is
really the test for Unibev to be able to demonstrate its business plans. Mr. Rekhi perhaps you
could add to this if you think I have missed out anything.
Vijay Rekhi:
No I think Shekhar, all the aspects by your statement.
Vikram Kotak:
One more question Mr. Rekhi for you that how is the response in like you said Maharashtra
and Goa you just launched and how is the response in Pondicherry and Karnataka where you
launched a year, year-and-half back. What’s the traction you are seeing, what is the first
response or what is the learning from there?
Vijay Rekhi:
The first response is a ‘wow’, with regard to the product offering and the palate experience the
consumer gets. Specific query regarding Maharashtra is concerned, we are in about three or
four districts of Maharashtra and we have just entered in the last six weeks the greater Bombay
area. It’s a little too early to comment on the acceptability of the products but the initial
response is very encouraging. There has been a massive appreciation with the total product
offering and as the distribution rolls out in terms of relevant outlets where this type of product
of competition is franchise. We will track what is the movement of our product which initially
is looking very attractive and be able to firm up our opinion in terms of total acceptability of
the product. But to add to this if we were to support this outlook in Maharashtra with regard to
success of production the other markets where there have been launched I think we are very
optimistic that these products will be accepted in Maharashtra in serving market particularly
greater Bombay and we look towards the market with such an optimism.
Vikram Kotak:
I think this ‘wow’ should come from everyone from customer to financial controller to
shareholders. Ajay I have one question for you that, what’s the debt repayment in last two
quarters, I actually missed last quarter’s debt repayment. So what’s the debt repayment in the
current financial year you can say that?
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Ajay Goyal:
Current financial year debt repayment is approximately Rs. 24 crores and next year I think Rs.
35 crores.
Globus Spirits Limited February 10, 2020
Vikram Kotak:
So even last quarter you will pay something?
Ajay Goyal:
Yes.
Vikram Kotak:
And next year you are planning to do 35 crores so then your long-term debt will go to 135-
Ajay Goyal:
140?
Yes.
Vikram Kotak:
One more question for either Shekhar or Mr. Roy that is Bihar is fully utilized, Bihar ethanol
or is it you have further scope to make more, from the current capacity as of as well as adding
up the capacity?
Bhaskar Roy:
The capacity is fully utilized and we are making ENA at this moment. We have now started
making ethanol but from the second quarter of this year we will start producing ENA and
supplying to the oil companies.
Vikram Kotak:
You will need more capacity at the same place, right?
Bhaskar Roy:
No we will don’t need capacity. We are putting modifications in the plant. We can
manufacture ethanol and also manufacture ENA.
Shekhar Swarup:
I would just like to add to that. After the price of ethanol, after the revision we have taken a
decision to supply some quantity of ethanol from Haryana and from Bihar. We have recently
made our grades and we will know the result of that in a few days but we would like to supply
anywhere between 20% to 30% of the capacity of Haryana plus Bihar because this will help us
with our ENA, our capacity utilization and also ENA pricing.
Moderator:
The next question is from the line of Dhwani Sanghvi from Sanghvi Investments.
Dhwani Sanghvi:
I would like to know when did our company become debt free. What is the plan for the debt
repayment as you mentioned that you will be repaying the debt for this financial year and the
next financial year so when are you expecting that we will become debt free, in how many
years?
Shekhar Swarup:
There are a lot of assumptions in to be able to get to the answer to that question. But assuming
the current level of work that’s happening in terms of EBITDA as well as debt repayment it
should be but 4 years but we have a lot of decisions to make in terms of accelerating debt
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repayment or even using some of the surplus cash in higher ROI activities such as Unibev or
even some other opportunities we have in our “legacy business”. It’s difficult to tell you
exactly when we will be debt free but we have cash that we are generating and we are
deploying that according to our debt repayment schedule. But some of the other variables we
have not yet decided for the next 3 to 4 years.
Dhwani Sanghvi:
I would like to know the Haryana IMIL market has seen growth. So can you share that what
has helped this growth come in?
Shekhar Swarup:
If you have been tracking our performance over the last few quarters we had mentioned that
Haryana volumes had been low due to a high incidence of illicit liquor being sold by other
players in Haryana and we have seen in the last quarter a sort of a beginning of a crackdown
perhaps on that and that has helped grow the organized market in Haryana. It’s difficult for me
to say whether this will continue going forward but we did see the crackdown in Q3 and that
immediately helped volumes for us.
Moderator:
The next question is from the line of Ankita Singh from MAN Financial Services.
Ankita Singh:
We’ve just seen that your EBITDA has grown to 11% as against 9.6%. Can you throw some
light on the steps you will take for further improvement of EBITDA hereafter? Do you think
that it will sustain at 11% or 12% level?
Shekhar Swarup:
So that’s really most important structural change that I was talking about in my opening
remarks. So firstly a growth in volumes came in due to better capacity utilization across the
board in the company. We have also seen small increases in capacity in almost all of our
factories due to debottlenecking and better utilization of the equipment that we have and we
are hopeful that some of this increase through what we call debottlenecking will continue in
the next financial year. In terms of margins number one; we are now due to large amount of
ethanol off-take happening in India, we are seeing a lot of capacities of alcohol being diverted
to ethanol as it result ENA is becoming a little more premium, ENA capacities are becoming
little more premium and the other is that there is what we are seeing this year specially, this
Kharif marketing season for rice, a dip in price of broken rice are going forward due to a large
amount of inventory with the government. So they are looking at offloading rice stocks, as a
result there is a very good environment for us in terms of subdued rice prices and high ENA
prices; also the team is doing great work to increase capacities and deliver high utilization of
capacities.
Ankita Singh:
Can you throw some light on the plans for utilization of funds, the free cash?
Shekhar Swarup:
This year the priority has been as follows; there is of course debt repayment and taxation. After
that we allocate money for Unibev; that has been the commitment we undertook a couple of
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years ago and thereafter some amount of money in maintenance CAPEX. Dr. Roy spoke about
the new power plant in Haryana that would be commissioned soon. Going forward the taxation
debt repayment that priority of course remains but besides that the call that we have to take is
how to prioritize the cash between Unibev and other high-performance, high opportunity
projects that we have identified and hopefully in the next couple of months we will be in a
position to take that decision.
Moderator:
The next question is from the line of Ravinder Singh, an Individual Investor.
Ravinder Singh:
While analyzing financial performance of our company since listing I noticed that
remuneration of the promoter has been increasing almost consistently over the years; even
after financial year ‘14 onwards when company was facing challenges, management has not
paid dividends since then but there was a consistent increase in management payout. In fact
remuneration of promoter has a percentage of PAT while looking into last previous year, has
increased from 2% to around 15% to 20% over last 6 years but management seems not willing
to reward minority shareholder. We did an EPS of around Rs. 8.5 last year with comfortable
level of debt impact but the dividend was not paid out. We are expected to achieve EPS of
around Rs. 15 this year on consolidated basis. Promoters have already recently taken increment
on the remuneration which seems to be around 50% compared to last financial year. So being a
shareholder my question is regarding the dividend payout. May I know the management plan
towards dividend payment to minority shareholders; can we expect a minimum of around 20%
of EPS as dividend payment for current financial year?
Shekhar Swarup:
So your question is about dividend payout policy. Company has been investing its cash in debt
repayment, taxation and future growth not only in terms of its legacy business but also
futuristic businesses such as Unibev in order to get the company to a certain scale for all
stakeholders. This current year is the first year when the company has started demonstrating
healthy cash flow and PAT. You would recollect that our projects Bengal and Bihar after
commissioning; Bihar got into prohibition and the company needed to service the loans taken
for that project despite one factory being closed for I believe over a year. That said going
forward dividend policies are something that are being discussed by the relevant committees in
the company and hopefully as and when they have a decision that will be made public. You
made a certain suggestion about how much percent did the EPS, that has been taken at the
under advice.
Ravinder Singh:
One more thing which I looked into while analyzing other listed companies, other listed
players from the same segment; so I need not to name you can check on your own with a
similar market cap or even a bit higher or lower. They have rewarded shareholders–I
understand, I agree that we have taken a CAPEX and due to market conditions we were not
able to encash on the opportunity due to Bihar ban and other factors but I firmly believe that–
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Globus Spirits Limited February 10, 2020
in fact I was expecting being a shareholder last year also to get some reward based on the
company’s turnaround performance and now with a comfortable debt position and also being a
general practice cum looking at other listed companies from the same segment I think
management should look into this as a serious thing because since listing actually minority
shareholders; the company management has not made any significant returns by investing in
the company. So please do consider this. Thank you.
Shekhar Swarup:
Thank you for your patience and your suggestion.
Moderator:
The next question is from the line of Sai Narayanan, an Individual Investor.
Sai Narayanan:
I was just going through the last call I was just going through the presentations where you have
underlined three things actually. So one is on the hikes in ethanol prices that is one and second
thing you are saying on converting this bulk alcohol into IMIL business that is the second one
and the third thing is on Unibev. So my question is on the second part where the share of
consumer business is actually has to improve where you are investing on bottling this to the
consumer business. So there I can see to that in 2014 or ‘15 starting from 2012-13-14, so we
see the share of Haryana business is coming down. So what are the major challenges there?
One is that you told illicit liquor is flowing there. That is one, apart from that do we see any
other challenges because if I see some of the companies like Piccadily Agro, they have a
strong marketing position there, that’s what I feel. And second question is with respect to
enhancing the IMIL business, so last call you were discussing that Bengal is showing lot of
promises, so is there any update on the IMIL business in Bengal? These are the two questions I
had got.
Shekhar Swarup:
I will quickly take this up and Dr. Roy can give you little more details; one of the reasons that,
there are a few reasons why the consumer share has de-grown. You are absolutely correct, our
focus is to prioritize, allocation of Spirits to the consumer businesses to the extent possible.
Number one Bihar capacity is entirely selling bulk, there is no share of consumer there for the
reasons of prohibition. Secondly we have grown our capacities through debottlenecking but I
was talking about earlier and that of course has grown far more than the consumer business as
a result consumer business as a share has come down and finally the Haryana issue that you
spoke about. These are the reasons that the consumer business quarter-on-quarter has reduced.
As far as the prospects are concerned in Bengal, Rajasthan and Haryana we have good
prospects. Dr. Roy perhaps you can talk a little bit about this.
Bhaskar Roy:
Number one in Haryana which previously what we were telling there was illicit functions were
going on which has stopped from the last quarter a little bit and hopefully it will continue. So
the organized sector is growing, and our share will go and from the last year whatever cases we
have sold, we will sell more than that cases this year in Haryana. For Bengal we have made our
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strategy and planned accordingly and we are trying to open up distribution channels in the
states by having presence in other parts of the states so that the distribution is more and we can
reach the consumers which we are not able to reach from the factory level through the
distributions and setting up warehouses at those parts.
Sai Narayanan:
Another question I have got for you Mr. Roy or Ajay is I know that last quarter or one quarter
before, we announced new set of brands which is between IMIL and IMFL. New set of class of
liquor we have introduced in Haryana and Rajasthan. Can you just update us on how is the
response, is it gaining traction?
Shekhar Swarup:
You are absolutely correct this was launched last year in Haryana and Rajasthan. The retailer
unfortunately the way the pricing of this product has been done in the current financial year is
that the retailer is not incentivized to sell this product. The retail margin in IMFL and IMIL is
much higher and as a result they haven’t been supporting this category. We have just a few
days ago received a copy of the Rajasthan Excise policy for the year 2021 and in initial
response reading it seems they will be pushing this category further but it’s a bit early days for
us to talk about it right now. As of now the response from the trade for the medium liquor
category as what it is called now remains quite muted.
Sai Narayanan:
I remember discussing this some time back when we were discussing on the challenges on the
Haryana front, so we were saying one is the illicit liquor and another is on the distributors
actually distributors they want higher margins from IMIL business that was one of the reasons
I remember 1 or 2 years back we were changing the distributors also, wholesale distributors to
the market. So is there any change on the distributor’s front that in Haryana market for IMIL?
Shekhar Swarup:
There has been changes since then. Every year there are some changes when the Excise policy
comes but I think the more pertinent issue is the size of the addressable market for us in
Haryana. That is they come down quite dramatically and as a result the volume too has
reduced.
Moderator:
The next question is from the line of Navneet Bhaiya, an Individual Investor.
Navneet Bhaiya:
I have two questions, in the last call you had mentioned that there are some debottlenecking
exercises going in Rajasthan and West Bengal which will increase your capacity by 20% and
which would come into effect by Q4. So just what wanted a status on that, are we looking at
additional capacities in this quarter from Rajasthan and West Bengal?
Bhaskar Roy:
West Bengal we have delayed to some extent the capacity increase. As the plant was running
steadily and there was a demand of the spirits heavily there and this shutdown would have
taken 10-15 days. We have delayed it to the year end and the first week of the month of April
to take it and do the necessary work.
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Globus Spirits Limited February 10, 2020
Shekhar Swarup:
So in a nutshell the work is complete but in order to increase the capacity we need to close the
plant for about 10 to 15 days and considering that we have pushed this to the next financial
year, hopefully within the first quarter.
Navneet Bhaiya:
This is for both West Bengal and Rajasthan, right?
Shekhar Swarup:
This is for West Bengal, for Rajasthan the work is all complete. We are waiting clearance from
the Environment Department that is not yet happened. Hopefully 3 months more but it could
take a little more time.
Navneet Bhaiya:
So in terms of capacity FY21, we should assume and all these things happen, we should see
some volume growth in terms of capacity available?
Shekhar Swarup:
Yes, so this work on debottlenecking continues. There is in fact more work that we have taken
on for next financial year and if you see that our regular allocation to maintenance CAPEX is
between 10 to 20 crores; most of that money goes into this and the debottlenecking work for
this year whereas its complete. We haven’t seen a lot of the capacity increase due to that but
this will come in next year and there should be some more work next year as well.
Navneet Bhaiya:
Second question was in states like Haryana and West Bengal, I wanted to understand what
does it take to actually increase your market share from 8% and 1% respectively? Is capacity a
bottleneck or what does it actually take, how do we see it increasing from 8% to what we have
in Rajasthan over a few years?
Shekhar Swarup:
In Haryana’s policy to be honest so there is not a whole lot I can say right now. The policy
needs to focus on increasing the regulated portion of the industry but investing all what Dr.
Roy was talking earlier is largely distribution and branding oriented. Unlike other states and
West Bengal we supply product from our bottling plant direct to customers direct to retail as a
result on logistics cost as a share of revenue in West Bengal are far higher. Therefore we have
only been able to focus our work in a few certain geographies in West Bengal so far. Just a few
weeks ago we saw an increase in price of Country liquor in West Bengal which allowed us to
spend a little bit more on our selling and distribution network and we are now working on
taking up bottling capacities in geographies where we are not able to supply and also working
with Excise to permit stockiest warehouses in some areas of Bengal. So these are some of the
works that are happening, of course there is the angle of product quality, packaging and all of
that. On that I believe Globus’s teams have created a very good product. Our route to market,
our distribution needs to grow and I think in the next 1 to 2 financial years we will see a lot of
that work coming in our through.
Moderator:
The next question is from the line of SB Bhaiya, an Individual Investor.
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Globus Spirits Limited February 10, 2020
SB Bhaiya:
Last quarter there is dip in the volumes of Rajasthan, so how do you see this panning of this
particular quarter and the next year?
Shekhar Swarup:
So this year we have seen in the last couple of quarters consumption across the board in
Rajasthan has been lower IMFL and IMIL. Our market share remains at between 29% and
30% every month. So there is no concern on that but I think we need to start seeing increase in
consumption and hopefully if some of the steps being taken by government of India as well as
government of Rajasthan should help that in the next financial year.
SB Bhaiya:
But how do you see panning out, just for the quarters are you seeing some gains?
Shekhar Swarup:
We have just ended January, so January has been as per past performance it’s difficult for me
to say how it’s going to pan out for the next couple of months.
Moderator:
As there are no further questions, I now hand the conference over to Mr. Shekhar Swarup for
closing comments.
Shekhar Swarup:
Thank you for joining us everyone. Please in case there are any questions please be in touch
with us or our Investor Relations team and we look forward to speaking to you very soon.
Moderator:
Thank you. Ladies and gentlemen on behalf of Globus Spirits Limited that concludes this
conference. Thank you for joining us and you may now disconnect your lines.
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