Radico Khaitan Ltd

About [ edit ]

Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. #

The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces.

Later on in the year 1997, Radico Khaitan ventured into its own branded IMFL products and launched its first brand 8PM whisky which became its millionarie brand within a year of its launch. #

Key Points [ edit ]
  • Market Cap 10,418 Cr.
  • Current Price 780
  • High / Low 825 / 360
  • Stock P/E 38.5
  • Book Value 132
  • Dividend Yield 0.26 %
  • ROCE 19.0 %
  • ROE 16.5 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 29.09% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 8.04% over past five years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
516 518 553 510 624 570 648 585 409 630 684 695
425 426 457 438 524 484 545 503 333 523 560 593
Operating Profit 91 92 96 72 99 87 102 82 76 107 125 101
OPM % 18% 18% 17% 14% 16% 15% 16% 14% 19% 17% 18% 15%
Other Income 3 4 3 4 3 -4 -7 -6 2 4 3 12
Interest 11 9 8 8 7 8 8 8 7 5 5 5
Depreciation 10 11 11 11 13 13 13 13 13 13 14 14
Profit before tax 73 76 80 57 82 62 75 54 58 92 108 94
Tax % 35% 35% 35% 31% 34% -27% 25% 29% 24% 22% 26% 22%
Net Profit 47 50 52 39 55 79 56 38 44 72 81 74
EPS in Rs 3.55 3.72 3.91 2.93 4.11 5.89 4.17 2.88 3.30 5.42 6.03 5.51

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
777 923 1,112 1,210 1,378 1,400 1,643 1,657 1,797 2,063 2,395 2,418
650 771 941 1,021 1,182 1,220 1,452 1,444 1,526 1,713 2,023 2,009
Operating Profit 127 152 171 189 196 180 191 213 270 351 372 409
OPM % 16% 16% 15% 16% 14% 13% 12% 13% 15% 17% 16% 17%
Other Income 23 11 8 26 34 36 36 18 26 13 -15 20
Interest 75 36 59 71 85 90 85 81 69 36 32 22
Depreciation 26 27 33 35 39 38 43 42 41 42 53 54
Profit before tax 50 99 87 109 106 87 99 109 187 286 273 353
Tax % 17% 27% 27% 29% 33% 22% 26% 26% 34% 34% 17% 23%
Net Profit 42 73 64 77 71 68 73 80 123 188 228 271
EPS in Rs 3.15 5.49 4.80 5.81 5.36 5.08 5.52 6.02 9.26 14.10 17.04 20.26
Dividend Payout % 19% 13% 17% 14% 15% 16% 14% 13% 11% 9% 12% 12%
Compounded Sales Growth
10 Years:10%
5 Years:8%
3 Years:10%
TTM:1%
Compounded Profit Growth
10 Years:14%
5 Years:29%
3 Years:30%
TTM:10%
Stock Price CAGR
10 Years:20%
5 Years:54%
3 Years:25%
1 Year:106%
Return on Equity
10 Years:13%
5 Years:14%
3 Years:16%
Last Year:16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
26 27 27 27 27 27 27 27 27 27 27 27
Reserves 566 625 642 702 754 803 937 1,003 1,115 1,288 1,494 1,737
Borrowings 446 491 650 768 904 849 960 799 592 337 400 272
194 226 315 308 332 411 390 392 498 581 549 649
Total Liabilities 1,233 1,368 1,634 1,804 2,017 2,089 2,313 2,221 2,232 2,233 2,470 2,685
414 419 502 529 570 573 729 704 685 714 743 790
CWIP 53 22 5 5 8 1 2 2 20 16 18 38
Investments 89 121 111 109 108 98 205 205 205 155 155 155
677 807 1,016 1,161 1,330 1,418 1,376 1,309 1,321 1,347 1,553 1,702
Total Assets 1,233 1,368 1,634 1,804 2,017 2,089 2,313 2,221 2,232 2,233 2,470 2,685

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
49 41 142 -66 137 250 -39 252 316 309 60 377
-75 -71 -128 46 -141 -83 84 3 -21 -7 -68 -83
17 6 -2 15 3 -172 -87 -234 -293 -226 44 -183
Net Cash Flow -9 -24 12 -5 -1 -5 -42 21 2 76 35 111

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 13% 12% 13% 13% 12% 11% 10% 10% 14% 19% 18% 19%
Debtor Days 111 126 114 131 139 125 136 137 128 114 125 105
Inventory Turnover 2.45 2.53 3.80 3.42 3.42 2.38 2.14 1.99 1.74 1.59 1.91 2.75

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
40.38 40.38 40.38 40.35 40.35 40.35 40.32 40.31 40.31 40.31 40.31 40.30
24.25 23.30 22.73 23.43 19.83 20.69 20.47 19.37 18.63 18.03 18.25 19.46
5.06 5.41 5.93 6.49 7.84 8.14 8.21 12.99 15.42 16.59 16.96 17.10
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
30.29 30.89 30.94 29.71 31.95 30.80 30.98 27.30 25.61 25.05 24.46 23.11

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