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Dolat Capital Report
Radico Khaitan Ltd. registered a healthy Ebitda/earnings compound annual growth rate of 18/35% over FY16-21. But, Radico's Ebitda/earnings over FY21- 23E have been impacted on account of steep raw material inflation.
Earnings is set to increase significantly over FY24-25 with a robust revenue/Ebitda /adjusted profit after tax CAGR of 11.5/34/40% over FY23-25E.
These will be led by multiple triggers viz.-
recent price increase in country liquor by Uttar Pradesh state,
back-ward integration benefits in Rampur and Sitapur,
increase in Rampur single malt capacities and
healthy premiumisaiton in core Indian made foreign liquid business. Softening in raw material, if any would be an add-on positive.
As Radico delivers as above, price-to-earning multiple shall re-rate on higher earnings, visibility of which remains high.
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