Breweries & Distilleries company Tilaknagar Industries announced Q1FY25 results: Net revenue from operations grew 3.0% to Rs 313.2 crore vs. Rs 304.1 crore; slowdown in growth driven by industry-wide disruption due to elections EBITDA grew by 30.8% to Rs 50.2 crore vs. Rs 38.4 crore; adjusted for the subsidy income, EBITDA for Q1FY25 stands at Rs 45 crore EBITDA margin improved by 341 basis points, standing at 16.0% as against 12.6%; adjusted for subsidy income, EBITDA margin at 14.5% PAT excl. exceptional items increased by 55.7% to Rs 40.1 crore from Rs 25.7 crore Reported EPS (Diluted) stood at Rs 2.06 per share Volumes grew 0.9% to 2.54 million cases, while NSR expanded 0.2% to Rs 1,252 per case Commenting on the performance, Amit Dahanukar, Chairman & Managing Director, said “We are happy to report our highest ever Q1 EBITDA at Rs 50 crore, despite facing a challenging operating environment. While volume growth was 0.9% YoY, our EBITDA growth stood at 30.8% YoY. This significant growth in EBITDA has been on account of cost optimization initiatives and increasing share of premium products in the portfolio. Owing to the industry-wide disruption caused by the elections, the volume growth remained somewhat muted in Q1, which was on expected lines. Southern India states, that contribute 85%+ of TI volumes, saw a degrowth of 0.1% YoY in IMFL volumes in Q1 due to the aforementioned disruptions. However, we are expecting two of our key Southern states to come out with progressive excise policies very soon, which will not only benefit the industry, but also TI to a greater extent, given our market leadership and strong brand equity with consumers in both the states. At the overall level, we are looking at this moderation in Q1 as a transient phase, and are confident of resuming our industry-beating growth going forward, with focus on a good mix of market share gains in our existing portfolio, as well as innovative launches within brandy and beyond. I am also glad to share that TI has maintained its leadership position in all its key states. We continue to be the 3rd largest P&A; IMFL player in Telangana and Karnataka as well as the largest IMFL player in Puducherry in Q1FY25. Our newest launch, Green Apple Flandy has garnered tremendous appreciation from consumers and trade alike, and within the first quarter of launch itself has achieved a 20% share of Flandy volumes across flavours in the two states where it is available i.e. Telangana and Andhra Pradesh. Green Apple is a great addition to our Flandy portfolio, and we are very excited to occupy a meaningful position in the overall flavoured spirits ecosystem, which till now, has been majorly occupied by white spirit brands. We are especially excited with the opportunities that Flandy has to offer, given the progression of the cocktail culture amongst consumers in India. TI continues to prioritize profitability and cash flow management as reflected in momentum in margins. Despite inflationary pressures especially on ENA, Q1 FY25 EBITDA margins expanded to 16%, a jump of 341 bps YoY and 260 bps QoQ; adjusted for the subsidy of Rs 5.6 crore, EBITDA margins were at 14.5%. Our focus on debt reduction continues, with further reduction of Rs 22.3 crore in the quarter. Our net debt now stands at a comfortable level of Rs 42.6 crore. We expect to be net debt free within FY25. Our sustained efforts on debt reduction are also ensuring significant reduction in finance costs which is further enabling strong cash flow generation for the Company.” Result PDF
Brewries & Distilleries company Tilaknagar Industries announced consolidated Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Net revenue from operations grew 0.4% to Rs 358.8 crore v/s Rs 357.4 crore; on account of high base of Q4FY23, due to growth investment undertaken on back of equity funds raised in Dec 2022 EBITDA improved by 10.9% to Rs 48.2 crore v/s Rs 43.5 crore EBITDA margin improved by 128 basis points, standing at 13.4% as against 12.2% PAT excl. exceptional items increased by 20.9% to Rs 39.5 crore from Rs 32.7 crore Reported EPS (Diluted) stood at Rs 1.63 per share Volumes grew 0.4% to 2.9 mn cases, while NSR expanded 6.3% to Rs 1,293 per case FY24 Financial Highlights: Net revenue from operations grew 19.7% to Rs 1,394.0 crore v/s Rs 1,164.4 crore EBITDA improved by 35.2% to Rs 185.4 crore v/s Rs 137.2 crore EBITDA margin improved by 152 basis points, standing at 13.3% as against 11.8% PAT excl. exceptional items increased by 95.3% to Rs 141.0 crore from Rs 72.2 crore Reported EPS (Diluted) stood at Rs 7.16 per share Volumes grew 15.7% to 11.2 mn cases, while NSR expanded 7.1% to Rs 1,282 per case Commenting on the performance, Amit Dahanukar, Chairman & Managing Director, said “FY24 has been a year of consolidating our brandy leadership through a steady mix of market share gains by our mature brands like Mansion House Brandy and Courrier Napoleon Brandy, and growth in recently launched brands like Flandy. Our premium brandy brand, Mansion House Reserve, which is sold only in Tamil Nadu, registered a more than 2x growth in volumes in FY24, gaining market share in the relevant segment in the state by more than 300 basis points. On the growth front, we continued to grow faster than overall IMFL industry, as well as ‘Prestige & Above’ segments. FY24 was the second consecutive year in which we were India’s fastest growing IMFL company of scale. In FY24, we became the fourth largest IMFL company in our key state of Telangana; we also became the third largest P&A; player in the state. We continued to gain market share in another key state, Puducherry, where we now have a more than 25% share of entire IMFL industry, registering a more than 500 basis points growth in market share. Moreover, we gained more than 100 basis points market share in our top 5 states of Telangana, Andhra Pradesh, Karnataka, Puducherry and Kerala which contribute more than 80% of our volumes and ~40% of total India IMFL industry volumes. This increase in market share has been on account of gains within brandy as well as taking share from other categories. All this has been possible due to a clear strategic drive of focusing on brandy category seeding and meeting need gaps across premium price points in brandy, through a combination of well thought out marketing strategies and product launches. On the financial front, despite intense inflationary pressures, we have been able to expand our profit margins on account of premiumization, price increases received in key states, cost optimizations and operating leverage. Additionally, we have reduced our debt by more than Rs 130 crore in FY24. Our gross and net debt stand at Rs 119 crore and Rs 74 crore respectively as on 31st March 2024; and we are targeting to be net debt free over the course of FY25.” Result PDF