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ICICI Direct Report
Radico Khaitan Ltd.'s Q3 reported an improved product mix, however, non-Indian made foreign liquid costs stay elevated.
Revenues grew 12% YoY to Rs 766 crore, IMFL volume grew 7% YoY. Ebitda de-grew 4% YoY to Rs 119 crore with margins at 15.5% (versus 18.2% in Q3 FY21). Subsequently, profit after tax de-grew 6% to Rs 79 crore.
To ensure grain extra neutral alcohol supplies for Radico's branded business, the company will convert 140 kilo litre per day molasses plant into dual feed and post conversion grain ENA production will reach 260 klpd in Rampur campus.
The company will also build a new greenfield 330 klpd grain based ENA distillery at Sitapur, taking total Radico owned distillation capacity to 21.7 crore litre.
Net debt was at Rs 136 crore in Q3 FY22 versus Rs 198 crore in FY21.
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