Allied Blenders And Distillers Limited · NSE:ABDL
Allied Blenders And Distillers — Q1 FY25 Earnings Presentation
44 slides from Allied Blenders And Distillers's earnings presentation, Aug 13, 2024
Slide 1: Stock exchange intimation letter for Q1 FY25 investor presentation
August 13, 2024 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Dalal Street Bandra Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Scrip Code (BSE): 544203 Symbol: ABDL Sub: Investor Presentation - Q1 FY25 Performance Ref
Slide 2: Q1FY25 Results Presentation
Q1FY25 August 2024 R E S U LTS P R E S EN TAT ION
Slide 3: Index
INDEX Q1FY25 PERFORMANCE 4 COMPANY OVERVIEW 15 ANNEXURE 38
Slide 4: Q1FY25 Performance
Q1FY25 Performance
Slide 5: Q1FY25 Performance Snapshot
Q1FY25 PERFORMANCE SNAPSHOT (DELIVERS DOUBLE DIGIT EBITDA MARGIN) -7.3% +44.0% +352 Bps Vs. ₹ (3) Cr. YoY YoY YoY in Q1FY24 Financial highlights ₹ 1,769 Cr. ₹ 76 Cr. 10.0% ₹ 11 Cr. Total Income EBITDA EBITDA Margin PAT Improving realizations Improving P&A volume Zoya: Premium to Luxury ICONiQ White:
Slide 6: Key Segmental Highlights
KEY SEGMENTAL HIGHLIGHTS (IMPROVED STATE BRAND MIX DRIVING OVERALL REALIZATIONS AND PREMIUMIZATION) P&A Revenues (₹ Cr.) P&A Volume (In Mn Cases) P&A Realisations (₹ /Case) -0.1%` 1,203 332 -2.8% 1,204 322 2.8 -2.8% 2.7 Q1-FY24 Q1-FY25 Q1-FY24 Q1-FY25 Q1-FY24 Q1-FY25 Mass Premium Revenues (₹ Cr.) Ma
Slide 7: Operational Highlights
OPERATIONAL HIGHLIGHTS (DELIVERS DOUBLE DIGIT EBITDA MARGIN) Income from Operations at ₹ 759 Cr in Q1FY25, lower by 6.8% vs ₹ 815 Cr in Q1FY24 mainly due to: • Despite strong demand for our products, persistent delayed receivables from a key market since H2FY24 which has impacted the industry as wel
Slide 8: Key Awards & Recognitions in Q1FY25
KEY AWARDS & RECOGNITIONS IN Q1FY25 (NEW BRANDS ACHIEVING INDUSTRY RECOGNITIONS) Zoya Special Batch Gin wins at ICONS OF GIN – ICONiQ White Whisky wins Gold Award from Campaign Innovator Monde Selection, Brussels 7
Slide 9: The Millionaires' Club - June 2024
THE MILLIONAIRES’ CLUB - JUNE 2024 (OUR MILLIONAIRE BRANDS AMONGST THE LEADING BRANDS GLOBALLY) OFFICER’S ICONIQ STERLING CHOICE WHITE RESERVE 6 36 largest spirits th Fastest growing th largest spirits brand in the world spirits brand in the world brand in the world 3 rd largest whisky 14 th largest
Slide 10: Zoya: Premium to Luxury Gin Launched in Maharashtra
ZOYA: PREMIUM TO LUXURY GIN LAUNCHED IN MAHARASHTRA ABD’s first gin and the first product of its Premium Brands portfolio has been launched in Maharashtra within 5 months of its initial launch in Haryana In Maharashtra, Zoya has been launched in key urban markets of Mumbai, Thane Pune, Nasik and Nag
Slide 11: ICONiQ White: Continued Expansion Across India
ICONiQ WHITE: CONTINUED EXPANSION ACROSS INDIA Launched ICONiQ HIPPY, a new alternative packaging format (180 Steadily rolling out in more ml PET) introduced in line with the markets with 3 new States and personality of younger consumers. Union Territories being added Available in Uttar Pradesh, dur
Slide 12: Outlook
OUTLOOK Industry Outlook: • Expect mid single digit volume growth in the IMFL sector • Experience led consumption continues to drive P&A category leading to high demand led growth • With recent increase in MSP, the grain & ENA prices expected to remain at March-24 levels while glass prices on reduci
Slide 13: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Particulars (₹ Cr.) Q1FY25 Q4FY24 Q-o-Q Q1FY24 Y-o-Y Total Income 1,769 1,760 0.5% 1,909 (7.3%) Excise duty 1,009 990 2.0% 1,094 (7.7%) Income from Operations 759 770 (1.4%) 815 (6.8%) Cost of Goods Sold 464 468 (0.8%) 533 (13.0%) Total Operating Expenses 219 240 (8.5%)
Slide 14: KPI Summary
KPI SUMMARY Particulars (₹ Cr.) FY24 Q1FY25 Revenue From Operations 7,669 1,767 Total Income 7,675 1,769 EBITDA 248 76 EBITDA Margin (%) 7.5% 10.0% PAT 1.8 11 PAT Margin (%) 0.06% 1.5% ROE (%) 0.45% 10.72%^ ROCE (%) 16.4% 20.6%^ Licensed Capacity (Mn cases) of Own Bottling Units for the period 25.8
Slide 15: Company Overview
Company Overview
Slide 16: Snapshot
SNAPSHOT 3rd largest spirits 17 33 79,000+ company in India by annual IMFL brands Manufacturing facilities retail outlets pan-India sales volume 1 Distillery 32 bottling units pan-India 14 4 #3 #1 Countries of export; Millionaire brands Largest selling whisky brand Fastest growing spirits brand Lead
Slide 17: Company Overview
COMPANY OVERVIEW • 3rd largest spirits company in terms of annual sales volumes in India since FY2014 Revenue from Operations ( ₹ Cr.) • Experienced management team with significant industry & multi sector expertise 7,669 7,197 7,106 • First flagship brand, Officer’s Choice Whisky, launched in 1988
Slide 18: Key Milestones
KEY MILESTONES 2001 2012-14 2021-23 Entered premium and semi-premium whisky Officer’s Choice Whisky Forayed into Rum and segments with launch of Sterling Reserve franchise ranked 3rd among Brandy category with the largest selling whisky Blend 10 and Blend 7 launch of Officer’s brands globally in CY2
Slide 19: Core Pillars of Success
CORE PILLARS OF SUCCESS Strong brand recognition with successful launches in prestige and above category Strategically located, large scale and advanced manufacturing facilities with a sophisticated research and development centre Access to extensive pan-India distribution network with ability to sc
Slide 20: Diversified Product Portfolio
DIVERSIFIED PRODUCT PORTFOLIO Whisky Brandy Rum Gin Vodka 19
Slide 21: Premiumising Portfolio
PREMIUMISING PORTFOLIO CONTINUOUSLY CRAFTING EXCELLENCE Increasing P&A Contribution (Volume) • Strategic focus towards premiumization • Well established brands across all categories in the prestige and above (P&A) category • Only company to launch two millionaire brand in last 10 P&A, P&A, 25.0% 37.
Slide 22: Portfolio of Brands
PORTFOLIO OF BRANDS SEGMENT TO WHISKY BRANDY RUM VODKA GIN CATEGORY PREMIUM SEMI PREMIUM PRESTIGE MASS PREMIUM 21
Slide 23: World Class Manufacturing Facilities
STRATEGICALLY LOCATED WORLD CLASS MANUFACTURING FACILITIES 1 DISTILLERY 9 60.00 Mn liters Owned Jammu Annual Distillation Capacity 5 Purkhali Sansarpur 32 Bottling Units Third Party Derabassi Haridwar Ambala 25.8 Mn, 64.9% Exclusive Muzaffarnagar Hapur 18 Naharlagun Owned Jodhpur Guwahati Baridua 7.
Slide 24: Pan-India Distribution Network with Ability to Scale
PAN-INDIA DISTRIBUTION NETWORK WITH ABILITY TO SCALE Multiple Route-to-market Capabilities Cover All Channels Including Open Market, Part Corporation Market And Full Corporation Market 30+ EXPORTS States and UTs • Leading exporter of IMFL 79,329 Ludhiana Chandigarh • Exports to 14 countries includin
Slide 25: Board of Directors (1/2)
BOARD OF DIRECTORS STEWARDSHIP & EXPERTISE (1/2) KISHORE BINA RESHAM CHHABRIA SHEKHAR ALOK MANECK NARAYANAN RAJARAM CHHABRIA KISHORE CHHABRIA JEETENDRA HEMDEV RAMAMURTHY GUPTA NAVEL MULLA SADANANDAN Chairman & Non-Executive Director Whole-Time Director Whole-Time Director Non-Independent, Managing D
Slide 26: Board of Directors (2/2)
BOARD OF DIRECTORS STEWARDSHIP & EXPERTISE (2/2) ARUN BALAJI VISWANATHAN RUKHSHANA VIVEK Paul Vinaykant Mehli BARIK SWAMINATHAN JINA MISTRY ANILCHAND SETT Henry Skipworth Gordhandas Tanna Maneck Golvala Executive Director Independent Director Independent Director Independent Director Independent Dir
Slide 27: Senior Management Team (1/2)
SENIOR MANAGEMENT TEAM INDUSTRY & MULTI SECTOR EXPERIENCE (1/2) ALOK RAMAKRISHNAN ANKUR BIKRAM JAYATHIRTHA GUPTA RAMASWAMY SACHDEVA BASU MUKUND Chief Strategy and Head – Investor Relations and Managing Director Chief Financial Officer Chief Revenue Officer Marketing Officer Chief Risk Officer Joined
Slide 28: Senior Management Team (2/2)
SENIOR MANAGEMENT TEAM INDUSTRY & MULTI SECTOR EXPERIENCE (2/2) MITHUN RAJESH RALIN RITESH KUMAR DAS PARIDA DA CUNHA GOMES RAMNIKLAL SHAH Head – Director – Chief Human Company Secretary Manufacturing & Technical Corporate Affairs & CSR Resources Officer & Chief legal Officer Associated with ABD 13+
Slide 29: Strategic Overview
Strategic Overview
Slide 30: Indian IMFL Industry
INDIAN IMFL INDUSTRY India Is 3rd Largest Alco-beverage Market In The World Indian Market Is Dominated By IMFL 960 1,018 1,078 1,451 1% 2% Growth Drivers Value 0% 11% 11.3% 5,000 Volume India’s significantly lower per 16% 0% Country Liquor capita (3.2L) consumption than 3,200 31% 33% 9.4% 2,700 glob
Slide 31: Growth Strategies
GROWTH STRATEGIES Increase market share of Officer’s Choice whisky across regions Introduce new products in premium, semi-premium and prestige segments to strengthen presence in other categories Improve operating efficiencies Focus on environmental and social practices Enhance brand awareness and en
Slide 32: Officer's Choice
OFFICER’S CHOICE 3 rd LARGEST SELLING WHISKY BRAND GLOBALLY IN CY2023 • Flagship brand continues to maintain market AWARDS leadership in mass premium category • Highest gross margin brand in the existing portfolio • Major move towards sustainability by moving from glass to food grade PET and aseptic
Slide 33: Officer's Choice Blue
OFFICER’S CHOICE BLUE MILLIONAIRE BRAND IN THE PRESTIGE CATEGORY OFFERING DISTINGUISHED AND APPEALING CHOICE AWARDS • Continues to enjoy position as a regional power brand in the P&A segment • Towards the ABD portfolio distribution strength in off-premise segment • Leverages on the strength of flags
Slide 34: Sterling Reserve Blend 7
STERLING RESERVE BLEND 7 MILLIONAIRE BRAND OFFERING A UNIQUE BLEND OF SCOTCH MALTS AND INDIAN GRAIN SPIRITS • Amongst the fastest brands to cross the million AWARDS case mark and reach 5 Mn cases • Ready to re-juvenate the market with its all- new avatar launching in the coming months • Consistently
Slide 35: ICONiQ White
ICONIQ WHITE ACHIEVING GLOBAL RECOGNITION IN ~15 MONTHS OF LAUNCH • Touched 1 Mn cases in Sep’23 – 1 year after it was progressively launched in different states AWARDS • 2 Mn cases milestone in 1st full year of launch (FY24) • ICONiQ White Whisky - world's fastest growing spirits brand in CY2023 as
Slide 36: Kyron
KYRON UNIQUELY POSITIONED IN HIGH GROWTH, HIGH MARGIN PREMIUM BRANDY CATEGORY AWARDS • Premium brandy from ABD, renewed focus to improve brand footprint by extending into more number of states • Deeper penetration in existing states to gain market share • Limited edition Kyron to be launched in Q3 S
Slide 37: Zoya
ZOYA FORAY INTO THE PREMIUM TO LUXURY SEGMENT The ZOYA Way of Life • 1st non whisky brand launched in high growth, high margin category • Gross Margin % ~2x of the existing product portfolio • Already launched in 2 key states of Haryana and Maharashtra • To be rolled out in 8 states and exports duri
Slide 38: Annexure
Annexure (Mirra i : ly ‘IcoNie Re a) (choice STERANS 0 WHITE srishli Y¥.
Slide 39: Historical Consolidated Income Statement
HISTORICAL CONSOLIDATED INCOME STATEMENT Particulars (₹ Cr.) FY23 FY24 Y-o-Y Total Income 7,117 7,675 7.8% Excise duty 3,959 4,341 9.6% Income from Operations 3,158 3,334 5.6% Cost of Goods Sold 1,974 2,098 6.3% Total Operating Expenses 988 988 (0.0)% EBITDA 196 248 26.7% EBITDA Margins (%) 6.2% 7.5
Slide 40: Historical Consolidated Balance Sheet
HISTORICAL CONSOLIDATED BALANCE SHEET Particulars (₹ Cr.) FY23 FY24 Particulars (₹ cr.) FY23 FY24 ASSETS EQUITY AND LIABILITIES Non-Current Assets Equity Property, Plant & Equipment 378 446 Share Capital 49 49 Capital Work in progress 14 16 Other Equity 357 358 Rights of Use Assets 130 122 Total Equ
Slide 41: Historical Consolidated Cash Flow
HISTORICAL CONSOLIDATED CASH FLOW Particulars (₹ Cr.) FY23 FY24 Cash and Cash Equivalents at Beginning of the year 20 28 Cash Flow From Operating Activities 230 186 Cash Flow from Investing Activities (18) (55) Cash Flow From Financing Activities (203) (132) Net Inc./(Dec.) in Cash and Cash Equivale
Slide 42: Financial Summary
FINANCIAL SUMMARY Income from Operations (₹ Cr.) Gross Margin (₹ Cr.) 39.5% 39.4% 1,230 3,334 1,173 3,158 1,057 2,697 927 2,367 37.3% 37.0% FY 21 FY 22 FY 23 FY 24 FY 21 FY 22 FY 23 FY 24 Gross Margin Gross Margin % EBITDA (₹ Cr.) PAT (₹ Cr.) 248 2.5 213 208 0.1% 196 9.1% 1.8 1.5 1.6 7.7% 7.5% 6.2%
Slide 43: Disclaimer
DISCLAIMER Allied Blenders and Distilleries Ltd. This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, e
Slide 44: Thank You
Thank You
Allied Blenders and Distillers — Q1 FY25 Earnings Presentation on 6ix