Radico Khaitan - Profit After Tax Growth In 17 Out Of 19 Quarters: Dolat Capital  

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Dolat Capital Report

Radico Khaitan Ltd. Q3 FY21 numbers were in-line and healthy. Revenue/Ebitda/adjusted profit after tax grew by a healthy up 5.6/ 21.5/ 30.9% YoY.

Radico outperformed United Spirits Ltd. by miles in nine months FY21 with revenue/Ebitda/APAT growth of down 6.4/up 6.3/ up 11.1% YoY versus United Spirits’s down 18.2/down 46.5/down 59.7% YoY.

Step-up in advertisement and promotion spends (up 37% YoY), launch of new variants and expansion of brands to new cities/states were other positives.

Over the last three years, the company experienced robust volume growth, price increases, premiumisation, raw material tailwinds, and thus de-leveraging.

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