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Radico Khaitan: New product launches lifts spirits

News: Radico Khaitan reported revenue growth of 13% YoY to Rs.709 crore (IMFL volume growth of 7%). However, the company reported mere 4% EBITDA growth to Rs.112 crore (EBITDA margins contracted 230 bps to 15.7%, mainly due to commodity inflation in the non-IMFL business).  Subsequently, reported PAT was flat at Rs.74 crore.

Views: Radico lowered its net debt by Rs.72 crore in H1 to Rs.119 crore. The company has launched two super-premium brands in October, in-line with its premiumisation strategy, Royal Ranthambore whisky (entry level scotch) and Magic Moments Dazzle Vodka (premium vodka). P&A volumes during the quarter grew by 18% and constituted 31% of the overall IMFL volumes.