Radico Khaitan Ltd

Radico Khaitan Ltd

₹ 1,693 0.27%
22 Jul 1:34 p.m.
About

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]

Key Points

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.

  • Market Cap 22,638 Cr.
  • Current Price 1,693
  • High / Low 1,885 / 1,141
  • Stock P/E 88.5
  • Book Value 178
  • Dividend Yield 0.18 %
  • ROCE 13.2 %
  • ROE 11.3 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 17.1%

Cons

  • Stock is trading at 9.46 times its book value
  • Company has a low return on equity of 11.4% over last 3 years.

* 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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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
689 598 709 757 813 757 761 792 832 954 925 1,161 1,079
588 506 597 638 733 665 671 695 753 834 804 1,018 956
Operating Profit 101 92 111 119 80 93 90 97 79 120 121 143 123
OPM % 15% 15% 16% 16% 10% 12% 12% 12% 9% 13% 13% 12% 11%
12 6 2 2 2 4 1 3 1 1 1 5 2
Interest 5 5 3 3 2 3 4 6 9 12 12 18 17
Depreciation 14 15 16 17 16 17 17 17 20 24 26 32 32
Profit before tax 94 78 94 101 63 77 70 76 51 84 83 98 77
Tax % 22% 23% 26% 24% 26% 24% 26% 25% 27% 25% 26% 25% 26%
74 60 69 77 46 58 52 57 37 63 62 74 57
EPS in Rs 5.51 4.48 5.18 5.74 3.47 4.36 3.88 4.27 2.79 4.73 4.63 5.52 4.25
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,210 1,378 1,400 1,643 1,657 1,797 2,063 2,395 2,374 2,859 3,133 4,106
1,020 1,182 1,220 1,452 1,444 1,526 1,713 2,023 1,965 2,457 2,775 3,599
Operating Profit 190 196 180 191 214 270 351 372 409 402 359 507
OPM % 16% 14% 13% 12% 13% 15% 17% 16% 17% 14% 11% 12%
26 34 36 36 18 26 13 -15 20 11 9 9
Interest 71 85 90 85 81 69 36 32 22 13 22 60
Depreciation 35 39 38 43 42 41 42 53 54 65 71 114
Profit before tax 109 106 87 99 109 187 286 273 353 335 275 342
Tax % 29% 33% 22% 26% 26% 34% 34% 17% 23% 25% 26% 25%
77 71 68 73 80 123 188 228 271 252 204 256
EPS in Rs 5.81 5.36 5.08 5.52 6.02 9.26 14.10 17.04 20.26 18.86 15.29 19.13
Dividend Payout % 14% 15% 16% 14% 13% 11% 9% 12% 12% 16% 20% 16%
Compounded Sales Growth
10 Years: 12%
5 Years: 15%
3 Years: 20%
TTM: 31%
Compounded Profit Growth
10 Years: 13%
5 Years: 6%
3 Years: -2%
TTM: 26%
Stock Price CAGR
10 Years: 33%
5 Years: 41%
3 Years: 25%
1 Year: 21%
Return on Equity
10 Years: 12%
5 Years: 13%
3 Years: 11%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 27 27 27 27 27 27 27 27 27 27 27 27
Reserves 702 754 803 937 1,003 1,115 1,288 1,494 1,737 1,960 2,125 2,351
768 904 849 960 799 592 337 400 288 202 754 818
308 332 411 390 392 498 581 540 543 555 762 846
Total Liabilities 1,804 2,017 2,089 2,313 2,221 2,232 2,233 2,460 2,595 2,744 3,668 4,042
529 570 573 729 704 685 714 743 810 821 1,213 1,657
CWIP 5 8 1 2 2 20 16 18 38 30 327 54
Investments 109 108 98 205 205 205 155 155 155 135 135 135
1,161 1,330 1,418 1,376 1,309 1,321 1,347 1,543 1,592 1,757 1,993 2,195
Total Assets 1,804 2,017 2,089 2,313 2,221 2,232 2,233 2,460 2,595 2,744 3,668 4,042

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-66 137 250 -39 252 316 309 60 370 221 224 183
46 -141 -83 84 3 -21 -7 -67 -76 -108 -684 -243
15 3 -172 -87 -234 -293 -226 9 -183 -134 482 24
Net Cash Flow -5 -1 -5 -42 21 2 76 2 111 -21 22 -36

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 131 139 125 136 137 128 114 125 107 96 96 87
Inventory Days 116 118 164 202 199 231 270 209 283 234 292 211
Days Payable 73 71 95 129 125 159 183 148 151 102 112 71
Cash Conversion Cycle 174 185 194 209 211 201 201 187 239 228 277 226
Working Capital Days 194 224 214 173 142 143 130 146 147 133 124 110
ROCE % 13% 12% 11% 10% 10% 14% 19% 18% 19% 16% 12% 13%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
40.27% 40.27% 40.27% 40.27% 40.27% 40.27% 40.27% 40.27% 40.26% 40.26% 40.26% 40.26%
20.06% 20.48% 19.28% 18.35% 18.86% 18.94% 18.63% 18.26% 18.18% 19.01% 18.58% 18.82%
18.64% 18.61% 19.24% 20.26% 22.85% 23.23% 23.51% 23.76% 23.92% 23.99% 24.72% 24.47%
0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
21.00% 20.64% 21.21% 21.13% 18.01% 17.57% 17.59% 17.71% 17.63% 16.75% 16.45% 16.44%
No. of Shareholders 99,3841,22,4841,46,3901,46,9861,29,0771,25,4731,17,0891,07,4651,15,4301,12,8001,11,7811,14,681

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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