Radico Khaitan stock gains on commissioning a new grain distillery at Sitapur

The stock has a trailing PE of 79.30x making it the second most expensive stock in absolute terms among alcohol-making peers. In its Q1FY24, the company’s revenue from operations increased 26.4 percent YoY at Rs 953.9 crore

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Radico Khaitan shares jumped into green, gaining by a percent on September 18 after the company in a regulatory filing announced the commissioning of a greenfield grain distillery with a capacity of 350 kilo-litres per-day at Sitapur in Uttar Pradesh.

Apart from this, the company said that it had also installed a captive power plant of 15 MW and a malt maturation facility with a capacity of 10,000 barrels at the Sitapur site.

“Spread over 107 acres, the Sitapur greenfield project will not only add to the growth of the company’s branded business but also secure extra-neutral alcohol (ENA) supplies to the local manufacturing as well as the contract bottling units. Together with the Rampur campus, the ENA production from the Sitapur plant will be able to support the branded business growth for the next 7-10 years,” the regulatory filing said.

“We expect that the plant will fully stabilise within 2-3 weeks’ time and shall achieve over 90 percent efficiency. The full financial benefit of the Sitapur manufacturing facility is expected to be realised from Q3 FY24,” said Lalit Khaitan, Chairman and Managing Director of the company.

At 2 pm on the NSE, Radico Khaitan stock was quoting at Rs 1,236.35, up 0.77 percent or Rs 9.45.

The stock has a trailing PE of 79.30x making it the second most expensive stock in absolute terms among alcohol-making peers.

In its results for the April-June quarter, the company’s revenue from operations increased 26.4 percent YoY (year-on-year) at Rs 953.9 crore. Net profits for the quarter jumped 10.2 percent on a yearly basis to Rs 68.3 crore. EBITDA (earnings-before-interest-taxes-depreciation and ammortisation) margins were up by 30 basis points to 12.2 percent in the quarter under review.

Radico Khaitan is primarily engaged in the production of alcoholic beverages. Their business operations encompass a diverse portfolio of spirits, including whisky, rum, brandy and vodka. The company is the largest manufacturer of Indian Made Foreign Liquor (IMFL) with a production capacity of 165 million litres per annum.

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