External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 160 million litre</li><li>What should investors do? With doubling of the current capacity by FY24 to ~1230 KLPD, GSL plans to capitalise on the changing dynamics in the liquor space.</li><li>Target Price &amp; Valuation: We value the stock at Rs 1750 i.e. 15x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 160 million litreWhat should investors do? With doubling of the current capacity by FY24 to ~1230 KLPD, GSL plans to capitalise on the changing dynamics in the liquor space.Target Price &amp; Valuation: We value the stock at Rs 1750 i.e. 15x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Globus Spirits: Plans Aggressive Capacity Addition in Next Two Years

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>One offs led to soft quarter, long term growth remains intact.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

One offs led to soft quarter, long term growth remains intact.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Globus Spirits Ltd | Q3FY22 Result Update

<p>Globus Spirits (GBSL) is a leading player in the Indian Alcohol Beverages Industry with strong presence in Indian Made Indian Liquor (IMIL) category. GBSL has an integrated business model complimenting its two segments – Manufacturing and Consumer. </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Globus Spirits (GBSL) is a leading player in the Indian Alcohol Beverages Industry with strong presence in Indian Made Indian Liquor (IMIL) category. GBSL has an integrated business model complimenting its two segments – Manufacturing and Consumer. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Globus Spirits: Robust Business Model Driving Medium-Term Growth

<p>USL is India's leading alcoholic beverage company and subsidiary of global leader Diageo plc. It manufactures, sells premium liquor brands such as Johnnie Walker, Black Dog, Black &amp; White, Vat 69, Antiquity, Signature,...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

USL is India's leading alcoholic beverage company and subsidiary of global leader Diageo plc. It manufactures, sells premium liquor brands such as Johnnie Walker, Black Dog, Black &amp; White, Vat 69, Antiquity, Signature,...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Globus Spirits: Profitability Lifts with All-Time High Margins

<p>While FY21 saw overall muted utilisation levels (86% vs. 91% in FY20), resumption of business in H2 again saw utilisation peaking to 90%+ levels. Also, while the company's 140 klpd West Bengal plant is on track (completion by Q2 end), the management is planning to embark on further expansion of the plant (completion by next year) by another 140 klpd (280 klpd in total) and would require investment of Rs 110 crore (via internal accruals).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

While FY21 saw overall muted utilisation levels (86% vs. 91% in FY20), resumption of business in H2 again saw utilisation peaking to 90%+ levels. Also, while the company's 140 klpd West Bengal plant is on track (completion by Q2 end), the management is planning to embark on further expansion of the plant (completion by next year) by another 140 klpd (280 klpd in total) and would require investment of Rs 110 crore (via internal accruals).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Globus Spirits: New Capacities Planned, Margins Continue To Expand

India

Globus Spirits Limited manufactures, markets, and sells industrial alcohol comprising rectified spirit and extra-neutral alcohol, country liquor, and Indian made foreign liquor.

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Globus Spirits (GBSL IN)

Globus Spirits: Plans Aggressive Capacity Addition in Next Two Years

With doubling of the current capacity by FY24 to ~1230 KLPD, GSL plans to capitalise on the changing dynamics in the liquor space. Further, growing...

ICICI Securities Limited

Globus Spirits Ltd | Q3FY22 Result Update

One offs led to soft quarter, long term growth remains intact

Edelweiss

Globus Spirits: Robust Business Model Driving Medium-Term Growth

Globus Spirits (GBSL) is a leading player in the Indian Alcohol Beverages Industry with strong presence in Indian Made Indian Liquor (IMIL) category.

Edelweiss

Globus Spirits: Profitability Lifts with All-Time High Margins

USL is India's leading alcoholic beverage company and subsidiary of global leader Diageo plc. It manufactures, sells premium liquor brands such as...

ICICI Securities Limited

Globus Spirits: New Capacities Planned, Margins Continue To Expand

While FY21 saw overall muted utilisation levels (86% vs. 91% in FY20), resumption of business in H2 again saw utilisation peaking to 90%+ levels.

ICICI Securities Limited

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