Radico Khaitan Ltd

Radico Khaitan Ltd

₹ 1,728 3.43%
28 Mar - close price
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 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
684 689 598 709 757 813 757 761 792 832 954 925 1,161
560 588 506 597 638 733 665 671 695 753 834 804 1,018
Operating Profit 125 101 92 111 119 80 93 90 97 79 120 121 143
OPM % 18% 15% 15% 16% 16% 10% 12% 12% 12% 9% 13% 13% 12%
3 12 6 2 2 2 4 1 3 1 1 1 5
Interest 5 5 5 3 3 2 3 4 6 9 12 12 18
Depreciation 14 14 15 16 17 16 17 17 17 20 24 26 32
Profit before tax 108 94 78 94 101 63 77 70 76 51 84 83 98
Tax % 26% 22% 23% 26% 24% 26% 24% 26% 25% 27% 25% 26% 25%
81 74 60 69 77 46 58 52 57 37 63 62 74
EPS in Rs 6.03 5.51 4.48 5.18 5.74 3.47 4.36 3.88 4.27 2.79 4.73 4.63 5.52
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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%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
40.30% 40.29% 40.27% 40.27% 40.27% 40.27% 40.27% 40.27% 40.27% 40.27% 40.26% 40.26%
19.46% 19.78% 20.06% 20.48% 19.28% 18.35% 18.86% 18.94% 18.63% 18.26% 18.18% 19.01%
17.10% 18.16% 18.64% 18.61% 19.24% 20.26% 22.85% 23.23% 23.51% 23.76% 23.92% 23.99%
0.02% 0.02% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
23.11% 21.75% 21.00% 20.64% 21.21% 21.13% 18.01% 17.57% 17.59% 17.71% 17.63% 16.75%
No. of Shareholders 65,13074,25899,3841,22,4841,46,3901,46,9861,29,0771,25,4731,17,0891,07,4651,15,4301,12,800

* 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.

Click on the line-items to see the names of individual entities.

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