Tilaknagar Industries Limited · NSE:TI
Tilaknagar Industries — Q3 FY24 Earnings Presentation
31 slides from Tilaknagar Industries's earnings presentation, Feb 12, 2024
Slide 1: Tilaknagar Industries Limited Earnings Presentation – Q3 & 9M FY24
Tilaknagar Industries Limited Earnings Presentation – Q3 & 9M FY24 Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 2: Disclaimer
Disclaimer This presentation may include statements which may constitute forward-looking statements including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Tilaknagar Industries’ future business developments and economic
Slide 3: Q3 & 9M FY24 Performance
Q3 & 9M FY24 PERFORMANCE Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 4: Management commentary
Management commentary Mr. Amit Dahanukar, Chairman & Managing Director “ We continue to be focused on a three-pronged strategic approach; sustainable growth, margin expansion and cash flow management “ ❖ Our company achieved YoY growth of 13.1% in Q3 FY24 and 22.2% in 9M FY24, compared to overall IM
Slide 5: Key highlights – Q3FY24
Key highlights – Q3FY24 Total Volumes (lacs cases) NSR (₹ per case) +7% +13% 1,273 1,309 28.5 29.5 1,222 26.0 Q3FY23 Q2FY24 Q3FY24 Q3FY23 Q2FY24 Q3FY24 Revenue (₹ crs) EBITDA (₹ crs) & EBITDA Margin (%) 13.4% 13.4% 13.6% +24% +27% 377 51 354 47 303 41 Q3FY23 Q2FY24 Q3FY24 Q3FY23 Q2FY24 Q3FY24 Tilakn
Slide 6: Key highlights – 9MFY24
Key highlights – 9MFY24 Total Volumes (lacs cases) NSR (₹ per case) +22% +7% 83.1 1,278 1,190 68.0 9MFY23 9MFY24 9MFY23 9MFY24 Revenue (₹ crs) EBITDA (₹ crs) & EBITDA Margin (%) 11.6% 13.3% +28% +46% 1,035 137 807 94 9MFY23 9MFY24 9MFY23 9MFY24 Tilaknagar Industries Ltd. 6
Slide 7: Consistent growth in volumes
Consistent growth in volumes ……Q3FY24 has been the highest selling quarter since FY15 Quarterly volumes (lacs cases) 67% volume growth vs. Q3 FY20 (pre-Covid) 29.5 28.4 28.5 26.0 25.1 24.3 18.9 19.5 18.1 18.5 17.6 18.1 18.7 17.7 17.2 16.3 16.5 14.7 14.9 13.8 13.5 11.1 6.0 FY19 FY20 FY21 FY22 FY23 FY
Slide 8: Debt reduction journey
Debt reduction journey Debt Journey (₹ Crs)(a) Debt as of 31-Dec-23 (₹ Crs)(a) 36 1,199 16 111 543 492 449 349 361 250 269 239 188 164 182 136 141 119 Kotak Term Loan Vendor Financing Trade Deposits Mar-19 Mar-21 Mar-22 Sep-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-21 Mar-22 Sep-22 Mar-23 Jun-23 Sep-23 Dec
Slide 9: CRISIL assigns A-/Stable rating
CRISIL assigns A-/Stable rating Total bank loan facilities rated Long term rating ₹ 200 crore CRISIL A-/Stable (Assigned) ▪ Rating assigned in January 2024 ▪ Rating assigned for term loan facility of upto ₹ 150 crore and for working capital facility of upto ₹ 50 crore ▪ The rating reflects the heath
Slide 10: Income Statement
Income Statement Particulars (₹ Crs) Q3 FY24 Q3 FY23 Y-o-Y Q2 FY24 Q-o-Q 9M FY24 9M FY23 Y-o-Y Revenue from Operations (Gross) 797.5 675.5 18.1% 750.2 6.3% 2,187.7 1,752.0 24.9% Excise Duty 420.9 372.6 13.0% 395.8 6.3% 1,152.5 945.1 21.9% Revenue from Operations (Net) 376.7 302.9 24.4% 354.4 6.3% 1,
Slide 11: Mansion House
(MANSION HOU
Slide 12: Launch of Mansion House Chambers…
Launch of Mansion House Chambers… …Following up on the Flandy launch to make brandy more aspirational ▪ A different kind of welcome inviting discerning individuals into a realm of exquisite style, celebration, sophistication, luxury and timeless refinement ▪ For those who appreciate the finer things
Slide 13: Meeting need gaps across premium price points in brandy…
Meeting need gaps across premium price points in brandy… …Puducherry is the first state for launch of Mansion House Chambers Offerings across multiple P&A segments in Brandy Mansion House Courrier Napoleon Mansion House Mansion House Courrier Napoleon Chambers Brandy Green Flandy Brandy Brandy Red +
Slide 14: Launch of “The Flandy Song” from the house of Mansion House
Launch of “The Flandy Song” from the house of Mansion House Released on World Brandy Day i.e. 8th December 2023; “The Flandy Song” is TI’s first large scale brand anthem Collaborated with prominent artists like Vedala Hemachandra, Yashwant Nag, Asura and Nawab Gang, Damini Bhatla Performance marketi
Slide 15: “A Warm Welcome”
“A Warm Welcome” …Mansion House Brandy’s new proposition, giving the brandy category the voice, it deserves Tilaknagar Industries Ltd. 15
Slide 16: Multiple awards at the Spiritz Conclave & Achievers’ Awards 2023
Multiple awards at the Spiritz Conclave & Achievers’ Awards 2023 Leader of the year Company of the year Brand promotion – Digital space Tilaknagar Industries Ltd. 16
Slide 17: Mansion House Brandy…
Mansion House Brandy… …One of the fastest growing alcobev and largest selling brandy brands globally India’s Largest Selling World’s 2nd Fastest Growing Brandy Brand Brandy and World’s 2nd Spirits Brand Champion 2023 Largest Selling Brandy Tilaknagar Industries Ltd. 17
Slide 18: Company & Industry Overview
COMPANY & INDUSTRY OVERVIEW Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 19: About the Company
About the Company Largest brandy manufacturer in India with presence across all segments of IMFL 1933 19 15+ 93% 9.64mn 86% 90 years since Manufacturing units incorporation & 50+ across 12 states Brands across Share of sales to years of experience in Owned: 4 units products Share of Brandy as % Volu
Slide 20: Our journey
Our journey The turnaround well and truly coming to fruition 1933-2007 2008-2014 2014-2017 2018 onwards o Founded in 1933 as o Acquired subsidiaries Vahni o Expansion project at Prag stalled o Restructuring of debt completed Maharashtra Sugar Mills Ltd. Distilleries (Karnataka), Prag with EARC and o
Slide 21: Brand portfolio
Brand portfolio New Launch India’s first premium Super-Premium Mansion House Mansion House Courrier Napoleon flavoured brandy ₹ 1,000 & Above Reserve Brandy Chambers Brandy Green Mansion House Flandy Premium / Semi- Premium #1 Premium Brandy in India Mansion House Gold Blue Lagoon ₹ 700-1,000 Mansio
Slide 22: Two millionaire brands in the portfolio
Two millionaire brands in the portfolio MANSION HOUSE COURRIER NAPOLEON India’s largest Our second selling brandy Millionaire brand COURRIER NAPOLEON – OUR 2nd MILLIONAIRE BRAND Achieved millionaire status in FY23 (1.2 mn cases sold in FY23; 50% growth over FY22) Drink responsibly: The consumption o
Slide 23: Senior management
Senior management Amit Abhinav Ameya Tarun Dahanukar Gupta Deshpande Behl Chairman & CFO President – Strategy & Corp Dev Vice President – Works Managing Director Previously CFO with Trident Limited Previously Investment Banker with 22+ yrs of alcobev experience Deutsche Bank and BNP Paribas & In Uni
Slide 24: Full Year Financials
FULL YEAR FINANCIALS Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 25: Improving business fundamentals
Improving business fundamentals Premiumisation strategy to enhance margins and cash flows Total Volumes Sold (mn cases) Brandy Sales (mn cases) Share of Brandy to total volumes sold 84% 89% 91% 92% 94% 93% 9.64 8.98 6.64 6.44 6.73 5.92 6.33 5.92 5.86 5.45 4.98 5.03 FY18 FY19 FY20 FY21 FY22 FY23 FY18
Slide 26: Focus on margins and cashflows
Focus on margins and cashflows EBITDA (₹ Crs) and Finance Cost (₹ Crs) and Net Revenues (₹ Crs) EBITDA Margin (%) as % of Net Revenues 1,164 137 112 184 783 152 661 653 56 54 14% 28% 12% 26% 129 578 10% 20% 549 8% 13% 8% 3 71 62 3% 40 0% -8% FY18 FY19 FY20 FY21 FY22 FY23 -52 FY18 FY19 FY20 FY21 FY22
Slide 27: Income Statement
Income Statement Particulars (₹ Crs) Mar-23 Mar-22 Mar-21 Revenue from Operations (Gross) 2,469.3 1,792.1 1,418.4 Excise Duty 1,304.9 1,008.7 869.6 Revenue from Operations (Net) 1,164.4 783.4 548.8 Cost of Material Consumed 633.3 378.0 291.3 Change in Inventories of Finished goods & Work in Progress
Slide 28: Balance Sheet
Balance Sheet Particulars (₹ Crs) Mar-23 Mar-22 Mar-21 ASSETS Non ‐ Current Assets Property, plant and equipment 417.5 438.8 467.8 Capital work‐in‐progress 0.1 100.2 100.1 Right of use assets 2.2 0.2 0.4 Intangible assets 0.3 0.3 0.4 Financial Assets (i) Investments 0.5 0.0 0.0 (ii) Loans 0.1 (iii)
Slide 29: Balance Sheet
Balance Sheet Particulars (₹ Crs) Mar-23 Mar-22 Mar-21 Equity (a) Equity share capital 185.3 158.6 125.4 (b) Other equity 297.6 -25.1 -181.2 Total Equity 482.9 133.5 -55.7 Liabilities Non ‐ Current Liabilities Financial liabilities (i) Borrowings 24 381 459 (ii) Lease liabilities 2.1 0.1 0.1 (iii) O
Slide 30: Cash Flow Statement
Cash Flow Statement Particulars (₹ Crs) Mar-23 Mar-22 Mar-21 Cash Flow from Operating Activities Profit before Tax 149.9 41.2 -38.6 Adjustment for Non-Operating Items 4.7 -86.9 -106.9 Operating Profit before Working Capital Changes 145.2 128.1 68.3 Changes in Working Capital -72.8 -67.6 14.3 Cash Ge
Slide 31: Thank You
For further information, please contact: Company : Tilaknagar Industries Ltd. (BSE: 507205 | NSE: TI) Ameya Deshpande President – Strategy & Corporate Development Email: adeshpande@tilind.com Investor Relations Advisors : Orient Capital (a division of Link Group) Mr. Nikunj Jain Mr. Amar Yardi +91 9
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