India's LIC Sole Buyer in Adani Ports' Record Rupee Bond Sale
Life Insurance Corp. of India is the sole buyer in Adani Ports & Special Economic Zone Ltd.'s record 50-billion-rupee ($585 million) bond sale, according to people familiar with the matter.
The company will issue a 15-year bond with a coupon of 7.75%, the people said, asking not to be identified as the information is private. The firm will use the proceeds for capital expenditure and refinancing existing dollar debt, they said.
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Som Distilleries & Breweries Ltd (BOM:507514) Q4 2025 Earnings Call Highlights: Navigating ...
Release Date: May 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Som Distilleries & Breweries Ltd (BOM:507514) reported a year-on-year total income growth of 13% for the full financial year. The company's EBITDA margin improved to 12.49% from 12.07% in the previous year. Net profit for the financial year increased by 21% to 1,045 million INR. The company commenced construction of a new Greenfield facility in Uttar Pradesh, expected to significantly boost production capacity. Som Distilleries & Breweries Ltd (BOM:507514) achieved a 15% growth in its flagship brand, Hunter, compared to the previous year. Total income for Q4 was down by 12%, impacted by a steep excise duty increase in Karnataka. Beer volumes were down by 10% in the quarter, despite a 22% growth in IMFL volumes. The realization per case decreased from 552 INR to 545 INR due to changes in pack and brand mix. The company faced a significant excise duty increase in Karnataka, which affected sales volumes and revenue. There was a 22% volume decline in certain brands due to the excise duty hike, impacting overall performance. Warning! GuruFocus has detected 5 Warning Sign with BOM:507514. Q: Can you elaborate on the volume decline for the brands Powerful and Legend? A: (COO) The Legend brand was newly established in Karnataka, achieving 2 million cases. The decline was due to a steep excise duty increase in Karnataka, which raised consumer prices significantly. However, the government has since withdrawn the duty, and we expect improvement in the coming quarters. Q: What percentage of your sales comes from Karnataka, and how did the excise duty impact you? A: (COO) Approximately 30% of our sales are from Karnataka. The unusual excise duty increase in Karnataka this year, with two hikes, significantly impacted the industry and our sales. Q: Could you provide details on the CapEx in Uttar Pradesh and its funding? A: (COO) The UP project is a 100% subsidiary, divided into two phases: INR 350 crore for phase one and INR 200-225 crore for phase two. Funding will be through internal accruals and some debt, without any equity issuance. Q: What is the current trend in barley prices, and how does it affect your margins? A: (COO) Barley prices are stable compared to last year. We have managed to maintain gross profit margins through a mix of new and old glass bottles and stable raw material prices. Q: What is your volume growth guidance for FY 2026? A: (COO) We expect a conservative volume growth of 20-22% for FY 2026, which should also reflect in revenue growth. Q: How do you benchmark your performance against industry leaders like United Breweries? A: (COO) While we acknowledge their leadership, our growth and market focus differ. Our margins are higher, and we focus on different key states. Q: What is your market share in various regions, and are you gaining market share? A: (COO) We are the #1 player in Madhya Pradesh, #2 or #3 in Karnataka, #2 in Delhi, and close to #1 in Jharkhand. We continue to focus on strengthening our market position. Q: How are you addressing distribution challenges for premium brands like Woodpecker? A: (COO) We are expanding distribution and addressing commercial expectations with retailers. Woodpecker is available in select outlets, and we are working to improve availability. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
