Your concern is genuine. But here important point is - Better Than Expected. This is by whom is more important.
These are my thoughts on this.
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Market simply LOVES growth and hates de-growth. Its may accept the de-growth in net profit but won’t accept any degrowth in sales. And mind you alcohol shops were one of the first to be opened by almost all states for the Tax Revenue generation. So probably market was expecting better net sales.
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Other obvious reason is the high PE ratio. And with such results market will think twice before giving it say PE of above 100 ( I am guessing a number here)
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Other much more personal thinking is WHY give such a high PE of such a low margin and tax burdened business when there are plenty of better opportunities are available in the market.
Regards,
Vikas