{"id":144810,"date":"2023-05-03T02:40:00","date_gmt":"2023-05-03T06:40:00","guid":{"rendered":"https:\/\/44.250.171.167\/?p=144810"},"modified":"2023-05-03T02:40:03","modified_gmt":"2023-05-03T06:40:03","slug":"som-distilleries-breweries-limited-sdbl-q4-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/som-distilleries-breweries-limited-sdbl-q4-fy23-earnings-concall-transcript\/","title":{"rendered":"Som Distilleries & Breweries Limited (SDBL) Q4 FY23 Earnings Concall Transcript"},"content":{"rendered":"

Som Distilleries & Breweries Limited (NSE:SDBL) Q4 FY23 Earnings Concall dated May. 02, 2023.<\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Analysts:<\/h2>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Dixit Doshi<\/strong>\u00a0—\u00a0Whitestone Financial Advisors Private Limited — Analyst<\/em><\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Pawan Kaul<\/strong>\u00a0—\u00a0Compound 26 Capital — Analyst<\/em><\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the SOM Distilleries & Breweries Limited Q4 FY ’23 Earnings Conference Call. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Nakul Sethi, Director Finance & Strategy. Thank you, and over to you.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Good evening, gentlemen. We welcome you to the quarter four FY 2023 earnings call of our company. Last year was a eventful year for us. We achieved a number of milestones. Our annual volume for FY ’23 registered a substantial growth of 2.1x, reaching 149 lakh cases of beer, as against 68.3 lakh cases of beer in FY ’21-’22.<\/p>\n

In the IMFL segment, we sold 8.9 lakh cases in FY ’22-’23 as against 5.7 lakh cases for FY ’21-’22, reflecting a growth of 65% over the last year. This growth was driven by strong demand for our products and our focus on delivering high-quality offerings that cater to customers preferences.<\/p>\n

We are especially proud of the performance of our Hunter and Power Cool brands. Hunter volume almost doubled from the previous fiscal year, indicating a strong market demand for this product. Similarly, Power Cool’s volumes saw a 2.8x growth, having registered strong volume growth in Karnataka and MP, which is remarkable and demonstrate our abilities to identify market opportunities and respond effectively to premium customer sales.<\/p>\n

On similar lines, our Company has registered a significant financial performance for both quarter four and FY ’23. For the quarter four FY ’23, our total income increased to INR2,530 million, a year-on-year growth of 73.7%. Our EBITDA stood at INR286 million, a year-on-year growth of 142% and net profit grew by 148% to INR159 million.<\/p>\n

For the financial year ’23, our total income increased to INR808 million, a year-on-year growth of 121%. The EBITDA surged to INR103.4 million at a EBITDA margin of 30.8%, reflecting a growth of 5.2x on a year-on-year basis. Our net profit margin stood at 7.5%, resulting in a net profit of INR603 million. The impressive financial [Indecipherable] quarter four and FY ’23 on a year-on-year basis signify the success of our growth-oriented strategies and its effect on our profitability.<\/p>\n

During the financial year 2023, we started expansion in all our three plants. Hassan and Bhopal has commenced commercial operation, while we expect completion of the expanded facility in Odisha by the month of June ’23. Post-expansion, our capacity for beer would stand at 3.02 crore cases of beer per annum.<\/p>\n

As we look ahead, we are confident in our ability to sustain the growth momentum and capitalize on emerging opportunities in the market. We will continue to focus on delivering high-quality products that cater to our customers’ evolving needs, while also leveraging our strength and expertise to drive growth and Group profitability.<\/p>\n

We are optimistic about the coming peak season, which is expected to further drive total capacities [Indecipherable] that will result in further margin improvements in the coming quarters. We owe our appreciation to all our stakeholders for showing their support and confidence.<\/p>\n

With this, we would now like to open the floor for Q&A. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Our first question comes from the line of Nitin Awasthi from InCred Equities. Please go ahead.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

[Technical Issues]<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Sorry, I am not able to listen your question.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Am I audible now, sir?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, yeah, much more clear enough.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Okay. So the question was regarding your home state, sir. Significant changes in the excise policy. One, as one deep-dive into the excise policy one, realizing that in MP, the point-of-sale for beer has expanded significantly. Is it true on-ground our country liquor shops now selling beer in Madhya Pradesh and is that having an impact on the ground?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, definitely that has been a positive move for the industry and for us also. And the impact has been from last year when the point-of-sales have increased from about, I think, close to about 800, 900 to about 3,000-plus now. Yes, definitely that has had a positive impact.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Okay. And because of that, do you see the market is still expanding rapidly in Madhya Pradesh, which was stagnant for some years now?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, so we have seen that the market has expanded last year. And we expect the market to expand this year also.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Understood, sir. Sir, secondly, on the Karnataka market, there has been news flows that there is a shortage of liquor. Are we doing and are we holding our gates well in Karnataka? Is this liquor shortage for the industry as a whole, but not at the Company or what is the on-ground situation.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I think there has been a excessive demand or you can say the demand for beer is tremendous currently in Karnataka and companies are finding it difficult to fulfill the demand, but we are trying to match the demand.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

So, as of now have we lost any sales?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Okay. Got it. And Odisha plant where our expansion is not complete, if I’m correct?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes, sir.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Okay. But Odisha as a state, our plant was the only plant again which was under-utilized and now we are expanding in the State of Odisha, are we targeting the states around Odisha, for which we are expanding in Odisha?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Exactly. And so this year, we expect that the plant should do quite well, Odisha plant. And we are also looking at some strategic tie-ups in the short-to-medium term for that particular plant.<\/p>\n

Nitin Awasthi<\/strong>\u00a0—\u00a0InCred Equities — Analyst<\/em><\/p>\n

Understood, sir. Understood. Thank you for answering my questions. Best of luck for all of you for the coming quarters.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Abhishek Getam from Alpha Invesco. Please go ahead.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Yeah. Am I audible, sir?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes, very much.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Yeah. Congrats on a good set of numbers. So just expanding on the last question, you said you’re looking for strategic tie-ups at Odisha plant. So does that mean you have contract — looking for contract manufacturing for other players?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Let us see how things evolve. We’ll announce in the market whenever we have a development on that line.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Okay. Okay. Understood. Sir, another question was what has aided the volume growth year-on year? I mean, which states have contributed the most or any volume-wise breakup for states that you could give?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So all the states where we have plants and since — contributed significantly to the growth. So that’s the whole point. But in terms of volume growth, first case we’ll be not able to give you that number.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Okay. Okay. Understood. So, apart from the three states we operate, did we sell any major state that we export to that aided the volume growth?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

90% of our sales comes from the states where we are present. And the remaining comes from the other states. But last year we had a lot of difficulty in meeting the demands in the state where we are present. So let’s see how things pan out this year.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Understood. Next, another question on that is when we sell in the state or when we export to other state, what is sort of the gross margin differences between that?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

It depends from state to state. Very difficult to define, but obviously you incur additional transportation charges, as well as [Indecipherable] excise duty has to be paid for the states where we want to sell. So it varies from state to state. But obviously, it makes more sense to sell it in the states where your plant is, of course.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Yeah. Because, I believe that if, let’s say, if manufacture in MP and sell in Maharashtra, that would not be much profitable, right, it might just would be a volume gain?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes, yes, exactly. And once you achieve critical volumes or significant volumes then obviously we will want to install a plant or acquire a plant in Maharashtra itself.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Okay. So out of the 10% is Maharashtra significant in the remaining 10% right now?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Sorry?<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

You said 90% is in the states where we have plants, the rest of the 10% is exported. So out of that is Maharashtra significant out of the 10%?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Not right now.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Our — the other states would be, say, just like [Indecipherable] canteen stores and that should be profitable business.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

[Indecipherable] Okay. Sir, another was recently Mr. Arora on a TV interview mentioned that we’re looking for a Maharashtra acquisition plant and sort of INR300 crore, INR200 crore for plant and INR100 crore for working capital. So any updates on that?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I think he mentioned that Maharashtra and some other states could be probable states where we could enter next. So we are looking at various opportunities.<\/p>\n

Abhishek Getam<\/strong>\u00a0—\u00a0Alpha Invesco Research — Analyst<\/em><\/p>\n

Okay. Okay. Okay, sir. Thank you. I’ll get back in the queue, sir.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Right.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Ritwik Sheth from OneUp Financial. Please go ahead.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Hi. Good afternoon, sir. Sir, I have a few questions. Firstly, if we see our gross margins this quarter, it has been lowest in last few quarters. So can you point out what is the reason for this sharp decrease in gross margins?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

See, I mean, there has been cost pressures all around and especially in the case of glass bottles, which has seen, I think, close to in the last one year we have seen a 35% to 40% price increase. Similarly, we have seen the case of barley also, but now barley has stabilized. So, I think that is one of the reasons. And we continue to use new glass bottles as we grow. So that is one of the reasons why gross margins are low.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. And sir, what would be the impact of barley in Q4? How much that would be up versus the previous year?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Barley has now stabilized.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. Okay.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So, it is down to quarter one of last year level.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. So it was —<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

In quarter two and quarter three, there was a slight increase, but now it has come down to quarter one level.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. Okay. And sir, do we procure ENA as well for our IMFL?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes, we procure ENA, yes, we do, but IMFL is 10% of [Indecipherable].<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Right. Right. And any comments you would like to draw in the trend of ENA pricing in the last four quarters and say in the coming few quarters?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No. I think, I’ll not give any comment on ENA, because ENA is a very small component on what we operate. And I think, going forward also our first tag will be on beer.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. Sure.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

IMFL is just for complementing our sales.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. Got it. And sir, any price hikes we have been able to take in any of the states?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes. So we have taken price hikes in MP, Karnataka, Delhi, Orissa, four states we have taken price hikes.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

MP, Karnataka, Delhi and?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Orissa.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Orissa. Okay. And what would be the range of these price hikes?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

It would be in the range of about, on an average, about in the range of 4% to 5%.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

4% to 5%. And this would majority be beer only, right?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, yeah, because, I mean, volumes come from beer only.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Right. Okay. Sure. And sir, how has the consumption been so far in March-April versus last year?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I would not like to comment on that.<\/p>\n

Ritwik Sheth<\/strong>\u00a0—\u00a0OneUp Financial — Analyst<\/em><\/p>\n

Okay. Okay, sir. Sure and thank you and all the best.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Right. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Rishikesh Oza from RoboCapital. Please go ahead.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Am I audible?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes sir, you are.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Okay. Thank you for the opportunity. Sir, my first question is, if you could provide market share in Madhya Pradesh, Karnataka and Orissa.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Currently, we will be not in a position to share the market share numbers, because we don’t have in front right now. [Indecipherable]<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Okay. Also, sir, regarding our expansion plans in other states, what exactly is our plan and the target market share to?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

We can’t answer that question right now.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Okay. And what would be [Technical Issues]<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Sorry?<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

What would be our [Technical Issues]<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I’m losing you. Sorry.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Am I audible now?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, yeah, you’re audible now.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

I’m asking for marketing spends for [Technical Issues]<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Marketing spends?<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Yeah, marketing spends.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Spends would be in line with what the competition does.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

[Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Rishikesh, are you there?<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Yes, [Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Rishikesh, can you hear us?<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Hello? Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

[Technical Issues]<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No, we can’t hear you.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

[Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Hi, Rishikesh. This is the operator. Your voice is not audible to us.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Rishikesh, you there?<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

It’s still not clear, Rishikesh.<\/p>\n

Rishikesh Oza<\/strong>\u00a0—\u00a0RoboCapital — Analyst<\/em><\/p>\n

Hello, am I audible now?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I think, it will be better if you can do something online. I think, let’s shift to the next caller.<\/p>\n

Operator<\/strong><\/p>\n

All right, sir. Our next question comes from the line of Manan Shah from Moneybee Investment Advisor. Please go ahead.<\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Hi. Thank you for the opportunity and congratulations for good set of numbers. My first question is this capex of INR35 crores in the Odisha plant, how do we plan to fund it?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So we have already taken a term loan of about close to about INR25 crores from DNB. And we have taken about I think about close to about INR16 crores, INR17 crores of disbursement also.<\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Okay. And this expansion is largely towards the brewing or bottling, if you can just mention there is about that.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So we are grew — increasing the bottling capacity from 42 lakh cases to about 60 lakh cases. And certain balancing equipment also is in setup.<\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Understood. And post this capex and including the working capital that we would take, what sort of peak debt are we anticipating this year?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I don’t think that considering that whatever the debt is currently, we don’t expect any further increase in the debt for the current financial year.<\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Okay. Understood. My next question was a bookkeeping question. In the balance sheet for the current year, we have seen a significant increase in current tax assets — sorry, in other current assets from INR55 crore to INR96 crore. So if you can just highlight what led to this sort of increase.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Let me get back to you on that separately.<\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Okay. And just wanted — my last question was regarding have the plant stabilized? I mean, that expansion that we did at Bhopal, as well as Hassan, have these plants stabilized and at what utilization would they be operating?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes, obviously the plants have stabilized and we are operating at maybe close to about 85% to 90% capacity currently.<\/p>\n

Manan Shah<\/strong>\u00a0—\u00a0Moneybee Investment Advisor — Analyst<\/em><\/p>\n

Understood. Thanks. I’ll get back in the queue for follow-up.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Deepak Poddar from Sapphire Capital. Please go ahead.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Hello?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Hello.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Yeah, am I — okay. Sir, just first of all I wanted to understand with this doubling our capacity in Karnataka, what’s our total capacity as of now?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

It’s about 90 lakh cases in Karnataka.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

19 lakh cases. And ideally we did around 15 lakh cases — 19 lakh cases overall, right? 9-0, 90 lakhs. 90 lakh, 9 million, right?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, yeah.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Okay. And our volume in FY ’23 in beer was about 15 million?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Okay. And this capacity that you said 90 lakh, so I was just trying to understand overall, as a company level, what is our capacity as of now?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Currently we are at about [Indecipherable] when we complete the Orissa expansion to be about 3 crore cases.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

3 crores. And Orissa would be how much separately?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

60 lakhs.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

6 million. So around — if we exclude that, around 24 million would be our current capacity, right, 24 million cases?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No, no, so Odisha currently is at 42 lakh cases.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Okay. So incremental is 18 lakhs?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Okay. I understood. So basically, I think, FY ’23 our volume was close to about 15 million, right. So there is a big scope for growth in terms of utilization level that we can improve, right, going forward?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, yeah. So we have added capacity in March to April, so we have added 45 lakh cases in Karnataka, which was earlier 45 lakh cases only. And another 18 lakh cases we are adding in Odisha.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Fair enough. And what sort of volume we might be looking at in beers in FY ’24?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

We are looking at about 20% to 25% growth in our sales, which should I guess to reach about INR1,000 crores.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

INR1,000 crores, you’re saying from beer or overall — beer revenue or overall? Hello?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yes, sir.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

So I was just asking this INR1,000 crores is revenue you’re talking at the Company level or at the beer level?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, at the company level.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

At the — and what sort of margin trajectory we are looking at? I mean, earlier we had said in the past that maybe 13%, 14% is our aspirational margins, right? I mean, but we —<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah, yeah, that’s our aspirational margin, but we are in a [Technical Issues] in terms of cost pressures are there. So, let’s see how quarter one performs, then we’ll have a better idea about how the year will end at.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Fair. But do you see all the cost pressures have already been factored or there are any more pressure that we expect to come in first quarter?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No, I said that now, for example, [Indecipherable] prices have also decreased for April. So we are hopeful that the glass bottle prices also have now picked up as for our expectation is. Let’s see.<\/p>\n

Deepak Poddar<\/strong>\u00a0—\u00a0Sapphire Capital — Analyst<\/em><\/p>\n

Okay. Fair enough. Okay, sure. That’s it from my side, sir. All the very best. Thank you.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Dixit Doshi from Whitestone Financial Advisors Private Limited. Please go ahead.<\/p>\n

Dixit Doshi<\/strong>\u00a0—\u00a0Whitestone Financial Advisors Private Limited — Analyst<\/em><\/p>\n

Yeah. Thanks for the opportunity. Most of the questions have been answered. Just one point, considering the seasonality, what could be the peak utilization any plant can do?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

See, we have operated plants considering the peak utilization also at about 85%, 90% in the past. And for that matter, the the capacity of the Woodpecker plant was at 45 lakh cases. We have seen it operate at about 100% also. So, we can easily achieve, I think, about 85%, 90%.<\/p>\n

Dixit Doshi<\/strong>\u00a0—\u00a0Whitestone Financial Advisors Private Limited — Analyst<\/em><\/p>\n

Okay. Okay. That’s it from my end.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Our next question comes from the line of Kuber Chauhan from Anand Rathi. Please go ahead.<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Yeah. Thank you for taking my questions and congratulations on good set of numbers. Most of the questions have been answered. And I would like to know what could be the ad spends towards to improve brand visibility?<\/p>\n

And secondly, what would be the first year utilization for the Odisha plant after the expansion?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

I missed your first question.<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Two questions were there. Are you planning for any spends on brand visibility, and just to enhance our brand and just to do more kind of a marketing?<\/p>\n

And secondly was on the utilization for the Odisha plant after the commencement in the June.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

First, on the marketing spend, we — I only assume — earlier calls also I mentioned that we need to work with the [Indecipherable]. So our marketing spends or our spends towards promoting our brands would be at the point-of-sales and the [Indecipherable]. So we are happy with that strategy, because that has given us good returns in terms of volumes as well as sales.<\/p>\n

Coming to your question on Odisha capacity utilization, let’s see, I mean, we obviously will want more utilization having spent INR35 odd crores. So, let’s see, I mean, how things work out for the remaining part of the year.<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Okay. And also are we planning to tap any other states, new states which are into your focus.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So we are looking at increasing our sales in Delhi, UP in the current financial year.<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Delhi and UP. Okay. And any sort of price hike if you can — if you are planning for this year, in FY ’24?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Sorry?<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Any kind of a price hike, which you are wishing to take in FY ’24?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No. On the price hikes, I have already mentioned in the call that we have taken price hike in four states.<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Okay. And any further price hikes?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No, no. I mean, these are the key states where we want to operate. And I mean, there’s no use of taking a price hike in a state where you don’t have volume. So, I mean, these four states are the states we want to sell more.<\/p>\n

Kuber Chauhan<\/strong>\u00a0—\u00a0Anand Rathi — Analyst<\/em><\/p>\n

Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Our next question comes from the line of Pawan from Compound 26 Capital. Please go ahead.<\/p>\n

Pawan Kaul<\/strong>\u00a0—\u00a0Compound 26 Capital — Analyst<\/em><\/p>\n

Hi. Thank you. Couple of questions. So most of our revenue growth was driven by Karnataka this year, right. Could you talk a little bit about what drove this kind of rampant growth just in terms of the market?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Sorry, sir, can you please repeat your question again?<\/p>\n

Pawan Kaul<\/strong>\u00a0—\u00a0Compound 26 Capital — Analyst<\/em><\/p>\n

Sure. So, most of our — I’m assuming most of our growth was driven by the Karnataka market. So, could you talk about what happened within the market and how did we — because I’m assuming that the market is pretty saturated. So how did we get this kind of a growth rate in this market?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So our growth has not only come from the Karnataka market, but yes, Karnataka has also contributed its fair bit. And the growth — the Karnataka market itself has grown, but we have grown more as compared to the industry players. And we had grown in ’19-’20 also, but we do see COVID coming in and two years were vodka was especially in the peak season. But our brands have been very well accepted in the state and especially [Indecipherable] has also supported us. So we have seen phenomenal growth of our two key brands, Black Fort and Power Cool in Karnataka.<\/p>\n

Pawan Kaul<\/strong>\u00a0—\u00a0Compound 26 Capital — Analyst<\/em><\/p>\n

Understood. And in terms of your sales strategy, sir, could you talk a little about what is it that you kind of did different in terms of sales strategy versus competitors? How many sales force — salespeople did you recruit onboard to kind of get these kind of growth numbers?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So our sales strategy is simple as others. I mean, I don’t think that we are differing in any way. But I think, the first starting point for any brand to be successful in the market is that it should offer good value-for-money, good taste, good packaging to the customers. So that we have trials at first, then you have customers coming in and asking for your product. And of course, your product has to be available at all the points of distribution, distribution has to be there. So it has cover all the point-of-sales in the state. And your brand is available to all the consumers. So that’s basically has been the way we had been able to taking more market share in new states where we entered.<\/p>\n

Pawan Kaul<\/strong>\u00a0—\u00a0Compound 26 Capital — Analyst<\/em><\/p>\n

Okay. Got it. And did we make any kind of large recruitments within our sales force through this year?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So, I mean, see, you have a strategy of you cannot have a sales force, which is large initially. So we see we will keep on adding more people as you grow. So obviously, we have added more people as we grow and as we want to grow. So that’s how we have been doing this.<\/p>\n

Pawan Kaul<\/strong>\u00a0—\u00a0Compound 26 Capital — Analyst<\/em><\/p>\n

Okay. Got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Nishant Sharma from Nuvama Wealth Research. Please go ahead.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Thank you for the opportunity, sir, and congratulations for good set of numbers. So my first question is related to the new areas where we are planning to enter like Delhi and UP, what will be your strategy to expand our footprint in these two states and at a Pan-India level, what is the POS for us?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

So, there are certain questions which I obviously do not answer like POS across India. Either we can discuss strategy of how we sell more in Delhi or how we want to grow, but to give you something [Indecipherable] I mean, about 10% of our sales was coming from Delhi in ’19-’20, unfortunately because of COVID reduced and there was a change in the excise policy of Delhi, which has a very material impact on the various business was being done in Delhi. And last year there was so much of demand from our existing state, where it does not make much sense to sell in Delhi, but we have got a good presence in Delhi. We are establishing our presence in UP and with our numbers going forward [Indecipherable] in these two states.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Thank you. And sir, in terms of debt level, how are we seeing our debt levels going forward?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Our debt levels would be at similar level and actually we would want them to reduce going forward.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Okay. And you are pretty confident in achieving this, if I’m not wrong, you have guided for about 20% to 25% kind of a topline growth.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Yeah.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

And if I talk about on the margin side, you mentioned that gross margins were under pressure due to certain raw material — escalation in raw material prices and also we are focusing on large bottling. So, can we see some improvement going forward or these are likely to remain at those levels?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

No, it’s our endeavor that our gross margins would improve, that’s why we have set up our canning facility in MP and we are trying to sell more of cans as compared to glass bottles, so that our gross margin improve, because cans give you — one, there is — the cost escalation in cans has been limited to about 15% to 20% as compared to 40% in glass bottle, plus cans also give you the advantage of a higher realization from the glass bottles. So we are trying to improve our sales mix from glass — pure glass bottle to cans in the coming short-to-medium term.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Sir, what would be contribution currently?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Cans would be, for example, in Karnataka, is about 10%. So we are improving it there also. In Bhopal also about 10% with cans. So we are trying to improve that also going forward.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Okay. So this 12%, 13% kind of a EBITDA margin, which we were able to clock for last three quarters, will it be sustainable levels or it is likely to be around 11%, which we achieved in the current quarter?<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

See, I mean, as the strategies, which I mentioned to you, we are working on them. Let’s see how quarter one comes out. And then, I think, it would be better if we can talk about the margins then.<\/p>\n

Nishant Sharma<\/strong>\u00a0—\u00a0Nuvama Wealth Research — Analyst<\/em><\/p>\n

Sure, sir. I’ll take it offline. Thank you.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I now hand the conference over to Mr. Nakul Sethi for closing remarks.<\/p>\n

Nakul Sethi<\/strong>\u00a0—\u00a0Director Finance & Strategy<\/em><\/p>\n

Thank you all for joining the call. I trust that all your queries have been adequately addressed. Should you require any further information, please reach out to our investor relations advisors or me. We will revert with all the [Indecipherable] at the earliest. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Som Distilleries & Breweries Limited (NSE:SDBL) Q4 FY23 Earnings Concall dated May. 02, 2023. Corporate Participants: Nakul Sethi\u00a0—\u00a0Director Finance & Strategy Analysts: Nitin Awasthi\u00a0—\u00a0InCred Equities — Analyst Abhishek Getam\u00a0—\u00a0Alpha Invesco Research — Analyst Ritwik Sheth\u00a0—\u00a0OneUp Financial — Analyst Rishikesh Oza\u00a0—\u00a0RoboCapital — Analyst Manan Shah\u00a0—\u00a0Moneybee Investment Advisor — Analyst Deepak Poddar\u00a0—\u00a0Sapphire Capital — Analyst Dixit Doshi\u00a0—\u00a0Whitestone […]<\/p>\n","protected":false},"author":1905,"featured_media":71742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"$Som Distilleries & Breweries Limited (SDBL) Q4 FY23 Earnings Concall Transcript #earnings #markets #investing","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6351,6349],"tags":[9492],"class_list":["post-144810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-stocks","category-transcripts","tag-consumer-discretionary"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":141261,"url":"https:\/\/alphastreet.com\/india\/som-distilleries-breweries-limited-sdbl-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":144810,"position":0},"title":"Som Distilleries & Breweries Limited (SDBL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 13, 2023","format":false,"excerpt":"Som Distilleries & Breweries Limited (NSE:SDBL) Q3 FY23 Earnings Concall dated Jan. 27, 2023. Corporate Participants: Nakul Sethi\u00a0--\u00a0Director Finance & Strategy Analysts: Darshil Jhaveri\u00a0--\u00a0Ground Capital -- Analyst Nitin Awasthi\u00a0--\u00a0InCred Equities -- Analyst Kuber Chauhan\u00a0--\u00a0IDBI Capital -- Analyst Dixit Doshi\u00a0--\u00a0Whitestone Financial Advisors Private Limited -- Analyst Manan Shah\u00a0--\u00a0Moneybee Investment Advisors --\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130765,"url":"https:\/\/alphastreet.com\/india\/marksans-pharma-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":144810,"position":1},"title":"Marksans Pharma Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"Key highlights from Marksans Pharma Limited (MARKSANS) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Vijay Nahar - Individual Investor - Analyst Challenges affecting cost and what costs were passed on to the consumers? Mark Saldanha - Managing Director The challenge was China lockdown. 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Venkatraman Srinivasan - EC There are two segments for pricing; Digital trust and Enterprise. No standard pricing in Enterprise. 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Prasad Deshpande \u2013 ED Each mines have their own blocks and they also explore new blocks. 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