Radico Khaitan

₹1624.1 23.9 | 1.5%

WEBSITE BSE:532497 NSE : RADICOKHAIT 10 May, 16:01

Market Cap ₹21717 Cr.

Stock P/E 86.5

P/B 9.1

Current Price ₹1624.1

Book Value ₹ 178

Face Value 2

52W High ₹1882.1

Dividend Yield 0.18%

52W Low ₹ 1094.8

Edit Ratio

Radico Khaitan Research see more...

Radico Khaitan Limited

Overview Inc. Year: 1983Industry: Breweries & Distilleries

Radico Khaitan Ltd manufactures alcohol and alcoholic merchandise. The Company operates thru the segment of liquor and associated merchandise. It offers diverse brands of Whisky, along with 8PM Whisky, Royal Whytehall Whisky and After Dark Whisky; Rum, consisting of Contessa Rum and 8PM Bermuda Rum; Brandy, which include Old Admiral Brandy, 8PM Excellency Brandy and Morpheus Brandy; Vodka, which include Magic Moments Vodka, Magic Moments Remix Vodka and Verve, and Ready to Drink, along with Electra. It produces high neutral alcohol from molasses, as well as grain. It produces aged grain spirit, as well as matured malt spirit and malt spirit. It has over 33 bottling gadgets spanning across the country, of which over five belong to it and over 28 are settlement bottling units. Its Rampur Distillery manufactures diverse brands of Indian-made overseas liquor (IMFL) and country liquor. It operates over three distilleries and one joint undertaking with general potential of over a hundred and fifty million liters.

Radico Khaitan Share Price

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Peer Comparison

Radico Khaitan Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	3070	3297	3224	3184	3019	3166	3375	4023	3715	4246
Other Income	2	2	2	4	1	3	1	1	1	5
Total Income	3071	3299	3227	3188	3020	3169	3377	4024	3716	4251
Total Expenditure	2958	3178	3145	3091	2928	3069	3296	3904	3594	4103
Operating Profit	113	121	82	97	91	100	80	121	122	148
Interest	3	3	2	3	4	6	9	12	12	18
Depreciation	16	17	16	17	17	17	20	24	26	32
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	94	101	63	77	70	76	51	84	83	98
Provision for Tax	25	24	17	19	18	19	14	21	21	24
Profit After Tax	69	77	46	58	52	57	37	63	62	74
Adjustments	4	3	4	4	3	4	5	5	3	1
Profit After Adjustments	73	79	50	62	54	61	43	68	65	75
Adjusted Earnings Per Share	5.5	5.9	3.8	4.6	4.1	4.6	3.2	5.1	4.8	5.6

Radico Khaitan Profit & Loss

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1652	1680	1823	2097	2427	2399	2868	3143	15359
Other Income	39	21	30	13	13	15	13	15	8
Total Income	1691	1700	1853	2110	2440	2413	2881	3158	15368
Total Expenditure	1464	1469	1556	1746	2059	1990	2471	2790	14897
Operating Profit	227	231	297	364	381	423	410	368	471
Interest	85	81	69	36	32	22	13	22	51
Depreciation	43	42	41	42	53	54	65	71	102
Exceptional Income / Expenses	0	0	0	0	-24	0	0	0	0
Profit Before Tax	103	109	188	286	273	347	332	275	316
Provision for Tax	25	29	64	98	45	83	83	70	80
Profit After Tax	78	80	124	188	228	264	249	204	236
Adjustments	0	0	0	6	2	13	15	16	14
Profit After Adjustments	78	80	124	194	229	277	263	220	251
Adjusted Earnings Per Share	5.9	6	9.3	14.6	17.2	20.8	19.7	16.5	18.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	10%	9%	12%	0%
Operating Profit CAGR	-10%	-1%	4%	0%
PAT CAGR	-18%	-4%	10%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	45%	43%	36%	32%
ROE Average	10%	13%	14%	13%
ROCE Average	12%	15%	16%	15%

Radico Khaitan Balance Sheet

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	977	1044	1157	1336	1543	1793	2027	2208
Minority's Interest	0	0	0	0	0	0	0	0
Borrowings	196	103	34	22	2	0	5	287
Other Non-Current Liabilities	63	78	103	115	95	102	96	135
Total Current Liabilities	1089	1009	951	779	843	882	896	1401
Total Liabilities	2325	2234	2246	2251	2483	2778	3024	4031
Fixed Assets	729	704	685	714	743	810	821	1234
Other Non-Current Assets	285	367	321	312	317	280	349	604
Total Current Assets	1311	1164	1239	1225	1422	1688	1854	2193
Total Assets	2325	2234	2246	2251	2483	2778	3024	4031

Radico Khaitan Cash Flow

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	-293	-335	-314	-312	8	10	121	101
Cash Flow from Operating Activities	-36	252	316	309	60	370	222	239
Cash Flow from Investing Activities	81	3	-21	-7	-67	-76	-108	-705
Cash Flow from Financing Activities	-87	-234	-293	-226	9	-183	-134	487
Net Cash Inflow / Outflow	-42	21	2	76	2	111	-20	21
Closing Cash & Cash Equivalent	-335	-314	-312	-236	10	121	101	122

Radico Khaitan Ratios

#	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	5.87	6.03	9.3	14.55	17.16	20.75	19.69	16.48
CEPS(Rs)	9.12	9.16	12.37	17.28	20.97	23.83	23.45	20.59
DPS(Rs)	0.8	0.8	1	1.2	2	2.4	3	3
Book NAV/Share(Rs)	73.42	78.42	86.75	100.09	115.53	134.22	151.53	164.86
Core EBITDA Margin(%)	4.39	4.33	4.26	4.35	3.91	3.89	3.18	2.77
EBIT Margin(%)	4.41	3.9	4.09	3.99	3.23	3.52	2.77	2.33
Pre Tax Margin(%)	2.42	2.24	2.99	3.55	2.9	3.3	2.66	2.16
PAT Margin (%)	1.83	1.65	1.98	2.33	2.42	2.52	1.99	1.6
Cash Profit Margin (%)	2.84	2.5	2.63	2.86	2.97	3.03	2.51	2.16
ROA(%)	4.69	3.52	5.53	8.36	9.61	10.05	8.57	5.79
ROE(%)	13.57	7.94	11.27	15.09	15.81	15.86	13.02	9.66
ROCE(%)	13.45	10.04	14.28	18.8	16.85	18.42	16.11	11.61
Receivable days	32.65	46.3	36.5	28.8	28.38	26.42	21.27	22.62
Inventory Days	14.86	21.26	17.58	15.19	14.22	15	15.01	17.93
Payable days	92.5	122.18	148.12	171.18	142.19	151.77	107.92	103.51
PER(x)	16.28	22.82	35.61	27.16	15.57	27.03	45.05	72.46
Price/Book(x)	1.3	1.75	3.82	3.95	2.31	4.18	5.86	7.25
Dividend Yield(%)	0.84	0.58	0.3	0.3	0.75	0.43	0.34	0.25
EV/Net Sales(x)	1.34	1.56	2.73	2.67	1.63	3.18	4.16	5.26
EV/Core EBITDA(x)	9.78	11.3	16.79	15.36	10.36	18.04	29.13	44.91
Net Sales Growth(%)	169.15	1.7	8.5	15.04	15.74	-1.16	19.56	9.58
EBIT Growth(%)	96.2	0.61	35.17	25.43	-5.28	21.25	-6.59	-13.85
PAT Growth(%)	72.69	2.59	54.63	51.71	20.97	16.24	-6.02	-17.77
EPS Growth(%)	32.06	2.59	54.32	56.49	17.92	20.92	-5.1	-16.29
Debt/Equity(x)	0.98	0.77	0.51	0.25	0.26	0.15	0.09	0.32
Current Ratio(x)	1.2	1.15	1.3	1.57	1.69	1.91	2.07	1.57
Quick Ratio(x)	0.95	0.86	0.98	1.11	1.24	1.36	1.47	1.05
Interest Cover(x)	2.22	2.35	3.74	8.97	9.55	16.54	25.83	13.22
Total Debt/Mcap(x)	0.75	0.44	0.13	0.06	0.11	0.04	0.02	0.04

Radico Khaitan Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	40.27	40.27	40.27	40.27	40.27	40.27	40.27	40.26	40.26	40.26
FII	20.48	19.28	18.35	18.86	18.93	18.63	18.26	18.19	19.01	18.58
DII	18.61	19.24	20.26	22.85	23.23	23.52	23.77	23.93	23.99	24.71
Public	20.64	21.21	21.13	18.01	17.57	17.58	17.71	17.62	16.74	16.45
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	5.38	5.38	5.38	5.38	5.38	5.38	5.38	5.38	5.38	5.38
FII	2.74	2.58	2.45	2.52	2.53	2.49	2.44	2.43	2.54	2.48
DII	2.49	2.57	2.71	3.05	3.1	3.14	3.18	3.2	3.21	3.3
Public	2.76	2.84	2.82	2.41	2.35	2.35	2.37	2.36	2.24	2.2
Others	0	0	0	0	0	0	0	0	0	0
Total	13.37	13.37	13.37	13.37	13.37	13.37	13.37	13.37	13.37	13.37

Pros

Debtor days have improved from 107.92 to 103.51days.
Company is almost debt free.

Cons

Promoter holding is low: 40.26%.
Company has a low return on equity of 13% over the last 3 years.
Stock is trading at 9.1 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.