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Radico Khaitan

₹1620.6 -38.8 | 2.3%

Market Cap ₹21669 Cr.

Stock P/E 86.4

P/B 9.1

Current Price ₹1620.6

Book Value ₹ 178

Face Value 2

52W High ₹1882.1

Dividend Yield 0.19%

52W Low ₹ 1069.6

Radico Khaitan Research see more...

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.

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Radico Khaitan Share Price

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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 47% 42% 34% 26%
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

# Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Promoter 40.27 40.27 40.27 40.27 40.27 40.27 40.27 40.27 40.26 40.26
FII 20.06 20.48 19.28 18.35 18.86 18.93 18.63 18.26 18.19 19.01
DII 18.67 18.61 19.24 20.26 22.85 23.23 23.52 23.77 23.93 23.99
Public 21 20.64 21.21 21.13 18.01 17.57 17.58 17.71 17.62 16.74
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

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.

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