Tilaknagar Industries Limited · NSE:TI
Tilaknagar Industries — Q3 FY23 Earnings Presentation
21 slides from Tilaknagar Industries's earnings presentation, Feb 7, 2023
Slide 1: Exchange filing cover letter
February 07, 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 unaudited Financial
Slide 2: Earnings Presentation Q3 & 9M FY23
Tilaknagar Industries Ltd. (BSE: 507205 | NSE: TI) 2/7/2023 Earnings Presentation Q3 (Oct to Dec 2022) & 9M FY23 Tilaknagar Industries | Q3 (Oct to Dec 2022) & 9M FY23 1
Slide 3: Q3 & 9M FY23 Performance
Q3 & 9M FY23 PERFORMANCE Tilaknagar Industries | Q3 (Oct to Dec 2022) & 9M FY23 2
Slide 4: Q3 & 9M FY23 – at a glance
Q3 & 9M FY23 – at a glance Y-o-Y Q-o-Q Y-o-Y Q3 FY23 Q3 FY22 growth Q2 FY23 growth 9M FY23 9M FY22 growth Business performance (in lacs): Brandy volumes 24.3 17.7 37.6% 22.7 6.9% 63.5 45.0 41.2% Others 1.7 1.0 70.1% 1.6 9.0% 4.5 2.8 58.8% Total volumes 26.0 18.7 39.4% 24.3 7.1% 68.0 47.8 42.3% NSR (
Slide 5: Debt reduction journey
Debt reduction journey… …working towards near net debt-free position by FY24 Debt reduction (Rs. Crs)(a)(b) Debt as of 31-Dec-22(a)(b)(c) 1,199 37 EARC Term Loan 35 High-cost trade deposits Trade Deposits (interest rate of 18-20% p.a.) of Rs. 77 crs repaid in 9M FY23 Vendor Financing 251 543 492 449
Slide 6: Volumes at significantly higher levels compared to pre-Covid times
Volumes at significantly higher levels compared to pre- Covid times Volume (lacs cases) 30 26.0 25 24.3 20 18.1 18.9 18.5 18.1 18.7 19.5 17.7 ▪ 39% volume 17.6 17.2 16.3 16.5 growth on 14.7 14.9 15 13.8 13.5 YoY basis 11.1 ▪ 48% volume 10 growth vs. Q3 6.0 FY20 (pre- 5 Covid) 0 FY19 FY20 FY21 FY22 F
Slide 7: Operational highlights
Operational highlights Net Revenue (Rs. Crs) Highest ever quarterly 807 net revenues 303 275 542 241 230 192 201 206 168 356 132 135 56 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 9M FY21 9M FY22 9M FY23 EBITDA (Rs. Crs) 41 94 86 32 31 31 26 22 23 22 19 44
Slide 8: Management commentary
Management commentary From the desk of Mr. Amit Dahanukar, Chairman & Managing Director ❑ We are very proud to have delivered our highest ever quarterly net revenues at Rs. 303 crs ❑ December 2022 has been our best month in terms of volumes in a decade, touching almost 11 lacs cases, led by MHB at 8
Slide 9: Extract of Income Statement
Extract of Income Statement Y-o-Y Q-o-Q Y-o-Y (Rs. Crs) Q3 FY23 Q3 FY22 growth % Q2 FY23 growth % 9M FY23 9M FY22 growth % Revenue from operations (Gross) 675.46 501.67 34.6% 596.05 13.3% 1,752.03 1,271.15 37.8% Less: Excise Duty 372.59 295.77 26.0% 321.55 15.9% 945.12 728.84 29.7% Revenue from Oper
Slide 10: Company & Industry Overview
COMPANY & INDUSTRY OVERVIEW Tilaknagar Industries | Q3 (Oct to Dec 2022) & 9M FY23 9
Slide 11: 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 94% of total volumes Contract manufacturing: 16 units 6.73 Volumes (in cases) Share of sales
Slide 12: 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 13: We sell millions of cases across India
We sell millions of cases across India MANSION HOUSE ❑ Mansion House is a millionaire brand (more than 5.5 mn cases sold in FY22 as well as in 9M FY23) ❑ 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 14: Our strategic focus
Our strategic focus… …the way forward Volume growth Market share growth(b) Efficient levels of capacity utilisation ▪ FY22 growth in volumes for MHB and ▪ Continued focus on brandy ▪ Pernod Ricard agreements enables CNB stands at 24% each ▪ Market share (as % of brandy) growth efficient capacity uti
Slide 15: MHB and MHB Brandy segment growing faster
MHB and MHB Brandy segment growing faster… …than overall Brandy, Whiskey and IMFL MHB vs. Industry Growth (a) MHB market share as % of brandy (a) MHB market share as % of IMFL (a) Category CAGR Market share growth of 36% over 6 years Market share growth of 41% over 6 years MHB 9.1% Brandy Segment 2.
Slide 16: 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 17: FY22 Financials
FY22 FINANCIALS Tilaknagar Industries | Q3 (Oct to Dec 2022) & 9M FY23 16
Slide 18: 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% 5.92 6.64 6.44 5.45 6.73 4.98 5.92 5.86 5.03 6.33 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 Share of Brandy to total volumes sol
Slide 19: 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% 578 661 653 549 783 293 342 301 271 401 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 EBITDA (Rs. Crs) and EBITDA Margin
Slide 20: 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 21: Thank You
For further information, please contact: Ameya Deshpande President – Strategy & Corporate Development Email: adeshpande@tilind.com THANK YOU
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