Highlights Growth trajectory continued into Q2 Third consecutive quarter of Rs 140+ crore sales Expect the margin to improve by 200-300 bps over FY23/FY24 Valuations reasonable at 11x trailing 12-month earnings The Maharashtra-based country liquor manufacturer GM Breweries’ Q2FY23 performance was on expected lines as the top-line growth was driven by sustained demand momentum across its key end markets. The earnings outlook seems to be improving as the recent correction in global commodities, along with the arrival of new sugarcane crop, should pave the way...