Radico Khaitan Ltd

Radico Khaitan is is engaged in the business of manufacturing and trading of Alcoholic products such as Indian Made Foreign Liquor (IMFL), Alcohol, Country Liquor etc.

Pros:
Company has reduced debt.
Promoter's stake has increased
Cons:
Stock is trading at 4.34 times its book value
The company has delivered a poor growth of 8.22% over past five years.
Company has a low return on equity of 9.42% for last 3 years.

Peer Comparison Sector: Alcoholic Beverages // Industry: Breweries & Distilleries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
407 428 445 413 393 411 448 483 481 516 518 553
373 371 389 362 346 349 382 407 414 425 426 457
Operating Profit 34 57 57 51 47 62 66 76 67 91 92 96
OPM % 8% 13% 13% 12% 12% 15% 15% 16% 14% 18% 18% 17%
Other Income 12 4 4 6 5 5 5 6 10 3 4 3
Interest 23 21 21 20 19 19 18 17 15 11 9 8
Depreciation 11 10 11 10 10 10 10 10 10 10 11 11
Profit before tax 13 29 30 27 23 38 43 55 52 73 76 80
Tax % -7% 24% 25% 28% 28% 33% 33% 36% 34% 35% 35% 35%
Net Profit 14 22 23 20 17 26 29 35 34 47 50 52
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
571 774 672 814 923 1,112 1,210 1,378 1,400 1,643 1,657 1,797 2,068
495 712 624 687 771 941 1,021 1,182 1,220 1,452 1,444 1,526 1,722
Operating Profit 76 62 49 127 152 171 189 196 180 191 213 270 345
OPM % 13% 8% 7% 16% 16% 15% 16% 14% 13% 12% 13% 15% 17%
Other Income 15 45 43 23 11 8 26 34 36 36 18 26 20
Interest 38 49 56 75 36 59 71 85 90 85 81 69 43
Depreciation 16 19 23 26 27 33 35 39 38 43 42 41 42
Profit before tax 37 39 12 50 99 87 109 106 87 99 109 187 281
Tax % 31% 16% 47% 17% 27% 27% 29% 33% 22% 26% 26% 34%
Net Profit 26 33 7 42 73 64 77 71 68 73 80 123 183
EPS in Rs 2.32 2.74 0.59 3.05 5.38 4.67 5.68 5.22 4.92 5.52 6.02 9.26
Dividend Payout % 19% 15% 47% 19% 13% 17% 14% 15% 16% 14% 13% 11%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.79%
5 Years:8.22%
3 Years:8.67%
TTM:19.18%
Compounded Profit Growth
10 Years:17.88%
5 Years:9.02%
3 Years:18.34%
TTM:72.94%
Return on Equity
10 Years:9.94%
5 Years:9.47%
3 Years:9.42%
TTM:11.38%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
77 20 20 26 27 27 27 27 27 27 27 27
Reserves 145 210 201 557 616 633 692 745 794 937 1,003 1,115
Borrowings 610 540 700 446 491 650 768 904 849 960 799 592
187 187 195 212 239 333 328 356 437 462 449 525
Total Liabilities 962 957 1,117 1,242 1,372 1,643 1,815 2,032 2,107 2,384 2,278 2,259
284 347 401 414 419 502 529 570 573 729 704 685
CWIP 44 41 77 53 22 5 5 8 1 2 2 20
Investments 25 34 53 89 121 111 109 108 98 205 205 205
608 536 587 685 810 1,024 1,172 1,345 1,435 1,448 1,366 1,348
Total Assets 962 957 1,117 1,242 1,372 1,643 1,815 2,032 2,107 2,384 2,278 2,259

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-2 52 -5 49 41 142 -66 137 250 -39 252 316
-97 -63 -118 -75 -71 -128 46 -141 -83 84 3 -21
304 -115 82 17 6 -2 15 3 -172 -87 -234 -293
Net Cash Flow 205 -126 -41 -9 -24 12 -5 -1 -5 -42 21 2

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 12% 9% 9% 13% 13% 13% 13% 12% 11% 10% 10% 14%
Debtor Days 83 66 92 106 126 114 131 139 125 136 137 128
Inventory Turnover 8.30 10.28 7.26 7.03 7.37 7.25 6.62 6.93 6.56 6.69 5.82 5.93