Porinju’s purchase comes at a time when the government has rationalised the Goods and Services Tax (GST), reducing it to two tax slabs and an additional 40% slab on luxury and sin goods.
The GST Council approved a sharp hike in rates for sin goods, moving them from the earlier 28% slab to a new 40% rate. This comes as part of the transition to GST 2.0, a simplified two-slab structure that will feature just 5% and 18% rates, with the higher 40% reserved for sin and luxury items.
Fratelli reported a consolidated net loss of Rs 5.8 crore in Q1FY25, an improved performance sequentially from Rs 11 crore net loss in Q4FY25 and down on a year-on-year basis versus Rs 2.7 crore net profit in Q1FY24. The company’s total revenue also fell 80% in the June-ended quarter to Rs 29 crore from Rs 144.2 crore recorded in the year-ago period.
The stock has been on a weak run, down about 66% year-to-date and over 70% in the last 1 year.
Fratelli Vineyards is an Indian winery based in Akluj, Maharashtra. The company manufactures, imports, exports, and sells artisanal wines and other alcoholic beverages.
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