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Breweries & Distilleries company Radico Khaitan announced Q1FY24 results:
- Total IMFL volume of 7.36 million cases ( 7.9%)
- Prestige & Above brands volume of 2.39 million cases ( 27.2%)
- Prestige & Above brands net sales of Rs 419.5 crore ( 40.3%)
- Prestige & Above brands contribution to the IMFL volumes of 36.5% (vs. 29.6%)
- Prestige & Above brands contribution to the Total IMFL sales value of 59.5% (vs. 50.0%)
- Revenue from Operations (Net) of Rs 953.9 crore ( 25.9%)
- Gross Profit of Rs 415.9 crore ( 26.1%)
- EBITDA of Rs 118.9 crore ( 29.1%) at 12.5% margin
- Total comprehensive income of Rs 62.8 crore ( 8.4%)
Commenting on the results and performance, Dr. Lalit Khaitan, Chairman & Managing Director said, “FY24 started on a strong note, in line with our expectations, as we delivered strong operational and financial performance. This year can be characterized as a year of transformation for Radico Khaitan as we continue to focus on our luxury and premium portfolio. Although, we have faced raw material pressure in the short term the mid to long-term growth and margin trajectory remain intact. Going forward, we will continue to invest in strengthening our brand portfolio and delivering value to our discerning consumers. Radico Khaitan is very well placed to benefit from the strong premiumization trend of the Indian spirits industry. Our Sitapur greenfield distillery project is progressing well and is in the last stage of implementation. We expect to start commercial production during Q2FY24.”
Commenting on the results and performance, Abhishek Khaitan, Managing Director said, “I am pleased to report that we have delivered another quarter of a strong double-digit Prestige & Above volumes growth which has exceeded our earlier guided growth rate of 15-18%. Overall, we have recorded significant improvement in sequential margins, which have been sustained on a YoY basis. This was aided by strong efforts on driving premium value growth, and price increases received over the last four quarters supported by easing inflation in certain raw materials. In line with our strategy of expanding the premium portfolio, we have recently launched a new super-premium gin called ‘Happiness in a Bottle’. This brand will also go on to create a unique position for itself and become a category creator as in many of our previous launches. We continue to monitor the business environment cautiously and remain committed to driving growth and profitability while navigating market challenges and capitalizing on the industry opportunities for the remainder of the financial year.”
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