Breweries & Distilleries company Radico Khaitan announced Q3FY24 & 9MFY24 results:
- Q3FY24 vs Q3FY23:
- Total IMFL volume reached 7.25 million cases, showing a growth of 3.7%.
- Prestige & Above brands volume amounted to 3.11 million cases, marking a significant increase of 20.2%.
- Prestige & Above brands net sales totaled Rs 519.7 crore, reflecting a substantial growth of 29.1%.
- Prestige & Above brands contributed 49.9% to the IMFL volumes, compared to 42.4% previously.
- Prestige & Above brands contributed 71.3% to the Total IMFL sales value, compared to 63.4% previously.
- Revenue from Operations (Net) stood at Rs 1,160.9 crore, exhibiting a notable growth of 46.6%.
- Gross Profit amounted to Rs 485.8 crore, showing a significant increase of 48.4% with a margin of 41.8%.
- EBITDA stood at Rs 142.2 crore, showing a growth of 47.6% with a margin of 12.2%.
- Total comprehensive income amounted to Rs 73.4 crore, showing a growth of 29.5%.
- 9MFY24 vs 9MFY23:
- Total IMFL volume reached 21.57 million cases, showing a growth of 2.7%.
- Prestige & Above brands volume amounted to 8.34 million cases, marking a significant increase of 22.7%.
- Prestige & Above brands net sales totaled Rs 1,428.9 crore, reflecting a substantial growth of 34.5%.
- Prestige & Above brands contributed 44.4% to the IMFL volumes, compared to 36.5% previously.
- Prestige & Above brands contributed 67.0% to the Total IMFL sales value, compared to 57.7% previously.
- Revenue from Operations (Net) stood at Rs 3,039.8 crore, exhibiting a notable growth of 31.5%.
- Gross Profit amounted to Rs 1,310.0 crore, showing a significant increase of 34.5% with a margin of 43.1%.
- EBITDA stood at Rs 381.7 crore, showing a growth of 37.3% with a margin of 12.6%.
- Total comprehensive income amounted to Rs 197.6 crore, showing a growth of 19.0%.
Commenting on the results and performance, Dr. Lalit Khaitan, Chairman & Managing Director said: “Radico Khaitan has delivered another quarter of resilient performance with strong business fundamentals amidst a challenging operating environment. Our commitment to delivering value to our consumers, execution excellence, increasing investments in brands, and driving premiumization remains a cornerstone of our success. While the demand for the regular category brands was muted, premium brands growth remained robust. With positive macro indicators, continued government spending and a favorable consumer sentiment, we believe that the consumption should see an uptrend in the future. We are confident of the mid to long term potential of Indian Alcobev sector and Radico Khaitan remains well positioned to capitalize on this opportunity whilst steering the short-term challenges.”
Commenting on the results and performance, Abhishek Khaitan, Managing Director said: “We started the calendar year 2024 on an exciting note with the launch of Spirit of Victory 1999 Pure Malt whisky. Priced at Rs 5000, this brand is targeted at the mid-priced luxury segment. Our Master Blender has travelled over the world to evaluate various single malts and has blended them meticulously together with our Indian single malt to craft this exquisite pure malt. We are confident that 1999 Pure Malt will go on to create a mark of its own as many of our previous luxury brands. During Q3FY24, our Prestige & Above category brands delivered a strong 20% growth and now account for about 50% of total IMFL volumes. It is heartening to note that due to our focus on financial discipline, we have been able to reduce our net debt by over Rs 100 crore on sequential basis. We remain committed to our integrated growth strategy of a focused premium product portfolio, brand innovation, an agile organization and delivering value to our consumers and stakeholders.”