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Tilaknagar Industries Ltd — Investor Presentation 2021
Nov 12, 2021
60357_rns_2021-11-12_c9e728d1-06ea-4b3b-9de9-245ebeecf2e9.pdf
Investor Presentation
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CIN: L15420PN1933PLC133303
Registered Office: P.O. Tilaknagar, Tal. Shrirampur, Dist. Ahmednagar, Maharashtra-413 720 Corporate Office: 3[rd] Floor, Industrial Assurance Building, Churchgate, Mumbai, Maharashtra-400 020 Email : [email protected], Website: www.tilind.com, Phone: +91 22 22831716/18, Fax: +91 22 22046904
November 12, 2021
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 Results for Quarter and Half year ended September 30, 2021
Dear Sir/Madam,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations” ), please find enclosed herewith the Earnings Presentation for Unaudited Financial Results for Quarter and Half year ended September 30, 2021.
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.
Digitally signed by AMIT AMIT DAHANUKAR DAHANUKAR Date: 2021.11.12 16:14:55 +05'30'
DAHANUKAR 16:14:55 +05'30' Amit Dahanukar Chairman & Managing Director (DIN: 00305636)
Encl: as above
Tilaknagar Industries Ltd.
(BSE: 507205 | NSE: TI)
11/12/2021
Earnings Presentation Q2 FY22 (Jul to Sep 2021)
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Q2 FY22 PERFORMANCE
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Q2 FY22 Highlights
Strong performance led by brandy
Key Performance Highlights (Q2 FY22 vs. Q2 FY21)
-
Volumes have grown to 18.22 lacs cases in Q2 FY22 (up 22% Y-o-Y)
-
Strong NSR of Rs. 1,081 per case (vs. Rs. 968 per case in Q2 FY21)
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Net revenue from operations at Rs. 201 crs (up 52% Y-o-Y)
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Gross profit at Rs. 98 crs (up 42% Y-o-Y); Gross margin at 48.8%
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EBITDA at Rs. 31 crs (up 59% Y-o-Y); EBITDA margin at 15.2%
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Profit after tax at Rs. 11 crs (from loss of last year); this includes a Rs. 3.5 crs of income tax refund pertaining to previous years
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Debt reduced to Rs. 518 crs as of Sep-21; from Rs. 543 crs as of Mar-21
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Volume (in lacs cases)
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18.2
Lockdown 17.2
16.5 Lockdown
impact
14.9 impact
11.1
6.0
Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Management commentary on Q2 FY22 results
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From the desk of Mr. Amit Dahanukar, Chairman & Managing Director
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We are glad to share a very strong set of numbers despite an uncertain and challenging environment, not only in terms of Covid-19 and related state-specific restrictions but also challenges of inflationary pressures on the business
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Q2 saw a ‘normal-like’ state-wise business contribution, with all of our major states contributing meaningful volumes – this was unlike Q1 FY22 which saw states like Kerala hardly contributing due to lock-downs at the time
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Volumes grew 22.3% on a Y-o-Y basis; and in conjunction with higher NSR per case of Rs. 1,081, led to a net revenue growth of 52%
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Gross margins fell to 48.8% vs. 52.4% in Q2 FY21; this was owing to inflationary pressure on both, ENA and packaging material cost
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EBITDA margins expanded to 15.2% vs. 14.5% in Q2 FY21 on account of operating leverage
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PAT increased to Rs. 11 crs i.e. 5.6% PAT margin, on account of improving operating margin profile as well as a Rs. 3.5 crs tax adjustment from prior years
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The growth in volumes and expansion in margins has enabled us in generating good cash flows leading to reduction in our debt by Rs. 25 crs completely through internal accruals
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Strong Q2 FY22 performance…
…operating margin expansion owing to operating leverage
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| Q2 FY22 Q2 FY21 Y-o-Y growth |
Q1 FY22 Q-o-Q growth |
H1 FY22 H1 FY21 Y-o-Y growth |
|
|---|---|---|---|
| Volumes (in lacs): | |||
| Brandy volumes Others Total volumes |
17.04 13.79 23.5% 1.18 1.10 7.4% 18.22 14.89 22.3% |
10.42 63.5% 0.67 75.2% 11.09 64.2% |
27.46 19.24 42.7% 1.85 1.62 13.9% 29.31 20.86 40.5% |
| NSR (Rs. per case) | 1,081 968 11.7% |
1,168 -7.4% |
1,114 997 11.8% |
| Financial performance (Rs. Crs): | |||
| Revenue from operations (Net) Gross profit Gross margin (%) EBITDA EBITDA margin (%) EBIT Profit / (Loss) after tax |
201.11 132.41 51.9% 98.23 69.38 41.6% 48.8% 52.4% -356 bps 30.54 19.21 59.0% 15.2% 14.5% 68 bps 22.29 10.84 105.6% 11.30 -2.69 NM |
135.30 48.6% 75.95 29.3% 56.1% -729 bps 23.37 30.6% 17.3% -209 bps 15.18 46.8% 0.37 2,948.2% |
336.42 188.79 78.2% 174.18 101.28 72.0% 51.8% 53.6% -187 bps 53.91 21.68 148.7% 16.0% 11.5% 454 bps 37.47 5.00 649.0% 11.67 -25.49 NM |
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Extract of Income Statement
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| Y-o-Y | Q-o-Q | Y-o-Y | ||||||
|---|---|---|---|---|---|---|---|---|
| (Rs. Crs) | Q2 FY22 | Q2 FY21 | growth | Q1 FY22 | growth | H1 FY22 | H1 FY21 | growth |
| Revenue from operations (Gross) | 445.3 | 359.9 | 23.7% | 324.1 | 37.4% | 769.5 | 545.3 | 41.1% |
| Less: ExciseDuty | 244.2 | 227.5 | 7.4% | 188.8 | 29.3% | 433.1 | 356.5 | 21.5% |
| Revenue from Operations (Net) | 201.1 | 132.4 | 51.9% | 135.3 | 48.6% | 336.4 | 188.8 | 78.2% |
| Other income | 1.3 | 3.0 | -55.9% | 0.2 | 573.0% | 1.5 | 3.3 | -54.1% |
| Total Revenue (I) | 202.4 | 135.4 | 49.5% | 135.5 | 49.4% | 337.9 | 192.1 | 75.9% |
| EXPENSES: | ||||||||
| (a) Cost of materials consumed | 94.4 | 67.5 | 39.7% | 63.8 | 47.9% | 158.2 | 100.8 | 56.9% |
| (b)Purchases ofstock-in-trade | 0.0 | 0.0 | NM | 0.0 | NM | 0.0 | 0.0 | NM |
| (c) Changesin inventories of finished goods,work-in-progress and stock-in-trade | 8.5 | -4.5 | NM | -4.4 | NM | 4.1 | -13.3 | NM |
| (d)Employee benefits expense | 6.3 | 7.5 | -16.3% | 7.1 | -11.8% | 13.4 | 14.4 | -6.8% |
| (e) Otherexpenses | 61.4 | 42.7 | 43.9% | 45.4 | 35.1% | 106.8 | 65.2 | 63.9% |
| Total Expenses (II) | 170.6 | 113.2 | 50.7% | 111.9 | 52.4% | 282.5 | 167.1 | 69.1% |
| Profit before interest, tax, depreciation and amortisation (I - II) | 31.9 | 22.2 | 43.4% | 23.6 | 35.2% | 55.4 | 25.0 | 121.8% |
| Finance costs | 15.8 | 16.5 | -4.3% | 15.0 | 5.5% | 30.8 | 33.8 | -8.7% |
| Depreciationand amortisationexpense | 8.2 | 8.4 | -1.4% | 8.2 | 0.7% | 16.4 | 16.7 | -1.4% |
| Profit before tax | 7.8 | -2.7 | NM | 0.4 | 1999.8% | 8.2 | -25.5 | NM |
| Tax expenses : | ||||||||
| (a) Current tax | 0.0 | 0.0 | NM | 0.0 | NM | 0.0 | 0.0 | NM |
| (b)Tax forearlierperiods | -3.5 | 0.0 | NM | 0.0 | NM | -3.5 | 0.0 | NM |
| (c)Deferred tax | 0.0 | 0.0 | NM | 0.0 | NM | 0.0 | 0.0 | NM |
| Total tax expense | -3.5 | 0.0 | NM | 0.0 | NM | -3.5 | 0.0 | NM |
| Profit for the period | 11.3 | -2.7 | NM | 0.4 | 2948.2% | 11.7 | -25.5 | NM |
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Extract of Balance Sheet
| (Rs. Crs) As at Sep-21 As at Mar-21 ASSETS Non-Current Assets Property,Plant andEquipment 451.5 467.8 Capital Work-in-Progress 100.2 100.1 Right ofUseAssets 0.3 0.4 Other IntangibleAssets 0.3 0.4 Financial Assets Investments 0.0 0.0 Other Financial Assets 28.5 29.0 DeferredTax Assets (Net) 10.1 70.9 Other Non-CurrentAssets 2.9 3.8 Total Non-Current Assets 593.9 672.4 Current Assets Inventories 64.0 72.1 Financial Assets TradeReceivables 211.0 181.1 Cashand Cash Equivalents 37.5 44.9 Bank Balance otherthanabove 3.5 3.2 Loans 0.0 0.0 Other Financial Assets 0.2 0.2 OtherCurrentAssets 34.1 37.6 Total Current Assets 350.3 339.1 TOTAL ASSETS 944.1 1,011.5 |
(Rs. Crs) As at Sep-21 As at Mar-21 |
|---|---|
| EQUITY AND LIABILITIES | |
| Equity | |
| Equity Share Capital 140.3 125.4 |
|
| Other Equity -149.0 -181.2 |
|
| Total Equity -8.7 -55.7 |
|
| Liabilities | |
| Non-Current Liabilities | |
| Financial Liabilities | |
| Borrowings 407.6 459.0 |
|
| LeaseLiabilities 0.0 0.1 |
|
| Other Financial Liabilities 201.6 181.7 |
|
| Provisions 4.3 4.3 |
|
| Other Non-CurrentLiabilities 23.5 30.5 |
|
| Total Non-Current Liabilities 637.1 675.6 |
|
| Current Liabilities | |
| Financial Liabilities | |
| Borrowings 106.3 121.5 |
|
| LeaseLiabilities 0.3 0.5 |
|
| TradePayables 150.9 148.0 |
|
| Other Financial Liabilities 18.2 73.4 |
|
| Provisions 22.5 29.0 |
|
| CurrentTax Liabilities (Net) 0.0 0.0 |
|
| OtherCurrentLiabilities 17.6 19.3 |
|
| Total Current Liabilities 315.8 391.7 |
|
| TOTAL EQUITY AND LIABILITIES 944.1 1,011.5 |
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Extract of Cash Flow Statement
| Half year | Half year | |
|---|---|---|
| (Rs. Crs) | ended Sep-21 | ended Sep-20 |
| Cash flow from Operating activities | ||
| Net profit (Loss) before tax | 8.2 | -25.5 |
| Adjustmentfor: | ||
| Depreciation&Amortisation | 16.4 | 16.7 |
| Provision for non-moving and obsoleteinventories | 1.0 | 0.0 |
| Finance Costs | 30.8 | 33.8 |
| Interestincome | -1.4 | -0.2 |
| Otheradjustments | 2.8 | -1.1 |
| Operating profit before working capital changes | 57.9 | 23.7 |
| Working capitaladjustment: | ||
| (Decrease)/Increaseintrade payables, currentliabilities, provisions and other financial liabilities | -41.8 | -25.1 |
| (Increase) /Decreasein loans and advances and otherassets | 62.9 | -10.1 |
| (Increase) /Decreasein inventories | 7.0 | -11.7 |
| (Increase) /Decreaseintradereceivables | -29.9 | 56.5 |
| Total working capital adjustment | -1.8 | 9.6 |
| Direct taxes (net)refund / (paid) | 4.5 | 3.8 |
| Net Cash from Operating activities | 60.6 | 37.2 |
| Cash Flow from Investing activities | ||
| Net Cash from Investing Activities | 1.2 | 0.2 |
| Cash Flow from Financing activities | ||
| Proceedsfromborrowings | 3.3 | 2.9 |
| Repayment ofborrowingsincluding currentmaturities | -45.8 | -25.0 |
| Finance costs paid | -27.8 | -23.4 |
| Other financing activities | 1.1 | -0.2 |
| Net Cash from Financing Activities | -69.1 | -45.8 |
| Net increase inCash & Cash equivalents | -7.3 | -8.4 |
| Opening cash& cashequivalents | 44.9 | 37.3 |
| Closing cash & cash equivalents | 37.5 | 28.9 |
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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COMPANY & INDUSTRY OVERVIEW
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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About the Company
Largest premium brandy manufacturer in India with presence across all segments of IMFL
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15+ Brands across products
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Manufacturing units across 11 states Owned: 4 units 16 Tie-up: 12 units
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5.45
Volumes (in cases)
sold
mn
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86%
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Share of sales to
South India as % of
total volumes
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Share of Brandy as % 92% of total volumes
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87% Sales through:
- State corporations
3%
- Distributors
10% - Direct Sales
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* All data is for FY21
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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We sell millions of cases across India
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MANSION HOUSE
- Mansion House is a millionaire brand (more than 4.4 mn cases sold in FY21)
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Mansion House is the highest selling premium brandy in India
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Manufactured across all units
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A brand with a high brand loyalty driving repeat purchases
COURRIER NAPOLEON
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Fast approaching millionaire brand status
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(0.6 mn cases sold in FY21)
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Our strategic focus…
…the way forward
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Volume growth
Market share growth[(b)]
Efficient levels of capacity utilisation
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5 year CAGR[(a)] of 14.4% – regions contributing 70%+ of volumes (4.4% when Andhra Pradesh also considered)
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New launches in coming 1-2 quarters
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Continued focus on brandy
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Market share (as % of brandy) growth from 9.2% to 16.7%
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Market share (as % of IMFL) growth from 1.7% to 2.8%
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Pernod Ricard agreements enables efficient capacity utilisation levels
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Incremental region-specific growth enabled through bottling arrangements
Debt repayment and cash flow generation
Resolution of auditor qualifications
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Focus on repayment of high-cost debt
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Target to become near debt-free by FY24
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Focus on taking proactive measures to resolve all auditor qualifications
(a) The above volume data is for Mansion House Brandy in the states of Telangana, Karnataka, Kerala, Puducherry and Goa i.e. states which contribute 70%+ of our total volumes (b) Market share growth comparison between FY17 and FY21 in the states of Telangana, Karnataka, Kerala, Puducherry and Goa
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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MHB and MHB Brandy segment growing faster…
…than overall Brandy, Whiskey and IMFL
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MHB vs. Industry Growth[(a)]
| Category | CAGR |
|---|---|
| MHB | 4.4% |
| Relevant Brandy Segment (b) | 2.9% |
| Relevant Whiskey Segment (b) | 0.5% |
| Overall Brandy Segment | -2.7% |
| Overall Whiskey Segment | -0.6% |
| Overall IMFL | -1.2% |
MHB market share as % of IMFL[(a)]
MHB market share as % of brandy[(a)]
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Market share growth of 33% over 5 years Market share growth of 25% over 5 years
12.4% 16.4% 2.4% 3.0%
FY17 FY21 FY17 FY21
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MHB: Mansion House Brandy; 5 year CAGR from FY17 to FY21
(a) The above data is for the states of Telangana, AP, Karnataka, Kerala, Puducherry and Goa i.e. states which contribute 85% of our total volumes
(b) Relevant segment for brandy and whiskey refers to overall brandy and whiskey segment within same price band as MHB respectively
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Bottling arrangement with Pernod Ricard
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-
Bottling at Shrirampur Plant in Maharashtra
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10 year bottling agreement leading to near-full capacity utilisation
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Potential for providing grain-based ENA
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Impact on revenues: FY21 vs. Going forward
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Debt reduction journey…
…working towards near debt-free position by FY24
Debt reduction (Rs. Crs)[(a)(b)(c)]
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1,199
Debt reduced by Rs. 25 crs
over 2 quarters
543
518
31-Mar-19 31-Mar-21 30-Sep-21
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- (a) Debt adjusted for EARC balance debt of Rs. 145 crs which would be waived off in FY24 on following the repayment schedule (b) Debt adjusted for EARC balance debt of Rs. 34 crs which has been converted to equity in Apr-21 (c) Debt includes interest bearing trade deposits which is a part of Other Financial Liabilities
Debt as of 30-Sep-21[(a)(b)(c)]
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49
EARC Term Loan
124 Cash Credit
314 Trade Deposits
30
Other Debt
EARC debt is at 9% p.a.
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EARC balance debt of Rs. 145 crs will be waived off on satisfactory repayment
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70% of EARC Term Loan is repayable after 2 years (in FY24) Rs. 99.2 crs to be repaid over FY22 and FY23
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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FY21 FINANCIALS
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Improving business fundamentals
Premiumisation strategy to enhance margins and cash flows
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Total Volumes Sold (mn cases)
84% 89% 91% 92%
5.92 6.64 6.44 5.45
FY18 FY19 FY20 FY21
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Brandy Sales (mn cases)
4.98 5.92 5.86 5.03
FY18 FY19 FY20 FY21
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Share of Brandy to total volumes sold
NSR per case (Rs.)
Robust sales in South India
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904 985 1,005 1,014
FY18 FY19 FY20 FY21
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83% 87% 86% 86%
4.91 5.80 5.51 4.70
FY18 FY19 FY20 FY21
Share of South India sales to total volumes sold
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Focus on margins and cashflows
Most of write-offs impacting EBITDA have been undertaken
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Net Revenues (Rs. Mn)
5,778 6,613 6,528 5,488
FY18 FY19 FY20 FY21
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Gross Profit (Rs. Mn) and Gross Margin (%)
51% 52% 49%
46%
2,934 3,417 3,006 2,714
FY18 FY19 FY20 FY21
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EBITDA (Rs. Mn) and EBITDA Margin (%)
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8% 10%
29 561 541
0% -519
-8%
FY18 FY19 FY20 FY21
(a) EBITDA for FY20 is not comparable due to write-offs impacting EBITDA
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Finance Cost (Rs. Mn) and as % of Net Revenues
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28%
26%
20%
13%
1,519 1,842 1,289 710
FY18 FY19 FY20 FY21
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Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Financial Summary – Income Statement
| (Rs. Mn) | FY18 | FY19 | FY20 | FY21 |
|---|---|---|---|---|
| Gross Revenue | 12,916 | 15,255 | 14,835 | 14,184 |
| Less: Excise Duty | 7,138 | 8,642 | 8,306 | 8,696 |
| Net Revenue | 5,778 | 6,613 | 6,528 | 5,488 |
| Gross Profit | 2,934 | 3,417 | 3,006 | 2,714 |
| Gross Margin % | 51% | 52% | 46% | 49% |
| Employee Costs | 220 | 333 | 296 | 252 |
| As % of Net Revenue | 3.8% | 5.0% | 4.5% | 4.6% |
| Other Expenses | 2,686 | 2,522 | 3,230 | 1,921 |
| As % of Net Revenue | 46% | 38% | 49% | 35% |
| EBITDA | 29 | 561 | -519 | 541 |
| EBITDA Margin % | 0% | 8% | -8% | 10% |
| Depreciation & Amortisation | 373 | 367 | 330 | 331 |
| Finance Costs | 1,519 | 1,842 | 1,289 | 710 |
| PAT | -1,511 | -1,595 | 2,697 | -384 |
| PAT Margin % | -25% | -24% | 40% | -7% |
Tilaknagar Industries | Q2 FY22 Earnings Presentation
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Disclaimer
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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 | Q2 FY22 Earnings Presentation
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For further information, please contact: Ameya Deshpande Head – Corporate Development & Strategy Email: [email protected]
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