Shares of Som Distilleries & Breweries Ltd. hit a record high on Tuesday after its net profit rose 31% in the June quarter.
The alcohol-beverage firm's profit increased to Rs 33.7 crore, compared to Rs 25.7 crore in the same quarter last fiscal, according to an exchange filing on Monday.
Som Distilleries Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 51% to Rs 385 crore.
Ebitda up 42% at Rs 48.5 crore.
Margin at 12.6% vs 13.41%.
Net profit up 31% at Rs 33.7 crore.
Shares of Som Distilleries were trading 1.89% higher at Rs 340.20 apiece as of 10:46 a.m., compared to a 0.12% decline in the benchmark NSE Nifty 50. The stock hit an intra-day high of 9.31%, the most since June 6.
The stock has risen nearly 184% year-to-date. The total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index at 70.15.
The one analyst tracking Som Distilleries maintains a 'buy' on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.8%.
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