Radico Khaitan Ltd
Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. [1]
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. [2]
- Market Cap ₹ 23,033 Cr.
- Current Price ₹ 1,728
- High / Low ₹ 1,885 / 1,069
- Stock P/E 97.5
- Book Value ₹ 168
- Dividend Yield 0.17 %
- ROCE 11.6 %
- ROE 9.82 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 10.3 times its book value
- The company has delivered a poor sales growth of 11.8% over past five years.
- Company has a low return on equity of 13.0% over last 3 years.
- Company might be capitalizing the interest cost
* 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.
Peer comparison
Sector: Alcoholic Beverages Industry: Breweries & Distilleries
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,112 | 1,210 | 1,378 | 1,400 | 1,643 | 1,657 | 1,797 | 2,063 | 2,395 | 2,374 | 2,859 | 3,133 | 3,872 | |
941 | 1,020 | 1,182 | 1,220 | 1,452 | 1,444 | 1,526 | 1,713 | 2,023 | 1,965 | 2,457 | 2,775 | 3,409 | |
Operating Profit | 171 | 190 | 196 | 180 | 191 | 214 | 270 | 351 | 372 | 409 | 402 | 359 | 462 |
OPM % | 15% | 16% | 14% | 13% | 12% | 13% | 15% | 17% | 16% | 17% | 14% | 11% | 12% |
8 | 26 | 34 | 36 | 36 | 18 | 26 | 13 | -15 | 20 | 11 | 9 | 8 | |
Interest | 59 | 71 | 85 | 90 | 85 | 81 | 69 | 36 | 32 | 22 | 13 | 22 | 51 |
Depreciation | 33 | 35 | 39 | 38 | 43 | 42 | 41 | 42 | 53 | 54 | 65 | 71 | 102 |
Profit before tax | 87 | 109 | 106 | 87 | 99 | 109 | 187 | 286 | 273 | 353 | 335 | 275 | 317 |
Tax % | 27% | 29% | 33% | 22% | 26% | 26% | 34% | 34% | 17% | 23% | 25% | 26% | |
64 | 77 | 71 | 68 | 73 | 80 | 123 | 188 | 228 | 271 | 252 | 204 | 236 | |
EPS in Rs | 4.80 | 5.81 | 5.36 | 5.08 | 5.52 | 6.02 | 9.26 | 14.10 | 17.04 | 20.26 | 18.86 | 15.29 | 17.67 |
Dividend Payout % | 17% | 14% | 15% | 16% | 14% | 13% | 11% | 9% | 12% | 12% | 16% | 20% |
Compounded Sales Growth | |
---|---|
10 Years: | 10% |
5 Years: | 12% |
3 Years: | 9% |
TTM: | 24% |
Compounded Profit Growth | |
---|---|
10 Years: | 10% |
5 Years: | 10% |
3 Years: | -6% |
TTM: | 11% |
Stock Price CAGR | |
---|---|
10 Years: | 28% |
5 Years: | 34% |
3 Years: | 46% |
1 Year: | 46% |
Return on Equity | |
---|---|
10 Years: | 12% |
5 Years: | 14% |
3 Years: | 13% |
Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
Reserves | 642 | 702 | 754 | 803 | 937 | 1,003 | 1,115 | 1,288 | 1,494 | 1,737 | 1,960 | 2,125 | 2,215 |
650 | 768 | 904 | 849 | 960 | 799 | 592 | 337 | 400 | 288 | 202 | 754 | 883 | |
315 | 308 | 332 | 411 | 390 | 392 | 498 | 581 | 540 | 543 | 555 | 762 | 828 | |
Total Liabilities | 1,634 | 1,804 | 2,017 | 2,089 | 2,313 | 2,221 | 2,232 | 2,233 | 2,460 | 2,595 | 2,744 | 3,668 | 3,953 |
502 | 529 | 570 | 573 | 729 | 704 | 685 | 714 | 743 | 810 | 821 | 1,213 | 1,601 | |
CWIP | 5 | 5 | 8 | 1 | 2 | 2 | 20 | 16 | 18 | 38 | 30 | 327 | 75 |
Investments | 111 | 109 | 108 | 98 | 205 | 205 | 205 | 155 | 155 | 155 | 135 | 135 | 135 |
1,016 | 1,161 | 1,330 | 1,418 | 1,376 | 1,309 | 1,321 | 1,347 | 1,543 | 1,592 | 1,757 | 1,993 | 2,142 | |
Total Assets | 1,634 | 1,804 | 2,017 | 2,089 | 2,313 | 2,221 | 2,232 | 2,233 | 2,460 | 2,595 | 2,744 | 3,668 | 3,953 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
142 | -66 | 137 | 250 | -39 | 252 | 316 | 309 | 60 | 370 | 221 | 224 | |
-128 | 46 | -141 | -83 | 84 | 3 | -21 | -7 | -67 | -76 | -108 | -684 | |
-2 | 15 | 3 | -172 | -87 | -234 | -293 | -226 | 9 | -183 | -134 | 482 | |
Net Cash Flow | 12 | -5 | -1 | -5 | -42 | 21 | 2 | 76 | 2 | 111 | -21 | 22 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 114 | 131 | 139 | 125 | 136 | 137 | 128 | 114 | 125 | 107 | 96 | 96 |
Inventory Days | 120 | 116 | 118 | 164 | 202 | 199 | 231 | 270 | 209 | 283 | 234 | 292 |
Days Payable | 78 | 73 | 71 | 95 | 129 | 125 | 159 | 183 | 148 | 151 | 102 | 112 |
Cash Conversion Cycle | 155 | 174 | 185 | 194 | 209 | 211 | 201 | 201 | 187 | 239 | 228 | 277 |
Working Capital Days | 204 | 194 | 224 | 214 | 173 | 142 | 143 | 130 | 146 | 147 | 133 | 127 |
ROCE % | 13% | 13% | 12% | 11% | 10% | 10% | 14% | 19% | 18% | 19% | 16% | 12% |
Documents
Announcements
- Closure of Trading Window 2d
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 22 Mar
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 Mar - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investors/ Analysts Meet
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 Mar - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investors/ Analysts Meet
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 16 Mar
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Concalls
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Nov 2016TranscriptNotesPPT
History
Radico Khaitan Limited is among the oldest and largest manufacturers of IMFL in India. Earlier known as Rampur Distillery Company, Radico Khaitan commenced its operations in 1943 and has emerged as a major bulk spirits supplier and bottler to other spirit manufacturers. In 1998 Company started its own brands with the
introduction of 8PM Whisky.