Breweries & Distilleries firm Radico Khaitan announced Q3FY23 results: Q3FY23 vs Q3FY22: Total IMFL volume of 6.99 million cases (+0.2%) Prestige & above brands volume of 2.59 million cases (+14.1%) Prestige & above brands net sales of Rs 402.5 crores (+19.1%) Prestige & above brands contribution to the IMFL volumes of 42.4% (vs 33.3%) Prestige & above brands contribution to the total IMFL sales value of 63.4% (vs 54.5%) Revenue from operations (Net) of Rs 792.2 crores (+4.7%) Gross profit of Rs 327.3 crores (-5.0%) EBITDA of Rs 96.4 crores at a 12.2% margin Total comprehensive income of Rs 56.7 crores 9MFY23 vs 9MFY22: Total IMFL volume of 20.99 million cases (+10.1%) Prestige & above brands volume of 6.80 million cases (+20.8%) Prestige & above brands net sales of Rs 1,062.5 crores (+25.7%) Prestige & above brands contribution to the IMFL volumes of 36.5% (vs 30.1%) Prestige & above brands contribution to the total IMFL sales value of 57.7% (vs 51.2%) Revenue from operations (Net) of Rs 2,311.0 crores (+12.4%) Gross profit of Rs 973.6 crores (+3.2%) EBITDA of Rs 278.0 crores at a 12.0% margin Total comprehensive income of Rs 166.1 crores Commenting on the results and performance, Dr. Lalit Khaitan, Chairman & Managing Director said: “Radico Khaitan has delivered another quarter of a consistent financial performance driven by a strong premium volume growth, a robust brand portfolio and excellent execution capabilities. During January 2023, we have successfully commissioned the dual feed plant at Rampur within the committed capex estimate and timelines. As we continue to make strides on our premiumization journey, the availability of additional grain-based ENA will strengthen our value proposition. We remain committed to our long-term strategy of focusing on premiumization, along with managing our business with agility and driving backward integration efficiencies. While the raw material scenario still remains volatile, we have seen early signs of deflation in certain commodities. Furthermore, we have recently received price increases in the non-IMFL business in the state of UP which will hold us in good stead in the next fiscal year.” Commenting on the results and performance, Abhishek Khaitan, Managing Director said: “Driven by operational excellence and consumer-centric approach, our premiumization strategy continues to deliver strong results. During the nine months of FY2023, our Prestige & Above category brands have shown robust growth including core brands such as Magic Moments Vodka and Morpheus Brandy where YTD volumes have surpassed the full year numbers of FY2022. In January 2023, Morpheus Super-Premium Brandy crossed sales volume of one million case during the year and entered the prestigious ‘Millionaire’ brands club. Prior to Morpheus Brandy, other millionaire brands from our portfolio include 8PM Whisky, Magic Moments Vodka, Contessa Rum, Old Admiral Brandy and 8PM Premium Black Whisky. We are also pleased to commence the bottling operations at the Sitapur plant in January 2023 which is the first phase of our green field project. It positions us strongly to capitalize on the future growth opportunities in the branded business.” Result PDF
Breweries and distilleries company Radico Khaitan announced Q2FY23 results: Q2FY23: Total IMFL volume of 7.18 million cases (+10.9%) Prestige & Above brands volume of 2.33 million cases (+22.0%) Prestige & Above brands net sales of Rs 361.1 crore (+25.0%) Prestige & Above brands contribution to the IMFL volumes of 37.9% (vs. 30.2%) Prestige & Above brands contribution to the total IMFL sales value of 59.2% (vs. 51.4%) Revenue from operations (net) of Rs 761.4 crore (+8.6%) Gross profit of Rs 316.4 crore (-0.4%) EBITDA of Rs 89.6 crore at 11.8% margin Total comprehensive income of Rs 51.5 crore H1FY23: Total IMFL volume* of 14.01 Million Cases (+15.9%) Prestige & Above brands volume of 4.21 Million Cases (+25.3%) Prestige & Above brands net sales of Rs 660.0 crore (+30.2%) Prestige & Above brands contribution to the IMFL volumes of 33.7% (vs. 28.3%) Prestige & Above brands contribution to the Total IMFL sales value of 54.6% (vs. 49.2%) Revenue from Operations (Net) of Rs 1,518.8 crore (+16.9%) Gross Profit of Rs 646.3 crore (+7.9%) EBITDA of Rs 181.7 crore at 12.0% margin Total comprehensive income of Rs 109.4 crore Lalit Khaitan, Chairman & Managing Director, said, “In the context of a challenging operating environment, we have delivered a buoyant volume growth and consistent financial performance. This underscores the strength of our premium brand portfolio, operational excellence, dynamic financial management and our clearly defined strategic roadmap. Our premium brand's growth is very strong, particularly the luxury brands such as Jaisalmer Indian Craft Gin and Rampur Indian Single Malt. We have already expanded our craft gin production capacity to more than double. While the inflationary trend is persistent, we have seen early signs of stability in certain commodities which is encouraging. Overall, the scenario still remains volatile. Radico Khaitan is progressing firmly on the path of its exciting premium brand creation journey which will be accentuated by a strong backward integrated manufacturing platform.” Result PDF