Tilaknagar Industries Ltd — Earnings Release 2025

Nov 4, 2024

==> picture [112 x 82] intentionally omitted <==

November 04, 2024

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Scrip Code : 507205

To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051. Symbol : TI

Sub : Earnings Presentation for Unaudited Financial Results for Quarter and half year ended September 30, 2024

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the Earnings Presentation for the Unaudited Financial Results for quarter and half year ended September 30, 2024.

The same is also available on our website www.tilind.com.

We request you to take the above information on record.

Thanking you,

Yours faithfully,

For Tilaknagar Industries Ltd.

MINUZEER Digitally signed by MINUZEER YAZDI YAZDI BAMBOAT BAMBOAT Date: 2024.11.04 18:45:43 +05'30'

Minuzeer Bamboat

Company Secretary & Compliance Officer

Encl: as above

==> picture [450 x 65] intentionally omitted <==

Tilaknagar Industries Limited – Earnings Presentation Q2 & H1 FY25

==> picture [119 x 90] intentionally omitted <==

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

==> picture [57 x 47] intentionally omitted <==

Disclaimer

==> picture [30 x 48] intentionally omitted <==

==> picture [932 x 262] intentionally omitted <==

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 performance. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.

The information and opinions contained in this presentation are current. The Company undertakes no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

Tilaknagar Industries Ltd.

2

Q2 & H1 FY25 PERFORMANCE

==> picture [534 x 267] intentionally omitted <==

==> picture [416 x 44] intentionally omitted <==

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

==> picture [57 x 47] intentionally omitted <==

Management commentary on performance

==> picture [30 x 48] intentionally omitted <==

==> picture [355 x 343] intentionally omitted <==

Mr. Amit Dahanukar Chairman & Managing Director

“

I am happy to share that we have turned net debt free as of September 2024. From a peak debt of more than Rs. 1,100 crore in March 2019, to achieving net debt free status, we have come a long way. This transformation was achieved through a combination of financial prudence and achieving industry-beating profitable growth.

From a Q2 business perspective, we have delivered our highest ever EBITDA at Rs. 66 crore. Our margins expanded on the back of superior brand mix as well as cost optimization initiatives. All this despite subdued volume growth on account of transitioning of RTM in our key state of Andhra Pradesh (“AP”) in Q2.

With retail going private in AP from mid-October onwards, we expect to continue with our industry-beating growth trajectory; achieved through a combination of doubling down on our market share gains from our brandy portfolio as well as new product launches across categories.

The worst of the inflationary cycle seems behind us, and we expect to grow on our profitability despite increasing investments in A&SP, providing meaningful ‘Share of Voice’ to brandy as a category.

Tilaknagar Industries Ltd.

4

==> picture [57 x 47] intentionally omitted <==

Q2 FY25 – Key highlights

==> picture [30 x 48] intentionally omitted <==

Financial performance:

• Achieved highest ever quarterly EBITDA in Q2 at Rs. 66 crs, YoY growth of 39.1%

• EBITDA margin at 17.6%, 422 bps expansion YoY

• Profit after tax at Rs. 58 crs, YoY growth of 82%; driven by reduction in finance costs

• Net debt free as of September 2024, with net cash Rs. 25 crs

Market share and leadership position:

• Continue to be the 3[rd] largest P&A IMFL player in Telangana and Karnataka in Q2 FY25

• Continue to be the largest IMFL player in Puducherry in Q2 FY25

Brands:

• Launch of Mansion House Whisky in Assam in the Semi-Premium segment

• Flandy continued to increase saliency as % of MHB in relevant states

• Courrier Napoleon Brandy (“CNB”) P&A saliency within CNB family of brands continues to grow; from 33% in Q1 FY25 to 38% in Q2 FY25

Strategic Investments:

• Follow-up investment in Spaceman Spirits Lab Pvt. Ltd., the makers of ‘Samsara Gin’ and ‘Sitara Rum’

• Investment in Round the Cocktails Pvt. Ltd., the makers of ‘Bartisans’, a ‘Ready to Pour’ cocktail mixers brand

Tilaknagar Industries Ltd.

5

==> picture [57 x 47] intentionally omitted <==

Q2 & H1 FY25 – Financial performance

Revenue (₹ crs)

==> picture [144 x 18] intentionally omitted <==

----- Start of picture text -----

NSR (₹ per case)
----- End of picture text -----

==> picture [852 x 418] intentionally omitted <==

----- Start of picture text -----

Quarter Half Year Quarter Half Year
+0.2% +0.2% +5.8% +4.5%
1,400 1,300 1,273 1,274 1,400 1,262 1,264 440 375 700 680 658 688
1,200 1,300 390 354 660
1,100 1,200 340 640
1,000 900 1,100 1,000 900 290240 620 600 580
800 800 190 560
700 700 140 540
600 600 90 520
500 500 40 500
Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
EBITDA (₹ crs) & EBITDA Margin (%) PAT (₹ crs) & PAT Margin (%)
Quarter Half Year Quarter Half Year
13.4% 17.6% 13.0% 16.9% Margin 9.0% 15.4% 8.7% 14.2%
+39.1% +35.3% +82.4% +70.5%
66 120 116 70 110
47 110 60 58 100 98
10090 50 90
90 86 40 32
80
80 30
70 20 70 58
60 10 60
50 0 50
Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
----- End of picture text -----

==> picture [394 x 154] intentionally omitted <==

----- Start of picture text -----

Quarter Half Year
Margin 13.4% 17.6% 13.0% 16.9%
+39.1% +35.3%
70 66 120 116
60 47 110
5040 10090 86
30 80
20 70
10 60
0 50
Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
----- End of picture text -----

Note: Profit after tax excluding exceptional items

Note: Adjusted for the subsidy, EBITDA for Q2 FY25 stands at ₹ 56 crs and margin at 15.3%

==> picture [30 x 48] intentionally omitted <==

Tilaknagar Industries Ltd.

6

==> picture [57 x 47] intentionally omitted <==

Q2 FY25 an aberration due to industry-wide disruptions…

…strong growth trajectory to return to past levels going forward

==> picture [30 x 48] intentionally omitted <==

TI was the fastest growing IMFL company of scale in FY23 and FY24

Quarterly volumes (lacs cases) Q2 FY25 volume growth at 3.1%

==> picture [832 x 244] intentionally omitted <==

----- Start of picture text -----

29.5 29.4
28.4 28.5 28.5
26.0
25.1 25.4
24.3
19.5
18.517.6 17.2 18.118.7 17.7
16.5
14.7 14.9
13.5
11.1
6.0
FY20 FY21 FY22 FY23 FY24 FY25
----- End of picture text -----

Tilaknagar Industries Ltd.

7

==> picture [57 x 47] intentionally omitted <==

Net debt free status achieved well before target

Debt Journey (₹ Crs)[(a)]

==> picture [610 x 323] intentionally omitted <==

----- Start of picture text -----

1,200 1,119
1,000
800
600
543
492
449
400 361
Net debt
250 239
188 182 free
200 164 136 141
119 119
97 92
74
43
-25
0
-200
Gross debt Net debt
Mar-19 Mar-21 Mar-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Mar-21 Mar-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
----- End of picture text -----

==> picture [30 x 48] intentionally omitted <==

Debt as of 30-Sept-24 (₹ Crs)[(a)]

==> picture [306 x 228] intentionally omitted <==

----- Start of picture text -----

15.8 0.4
37
66
16 39.2
36.9
Kotak Term Loan Vendor Financing Trade Deposits Others
----- End of picture text -----

(a) Debt includes interest bearing trade deposits

Tilaknagar Industries Ltd.

8

==> picture [57 x 47] intentionally omitted <==

Income Statement

==> picture [30 x 48] intentionally omitted <==

Particulars (₹ Crs)	Q2 FY25	Q2 FY24	Y-o-Y	Q1 FY25	Q-o-Q	H1 FY25	H1 FY24	Y-o-Y
Revenue from Operations(Gross) 823.3 750.2 9.7% 664.9 23.8% 1,488.1 1,390.2 7.0%
Excise Duty 448.5 395.8 13.3% 351.7 27.5% 800.2 731.7 9.4%
Revenue from Operations(Net) 374.9 354.4 5.8% 313.2 19.7% 687.9 658.5 4.5%
Cost of Material Consumed 188.4 176.2 6.9% 167.6 12.4% 356.1 326.5 9.1%
Change in Inventories of Finishedgoods & Work in Progress -9.2 5.4 NM -9.8 NM -18.9 6.2 NM
Total Cost of Goods Sold 179.3 181.7 -1.3% 157.8 13.6% 337.1 332.6 1.3%
Gross Profit 195.6 172.7 13.2% 155.3 25.9% 350.8 325.8 7.7%
Employee Expenses 14.2 10.4 37.4% 13.1 8.7% 27.3 20.4 34.0%
Other Expenses 115.4 114.9 0.4% 92.0 25.4% 207.3 219.6 -5.6%
EBITDA 66.0 47.4 39.1% 50.2 31.3% 116.1 85.8 35.3%
EBITDA Margin(%) 17.6% 13.4% 422 bps 16.0% 156 bps 16.9% 13.0% 385 bps
Depreciation 7.8 8.2 -6.0% 7.7 0.4% 15.5 16.1 -3.6%
EBIT 58.2 39.2 48.6% 42.5 37.0% 100.6 69.8 44.2%
EBIT Margin(%) 15.5% 11.1% 448 bps 13.6% 196 bps 14.6% 10.6% 403 bps
Finance Cost 3.3 7.7 -56.8% 4.2 -19.6% 7.5 13.8 -45.4%
Other Income 3.4 0.5 595.0% 1.7 92.7% 5.2 1.6 214.8%
Exceptional Items / Share from Associates 0.0 5.1 -100.0% 0.0 NM 0.0 5.1 -100.0%
Profit Before Tax 58.2 37.0 57.2% 40.1 45.3% 98.3 62.8 56.6%
Profit Before Tax(%) 15.4% 10.4% 496 bps 12.7% 267 bps 14.2% 9.5% 467 bps
Tax 0.0 0.0 NM 0.0 NM 0.0 0.0 NM
Profit After Tax 58.2 37.0 57.2% 40.1 45.3% 98.3 62.8 56.6%
Profit After Tax excl. Exceptional Items 58.2 31.9 82.4% 40.1 45.3% 98.3 57.7 70.5%
PAT Margin(%) excl. Exceptional Items 15.4% 9.0% 640 bps 12.7% 267 bps 14.2% 8.7% 545 bps
Reported Diluted EPS(Asper Profit after Tax) 2.99 1.91 56.6% 2.06 45.2% 5.05 3.24 56.0%

Tilaknagar Industries Ltd.

9

==> picture [57 x 47] intentionally omitted <==

Balance Sheet

Balance Sheet
Particulars (₹ Crs)	As at Sept-24	As at Mar-24
EQUITY & LIABILITIES
Equity
(a)Equityshare capital 193.0 192.7
(b)Other equity 552.4 461.2
Total Equity 745.4 653.9
Non‐controllinginterests
Total Equity 745.4 653.9
Liabilities
Non‐Current Liabilities
Financial liabilities
(i) Borrowings 45.1 63.1
(ii)Lease liabilities 1.4 1.8
(iii)Other Financial Liabilities 55.0 55.0
Provisions 4.5 4.0
Total Non‐Current Liabilities 106.0 123.9
Current Liabilities
Financial liabilities
(i) Borrowings 47.3 56.1
(ii)Lease liabilities 0.6 0.4
(iii)Tradepayables;total outstandingdues of
(a)micro enterprises and small enterprises 31.0 26.1
(b)creditors other than micro enterprises and small enterprises 112.2 94.6
(iv)Other financial liabilities 79.7 46.0
Other current liabilities 10.3 9.6
Provisions 33.2 22.8
Total Current Liabilities 314.2 255.6
Total Equity & Liabilities 1,165.6 1,033.4

==> picture [30 x 48] intentionally omitted <==

Particulars (₹ Crs)	As at Sept-24	As at Mar-24
ASSETS
Non‐Current Assets
Property,plant and equipment 381.6 394.1
Capital work‐in‐progress 0.3 0.3
Right of use assets 1.5 1.8
Intangible assets 0.4 0.5
Financial Assets
(i)Investments 14.5 10.8
(ii)Loans 0.0 0.1
(iii)Other Financial Assets 26.5 26.4
Income Tax Assets(Net) 7.1 5.4
Other non‐current assets 7.7 5.6
Total Non‐Current Assets 439.7 444.9
Current Assets
Inventories 125.0 100.8
Financial Assets
(i)Investments 49.7 1.0
(ii)Trade receivables 445.2 418.5
(iii)Cash and cash equivalents 42.8 10.3
(iv)Other bank balances 22.4 31.5
(v)Other current financial assets 9.3 2.2
Other current assets 31.5 24.2
Total Current Assets 725.8 588.5
Total Assets 1,165.6 1,033.4

Tilaknagar Industries Ltd.

10

==> picture [57 x 47] intentionally omitted <==

Cash Flow

==> picture [30 x 48] intentionally omitted <==

Particulars (₹ Crs)	Half year ending Sept-24	Half year ending Sept-23
Cash Flow from Operating Activities
Profit before Tax 98.3 62.8
Adjustment for Non-Operating items 24.7 32.4
Operating Profit before Working Capital Changes 123.0 95.1
Changes in Working Capital (11.3) (48.4)
Less: Direct Taxes paid (1.8) (1.4)
Net Cash from Operating Activities 110.0 45.3
Net Cash from Investing Activities (44.4) (17.7)
Net Cash from Financing Activities (33.2) (47.6)
Net increase / (decrease) in Cash & Cash equivalent 32.4 (19.9)
Opening cash and cash equivalents 10.3 34.8
Closing cash and cash equivalents 42.8 14.9

Tilaknagar Industries Ltd.

11

==> picture [57 x 47] intentionally omitted <==

Launch of Mansion House Whisky in its New Avatar

==> picture [30 x 48] intentionally omitted <==

• Mansion House Gold Barrel Whisky (“MHW”) launched in Assam, with a focus on distribution-strong states to begin with

• MHW provides us with an avenue to further expand into the East and the North-East markets, with a strong play in the largest IMFL category in the region (80% saliency)

• Sleek, modern bottle design includes a unique 180ml "hipster pack" aimed at younger consumers

• Crafted from select Scotch malts and Indian grain spirits, aged in oak casks for refined taste and smoothness

• The product is testament to the company's on-going commitment to innovation and quality in the world of premium spirits

• Whisky segment in India projected to reach approx. 300 million cases by 2028, according to IWSR report

Tilaknagar Industries Ltd.

12

==> picture [57 x 47] intentionally omitted <==

Investment in Spaceman Spirits Lab Pvt. Ltd. (“SSL”)

==> picture [30 x 48] intentionally omitted <==

▪ SSL is the maker of Samsara Gin and Sitara Rum

Deal highlights:

• Investment of Rs. 13.15 crs across 3 tranches over an 18 months’ period

▪ Post all 3 investments, TI shareholding on a fully diluted basis in SSL will increase to 20% from 10% pre-deal

▪ Upon SSL achieving certain pre-agreed milestones, TI has an option to invest or acquire further shares held by other shareholders at a predetermined valuation methodology

Usership agreement:

• SSL to leverage TI’s extensive distribution network

==> picture [158 x 136] intentionally omitted <==

==> picture [158 x 137] intentionally omitted <==

==> picture [158 x 137] intentionally omitted <==

==> picture [158 x 136] intentionally omitted <==

• TI to leverage on Samsara brand equity to showcase a robust luxury portfolio, along with its own soon-to-be-launched luxury range of products

Tilaknagar Industries Ltd.

13

==> picture [57 x 47] intentionally omitted <==

Investment in Round the Cocktails Pvt. Ltd. (“RTC”)

==> picture [30 x 48] intentionally omitted <==

• RTC is the maker of Bartisans, a “ready-to-pour” premium mixer brand, made with all-natural ingredients

Deal highlights:

• Aggregate investment of Rs. 8 crs for a 36.2% stake on a fully diluted basis

• Upon RTC achieving certain pre-agreed milestones, TI has an option to invest or acquire further shares held by other shareholders at a pre-determined valuation methodology

Investment thesis:

• Synergistic with TI’s vision for making brandy fun and exciting

• Cocktail culture proliferation

• Increase in ‘at-home’ drinking

==> picture [157 x 136] intentionally omitted <==

==> picture [157 x 137] intentionally omitted <==

==> picture [157 x 136] intentionally omitted <==

==> picture [157 x 136] intentionally omitted <==

• Profitable unit economics due to premium price point

• Large D2C opportunity providing significant consumer insights

Tilaknagar Industries Ltd.

14

==> picture [57 x 47] intentionally omitted <==

Key strategic priorities…

==> picture [30 x 48] intentionally omitted <==

==> picture [695 x 383] intentionally omitted <==

----- Start of picture text -----

Enhanced Category
operating ownership
management
▪
Brandy price
▪
Better growth laddering
▪ Better margins ▪ Investment in
marketing
Stronger Calibrated
Balance Sheet flanking
▪ ▪
Disciplined debt Incrementally looking
management at opportunities
▪
Focus on efficient levels beyond brandy
▪
of working capital Regional
▪ ROCE improvement diversification
----- End of picture text -----

Tilaknagar Industries Ltd.

15

==> picture [57 x 47] intentionally omitted <==

Meeting need gaps across premium price points in brandy… … Puducherry is the first state for launch of Mansion House Chambers

==> picture [30 x 48] intentionally omitted <==

Offerings across multiple P&A segments in Brandy

==> picture [34 x 36] intentionally omitted <==

==> picture [35 x 36] intentionally omitted <==

==> picture [35 x 36] intentionally omitted <==

==> picture [34 x 36] intentionally omitted <==

Courrier Napoleon Mansion House Mansion House Brandy Green Flandy Brandy +30% +25% Base price

Mansion House Chambers

==> picture [68 x 14] intentionally omitted <==

----- Start of picture text -----

Base price
----- End of picture text -----

==> picture [36 x 11] intentionally omitted <==

----- Start of picture text -----

+50%
----- End of picture text -----

Latest launch

India’s first premium India’s highest flavoured brandy selling brandy

The percentage for each brand shows the premium/discount to MHB price in Puducherry Shows Tilaknagar Industries’ brands available in Puducherry

Courrier Napoleon Brandy Red

-20%

==> picture [38 x 41] intentionally omitted <==

Prestige & Above segment brand

Strategy to replicate across states

Tilaknagar Industries Ltd.

16

==> picture [57 x 47] intentionally omitted <==

Courrier Napoleon Brandy becomes 3[rd] fastest growing spirits brand globally in 2023… ...Mansion House Brand 4[th] fastest rowin brand brand loball and lar est sellin brand in India y g g y g y g g y

==> picture [30 x 48] intentionally omitted <==

==> picture [85 x 217] intentionally omitted <==

==> picture [74 x 217] intentionally omitted <==

Growth rankings Volume rankings

==> picture [800 x 171] intentionally omitted <==

----- Start of picture text -----

th th st nd th th
4 21 1 2 8 25
Fastest Fastest Largest Largest Largest selling Largest selling
growing brandy growing spirits selling brandy selling brandy spirits brand in spirits brand
globally brand globally in India globally India globally
----- End of picture text -----

==> picture [76 x 215] intentionally omitted <==

Growth rankings

Volume rankings

==> picture [526 x 171] intentionally omitted <==

----- Start of picture text -----

2nd 3rd 3rd 7th
Fastest Fastest Largest Largest
growing brandy growing spirits selling brandy selling brandy
globally brand globally in India globally
----- End of picture text -----

Source: ‘The Millionaires’ Club 2024’ by Drinks International

Tilaknagar Industries Ltd.

17

MARKETING INITIATIVES Giving Brandy a ‘share of voice’ commensurate to its ‘share of market’

==> picture [534 x 300] intentionally omitted <==

==> picture [416 x 44] intentionally omitted <==

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

Mansion House Boyzzzz… ...A web series

==> picture [57 x 47] intentionally omitted <==

• 26 short stories – 2 episodes released each week

• Launched on 8[th] October 2024 (new episode released every Tuesday and Friday)

• Average duration of 5-8 mins per episode

• Target audience from Andhra Pradesh and Telangana

• ▪ Shot in Telugu language

Watch full length episodes on: Wirally YouTube

Plot:

The series revolves around engaging slice-of-life conversations over Mansion House Brandy, facilitating moments of relaxation, connection, and shared experiences; fostering camaraderie and eliciting genuine, heartfelt emotions

End result:

This series not only provides entertainment but also serves as a platform to establish a strong brand identity and ritual that deeply resonates with both our current and potential audience

==> picture [30 x 48] intentionally omitted <==

==> picture [409 x 409] intentionally omitted <==

Tilaknagar Industries Ltd.

19

==> picture [57 x 47] intentionally omitted <==

“The Warm Embrace of Fatherhood” An ode to celebrating the #DadInEveryMan

==> picture [30 x 48] intentionally omitted <==

==> picture [284 x 160] intentionally omitted <==

“From bedtime stories to life lessons, a Father's love is a Father's love - irreplaceable & unbeatable. It shapes our world every single day, every solitary moment.”

Campaign Idea -

Whether it's a human dad or a pet parent, this Father’s Day our aim was to celebrate the different dimensions of Fatherhood where unconditional love and nurturing spirit is most celebrated that translates beyond biological bonds.

On this momentous occasion of Father’s Day, Mansion House honors all fathers - #ToTheDadInEveryMan embodies the true spirit of love and dedication that defines fatherhood.

Tilaknagar Industries Ltd.

==> picture [277 x 455] intentionally omitted <==

----- Start of picture text -----

Performance Marketing
Campaign Results
Total Reach
15.92 Mn+
Total Impressions
31.25 Mn+
Total View
9.61 Mn+
Total Engagement
25.69 Mn+
Earned Media
INR 9.62+
----- End of picture text -----

==> picture [56 x 443] intentionally omitted <==

==> picture [241 x 58] intentionally omitted <==

----- Start of picture text -----

Father’s Day DVC activation on
all MH Social channels
----- End of picture text -----

==> picture [209 x 145] intentionally omitted <==

==> picture [114 x 187] intentionally omitted <==

==> picture [93 x 142] intentionally omitted <==

==> picture [133 x 90] intentionally omitted <==

==> picture [78 x 90] intentionally omitted <==

20

AWARDS & RECOGNITION

==> picture [544 x 306] intentionally omitted <==

==> picture [416 x 44] intentionally omitted <==

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

==> picture [57 x 47] intentionally omitted <==

Multiple awards at the Spiritz Achievers’ & Selection Awards 2024

==> picture [30 x 48] intentionally omitted <==

==> picture [91 x 74] intentionally omitted <==

==> picture [65 x 69] intentionally omitted <==

==> picture [76 x 137] intentionally omitted <==

==> picture [79 x 137] intentionally omitted <==

Mansion House Mansion House Green Orange Flavoured Brandy Apple Flavoured Brandy

==> picture [76 x 149] intentionally omitted <==

Mansion House Chambers Brandy

==> picture [65 x 69] intentionally omitted <==

==> picture [47 x 115] intentionally omitted <==

Mansion House Gold Barrel Whisky

==> picture [72 x 66] intentionally omitted <==

==> picture [68 x 137] intentionally omitted <==

Courrier Napoleon French Brandy Green

==> picture [86 x 151] intentionally omitted <==

Product debut of the Year Gold

Mansion House Green Apple Flavoured Brandy

==> picture [275 x 175] intentionally omitted <==

Brand promotion – Digital space Silver

Mansion House Flavoured Brandy

Tilaknagar Industries Ltd.

22

==> picture [57 x 47] intentionally omitted <==

A Warm Welcome

==> picture [30 x 48] intentionally omitted <==

==> picture [355 x 200] intentionally omitted <==

Campaign Awards and Accolades

A Warm Welcome’ – Mansion House Brandy’s brand proposition, a first step towards giving brandy the “share of voice” commensurate to its “share of market”

The Video Media Awards and Summit 2024

Masters of Modern Marketing Awards 2024

Marketers Excellence Awards 2024

Medal – Gold

Medal – Gold

Medal – Bronze

Categories:

Categories:

Categories:

1. Top video content brands/enterprise

2. Best Online Commercial

3. Best Storytelling in the Digital category

4. Best Vernacular/Local-Language Video Content on Social Platforms

5. Best Digital Campaign by a Food & Beverages Enterprise

6. Best Storytelling

7. Best Content in a Digital Integrated Campaign

Tilaknagar Industries Ltd.

23

==> picture [57 x 47] intentionally omitted <==

Welcome The Now

==> picture [30 x 48] intentionally omitted <==

==> picture [355 x 200] intentionally omitted <==

Campaign Awards and Accolades

TI’s first large scale brand anthem, launched across digital platforms. ‘Welcome The Now’ – Mansion House Flandy’s brand proposition, giving brandy a more aspirational, fun, inclusive and versatile positioning

Masters of Modern Marketing Awards 2024 Medal – Gold

Video Media Awards and Summit 2024

Medal – Gold

Categories:

Categories:

1. Best Multi Channel Campaign by a Food & Beverages Enterprise

2. Best Video Content in an Integrated Social Media Marketing Campaign

3. Best Innovation/Creativity in a Social Media Campaign

Tilaknagar Industries Ltd.

24

COMPANY & INDUSTRY OVERVIEW

==> picture [534 x 267] intentionally omitted <==

==> picture [416 x 44] intentionally omitted <==

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

==> picture [57 x 47] intentionally omitted <==

About the Company

Largest brandy manufacturer in India with presence across all segments of IMFL

==> picture [30 x 48] intentionally omitted <==

==> picture [907 x 323] intentionally omitted <==

----- Start of picture text -----

1933 18 15+ 94% 11.2mn 86%
90 years since Manufacturing units
incorporation & 50+ across 10 states Brands across Share of sales to
years of experience in Owned: 4 units products Share of Brandy as % Volumes (in cases) South India as % of
alcobev Contract of total volumes sold
total volumes
manufacturing manufacturing: 14
units
----- End of picture text -----

* All data is for FY24; manufacturing units is as on date

Tilaknagar Industries Ltd.

26

==> picture [57 x 47] intentionally omitted <==

Our journey The turnaround well and truly coming to fruition

==> picture [638 x 68] intentionally omitted <==

----- Start of picture text -----

1933-2007 2008-2014 2014-2017
----- End of picture text -----

• Founded in 1933 as Maharashtra Sugar Mills Ltd. (MSML) to manufacture sugar and allied products

• Acquired subsidiaries Vahni Distilleries (Karnataka), Prag Distilleries (Andhra), Kesarval Springs Distillers (Goa) and PunjabExpo (Punjab)

• Expansion project at Prag stalled

• Defaults in repayment to banks and financial institutions

• Sale of assets of Kesarval Springs Distillers to Indospirit Beverages Pvt. Ltd. in 2015

• Tilaknagar Distilleries and Industries Ltd. (TDIL) promoted as 100% subsidiary of MSML to manufacture industrial alcohol, IMFL and sugar cubes

• Acquired seven brands from Alcobrew Distilleries for CSD segment and IFB Agro’s IMFL business (‘Volga’ vodka and ‘Blue Lagoon’ gin) for an entry into East Indian markets of West Bengal, Assam and Odisha

• TDIL merged with MSML after MSML exits sugar business and renamed to Tilaknagar Industries

• Commissioned expansion of 50 KLPD molasses based distillery to 100 KLPD and 100 KLPD grain based distillery

• At its peak, registered net revenue of ₹ 824 crs in FY14

==> picture [30 x 48] intentionally omitted <==

==> picture [167 x 53] intentionally omitted <==

----- Start of picture text -----

2018 onwards
----- End of picture text -----

o Restructuring of debt completed with EARC and one-time settlements reached with all lenders

• Enters into 10 yrs agreement to manufacture products for Pernod Ricard products in Maharashtra

• Raised more than ₹ 310 crs through preferential issue of equity + warrants, since Dec-21

• Edelweiss ARC debt refinanced through existing cash reserves & Term Loan from Kotak Mahindra Bank

• CRISIL assigns A-/Stable rating in January 2024, leading to interest rate reduction on Kotak loan from 13% to 9.95%, effective mid Q1 FY25

• Achieved net debt free status in September 2024, well before target

Tilaknagar Industries Ltd.

27

==> picture [57 x 47] intentionally omitted <==

Brand portfolio

==> picture [30 x 48] intentionally omitted <==

==> picture [934 x 406] intentionally omitted <==

----- Start of picture text -----

India’s first premium
Super-Premium Mansion House Mansion House Courrier Napoleon flavoured brandy
Mansion House
₹ 1,000 & Above Reserve Brandy Chambers Brandy Green
Flandy
Premium / Semi-
Premium #1 Premium Brandy in India Mansion House Blue Lagoon
₹ 700-1,000 Mansion House Brandy Gold Whisky Gin
Deluxe
Madiraa XXX Rum Courrier Napoleon
₹ 500-700 Brandy Gold
----- End of picture text -----

(Note: All MRP for 750ml)

Tilaknagar Industries Ltd.

28

==> picture [57 x 47] intentionally omitted <==

Two millionaire brands in the portfolio

==> picture [30 x 48] intentionally omitted <==

MANSION HOUSE

India’s largest and World’s second largest selling brandy

COURRIER NAPOLEON

2nd fastest growing brandy and 3rd fastest growing spirits brand Globally

COURRIER NAPOLEON – OUR 2[nd] MILLIONAIRE BRAND Achieved millionaire status in FY23

(1.2 mn cases sold in FY23; 50% growth over FY22)

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

Tilaknagar Industries Ltd.

29

==> picture [57 x 47] intentionally omitted <==

Senior management

==> picture [30 x 48] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

Amit Dahanukar

Chairman & Managing Director

Shivani Dahanukar

Executive Director

Abhinav Gupta

CFO Previously CFO with Trident Limited

Ameya Deshpande

President – Strategy & Corp Dev Previously Investment Banker with Deutsche Bank and BNP Paribas & Co-founder at Authenticook

==> picture [79 x 79] intentionally omitted <==

==> picture [78 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

Ahmed Rahimtoola

CMO

• 14+ yrs with Allied Blenders

• & Distillers

Nishchal Dubey

President – Institutional

Sales

• 22+ years with Radico Khaitan

Minuzeer Bamboat

Company Secretary & Compliance Officer 21+ yrs experience

Yuvraj Singh Som

• Vice President – Strategy & Operations

• 13+ yrs with

• Radico Khaitan

Tarun Behl

Vice President – Works 23+ yrs of alcobev experience In United Spirits/Diageo India, Shaw Wallace

Tilaknagar Industries Ltd.

30

FULL YEAR FINANCIALS

==> picture [331 x 332] intentionally omitted <==

==> picture [416 x 44] intentionally omitted <==

Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

==> picture [57 x 47] intentionally omitted <==

Improving business fundamentals

Premiumisation strategy to enhance margins and cash flows

==> picture [30 x 48] intentionally omitted <==

Total Volumes Sold (mn cases)

Brandy Sales (mn cases)

==> picture [909 x 136] intentionally omitted <==

----- Start of picture text -----

Share of Brandy to total volumes sold
89% 91% 92% 94% 93% 94% 12 10.44
10 8.98
12 11.16
9.64 8
10 6.33
5.92 5.86
8 6.64 6.44 6.73 6 5.03
5.45
6
4
4
2
2
0 0
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
----- End of picture text -----

==> picture [929 x 185] intentionally omitted <==

----- Start of picture text -----

NSR per case (₹) Robust sales in South India (mn cases)
Share of South India sales to total volumes sold
87% 86% 86% 86% 86% 86%
12
14001200 985 1,005 1,014 1,136 1,197 1,282 10 8.33 9.55
1000800 86 5.8 5.51 4.7 5.82
600
4
400
200 2
0 0
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
----- End of picture text -----

Tilaknagar Industries Ltd.

32

==> picture [57 x 47] intentionally omitted <==

Focus on margins and cashflows

==> picture [30 x 48] intentionally omitted <==

==> picture [908 x 418] intentionally omitted <==

----- Start of picture text -----

Net Revenues (₹ Crs) EBITDA (₹ Crs) and Finance Cost (₹ Crs) and
EBITDA Margin (%) As % of Net Revenues
1600
26.5
1,394
1400 14.3
13.3
11.8
1200 1,164
9.9 19.8
8.1
1000
783
800 12.9
661 653
600 549
56 54 112 137 185 7.9
400 -52
3.5
200 1.9
0 -8.0 184 129 71 62 40 27
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
EBITDA EBITDA Margin Finance cost As % of net revenue
----- End of picture text -----

(a) EBITDA for FY20 is not comparable due to write-offs impacting EBITDA Tilaknagar Industries Ltd.

33

For further information, please contact:

Company :

==> picture [85 x 63] intentionally omitted <==

Tilaknagar Industries Ltd. (BSE: 507205 | NSE: TI)

Ameya Deshpande President – Strategy & Corporate Development Email: adeshpande@tilind.com

Investor Relations Advisors :

CDR India

Mr. Siddharth Rangnekar +91 97699 19966 Siddharth@cdr-india.com

Mr. Mitesh Jain +91 96194 44691 mitesh@cdr-india.com

==> picture [251 x 262] intentionally omitted <==

==> picture [250 x 261] intentionally omitted <==

Thank You

==> picture [657 x 44] intentionally omitted <==

"Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.