Tilaknagar Industries Limited · NSE:TI
Tilaknagar Industries — Q4 FY23 Earnings Presentation
22 slides from Tilaknagar Industries's earnings presentation, May 16, 2023
Slide 1: Exchange filing cover letter for earnings presentation
May 16, 2023 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G, Dalai Street, Bandra-Kurla Complex, Bandra (East), Mumbai 400001 Mumbai-400 051. Scrip Code : 507205 Symbol : TI Sub: Earnings Presentation for Audited Financial Results
Slide 2: Earnings Presentation Q4 (Jan to Mar 2023) & FY23
Tilaknagar Industries Ltd. (BSE: 507205 | NSE: TI) 5/16/2023 Earnings Presentation Q4 (Jan to Mar 2023) & FY23 Tilaknagar Industries | Q4 (Jan to Mar 2023) & FY23 1
Slide 3: Q4 & FY23 Performance
Q4 & FY23 PERFORMANCE Tilaknagar Industries | Q4 (Jan to Mar 2023) & FY23 2
Slide 4: Q4 & FY23 – at a glance
Q4 & FY23 – at a glance Gross margins impacted due to full quarter impact of glass price increase as well as regional mix Y-o-Y Q-o-Q Y-o-Y Q4 FY23 Q4 FY22 growth Q3 FY23 growth FY23 FY22 growth Business performance (in lacs): Brandy volumes 26.3 18.3 43.8% 24.3 8.2% 89.8 63.3 42.0% Others 2.1 1.2 7
Slide 5: Debt reduction journey
Debt reduction journey… …operating cash flows helping in funding debt repayments as well as working capital requirements Debt reduction (Rs. Crs)(a)(b) Debt as of 31-Mar-23(a)(b) 1,199 37 EARC Term Loan Total debt repayment of almost Rs. 200 crs, of which 29 Rs. 82 crs of high-cost trade Trade Depos
Slide 6: Volumes at significantly higher levels compared to pre-Covid times
Volumes at significantly higher levels compared to pre- Covid times Quarterly volumes (lacs cases) 30 28.4 26.0 25 24.3 ▪ 46% volume 20 18.1 18.9 18.5 18.1 18.7 19.5 growth in Q4 17.6 17.2 17.7 16.3 16.5 on YoY basis 14.7 14.9 15 13.8 13.5 ▪ 50% volume 11.1 growth vs. Q4 10 FY19 (pre- 6.0 Covid) 5 0
Slide 7: Growth driven by good mix of existing and new products
Growth driven by good mix of existing and new products Yearly volumes (lacs cases) ▪ Growth of 43% YoY vs. IMFL industry growth of 12% in the same 100 96.4 period ▪ High growth (35%+ YoY) across all regions 80 ▪ Growth driven by Mansion House Brandy (40% YoY) and Courrier 66.4 67.3 64.4 Napoleon Bra
Slide 8: Operational highlights
Operational highlights Net Revenue (Rs. Crs) Highest ever quarterly 1,164 net revenues 357 303 275 783 241 230 192 201 206 549 168 132 135 56 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY21 FY22 FY23 EBITDA (Rs. Crs) 43 137 41 112 31 32 31 26 22 2
Slide 9: Management commentary
Management commentary From the desk of Mr. Amit Dahanukar, Chairman & Managing Director ❑ Last quarter, I mentioned that we had achieved our highest ever quarterly net revenues; I am now proud to say that we have beaten that milestone comfortably this quarter, with a net revenue of Rs. 357 crs i.e.
Slide 10: Extract of Income Statement
Extract of Income Statement Y-o-Y Q-o-Q Y-o-Y (Rs. Crs) Q4 FY23 Q4 FY22 growth % Q3 FY23 growth % FY23 FY22 growth % Revenue from operations (Gross) 717.25 520.91 37.7% 675.46 6.2% 2,469.28 1,792.06 37.8% Less: Excise Duty 359.80 279.85 28.6% 372.59 -3.4% 1,304.92 1,008.69 29.4% Revenue from Operati
Slide 11: Extract of Balance Sheet
Extract of Balance Sheet As of As of (Rs. Crs) As at Mar-23 As at Mar-22 (Rs. Crs) As at Mar-23 As at Mar-22 ASSETS EQUITY AND LIABILITIES Non-Current Assets Equity Property, Plant and Equipment 417.5 438.8 Equity Share Capital 185.3 158.6 Capital Work-in-Progress 0.1 100.2 Other Equity 297.6 -25.1
Slide 12: Company & Industry Overview
COMPANY & INDUSTRY OVERVIEW Tilaknagar Industries | Q4 (Jan to Mar 2023) & FY23 11
Slide 13: About the Company
About the Company Largest premium brandy manufacturer in India with presence across all segments of IMFL Manufacturing units across 12 states Share of Brandy as % 20 Owned: 4 units 15+ Brands across products 93% of total volumes Contract manufacturing: 16 units 9.64 Volumes (in cases) Share of sales
Slide 14: Presence across IMFL categories
Presence across IMFL categories Focus on semi-premium and above segments Super-Premium Rs. 1,000 & Above Mansion House Reserve Brandy Courrier Napoleon Brandy Green Mansion House Flavoured Brandy Premium Rs. 700-1,000 Mansion House Brandy Mansion House Gold Whisky Courrier Napoleon Brandy Red Deluxe
Slide 15: We sell millions of cases across India
We sell millions of cases across India MANSION HOUSE ❑ Mansion House is a millionaire brand (more than 7.8 mn cases sold in FY23; 41% growth over FY22) ❑ As per IWSR Drinks Market Analysis, Mansion House is the highest selling brandy in India ❑ Manufactured across all units ❑ A brand with a high bra
Slide 16: Our strategic focus
Our strategic focus… …the way forward Volume growth Market share growth(a) Efficient levels of capacity utilisation ▪ FY23 growth in volumes at 43.3% ▪ Continued focus on brandy ▪ Pernod Ricard agreements enables ▪ 6 yrs CAGR of 13.6% for MHB ▪ Market share (as % of brandy) growth efficient capacity
Slide 17: Recent Product Developments
Recent Product Developments Launch of Mansion House Flavoured Brandy Launch of Mansion House Reserve Brandy ▪ India’s First Premium Flavoured Brandy ▪ Super-premium variant of our flagship ▪ An inclusive drink for all; across age- brand, Mansion House Brandy groups, genders, for all occasions ▪ Blen
Slide 18: FY23 Financials
FY23 FINANCIALS Tilaknagar Industries | Q4 (Jan to Mar 2023) & FY23 17
Slide 19: Improving business fundamentals
Improving business fundamentals Premiumisation strategy to enhance margins and cash flows Total Volumes Sold (mn cases) Brandy Sales (mn cases) 84% 89% 91% 92% 94% 93% 5.92 6.64 6.44 5.45 6.73 9.64 4.98 5.92 5.86 5.03 6.33 8.98 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 Share of Bra
Slide 20: Focus on margins and cashflows
Focus on margins and cashflows Most of write-offs impacting EBITDA have been undertaken Net Revenues (Rs. Crs) Gross Profit (Rs. Crs) and Gross Margin (%) 51% 52% 49% 51% 46% 47% 578 661 653 549 783 1,164 293 342 301 271 401 548 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 EBITDA (Rs.
Slide 21: 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 22: Thank You
For further information, please contact: Ameya Deshpande President – Strategy & Corporate Development Email: adeshpande@tilind.com THANK YOU
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