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 2.99 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 9.41% 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

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
445 413 393 411 448 483 481 516 518 553 510 624
389 362 346 349 382 407 414 425 426 457 438 524
Operating Profit 57 51 47 62 66 76 67 91 92 96 72 99
OPM % 13% 12% 12% 15% 15% 16% 14% 18% 18% 17% 14% 16%
Other Income 4 6 5 5 5 6 10 3 4 3 4 3
Interest 21 20 19 19 18 17 15 11 9 8 8 7
Depreciation 11 10 10 10 10 10 10 10 11 11 11 13
Profit before tax 30 27 23 38 43 55 52 73 76 80 57 82
Tax % 25% 28% 28% 33% 33% 36% 34% 35% 35% 35% 31% 34%
Net Profit 23 20 17 26 29 35 34 47 50 52 39 55
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
559 758 653 777 923 1,112 1,210 1,378 1,400 1,643 1,657 1,797 2,204
483 695 604 650 771 941 1,021 1,182 1,220 1,452 1,444 1,526 1,846
Operating Profit 76 62 49 127 152 171 189 196 180 191 213 270 358
OPM % 14% 8% 7% 16% 16% 15% 16% 14% 13% 12% 13% 15% 16%
Other Income 15 45 43 23 11 8 26 34 36 36 18 26 14
Interest 38 49 56 75 36 59 71 85 90 85 81 69 32
Depreciation 16 19 23 26 27 33 35 39 38 43 42 41 45
Profit before tax 37 39 12 50 99 87 109 106 87 99 109 187 295
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 80 123 195
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:9.02%
5 Years:8.22%
3 Years:8.67%
TTM:14.33%
Compounded Profit Growth
10 Years:17.88%
5 Years:9.02%
3 Years:18.34%
TTM:34.64%
Return on Equity
10 Years:9.84%
5 Years:9.42%
3 Years:9.41%
Last Year: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 Mar 2019
77 20 20 26 27 27 27 27 27 27 27 27 27
Reserves 154 219 210 566 625 642 702 754 803 937 1,003 1,115 1,288
Borrowings 610 540 700 446 491 650 768 904 849 960 799 592 323
178 178 186 203 230 324 319 347 428 462 449 525 592
Total Liabilities 962 957 1,117 1,242 1,372 1,643 1,815 2,032 2,107 2,384 2,278 2,259 2,231
284 347 401 414 419 502 529 570 573 729 704 685 714
CWIP 44 41 77 53 22 5 5 8 1 2 2 20 16
Investments 25 34 53 89 121 111 109 108 98 205 205 205 155
608 536 587 685 810 1,024 1,172 1,345 1,435 1,448 1,366 1,348 1,345
Total Assets 962 957 1,117 1,242 1,372 1,643 1,815 2,032 2,107 2,384 2,278 2,259 2,231

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 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
ROCE % 12% 9% 8% 13% 12% 13% 13% 12% 11% 10% 10% 14%
Debtor Days 85 67 95 111 126 114 131 139 125 136 137 128
Inventory Turnover 8.12 10.06 7.05 6.71 7.37 7.25 6.62 6.93 6.56 6.69 5.82 5.93