Tilaknagar Industries Ltd — Investor Presentation 2024

Aug 12, 2024

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August 12, 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 ended June 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 ended June 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 Date: 2024.08.12 BAMBOAT 18:04:01 +05'30'

Minuzeer Bamboat

Company Secretary & Compliance Officer

Encl: as above

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Tilaknagar Industries Limited – Earnings Presentation Q1 FY25

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

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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 Ltd.

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Q1 FY25 PERFORMANCE

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

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Q1 FY25 – Key highlights

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Financial performance:

• Achieved highest ever Q1 EBITDA at Rs. 50.2 crs, YoY growth of 30.8%

• EBITDA margin at 16%, 341 bps expansion YoY

• Profit after tax at Rs. 40.1 crs; YoY growth of 55.7%

• Gross debt reduction of Rs. 22.3 crs in the quarter, net debt at Rs. 42.6 crs

Market share and leadership position:

• Continue to be the 3[rd] largest P&A IMFL player in Telangana and Karnataka in Q1 FY25

• Continue to be the largest IMFL player in Puducherry in Q1 FY25

Brands:

• Launch of Green Apple Flandy (Flavoured Brandy) in Telangana and Andhra Pradesh

• Within first quarter of launch, achieved 20% share of Flandy volumes across flavours in the two states

• Courrier Napoleon Brandy (“CNB”) straddles across Prestige & Above (“P&A”) as well as Popular & Below segments; P&A CNB has seen a growth of more than two times in Q1 FY25, indicating premiumization trend playing out in CNB as well

Tilaknagar Industries Ltd.

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“

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Management commentary on performance

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Mr. Amit Dahanukar, Chairman & Managing Director

“

Happy to share that we have reported our highest ever Q1 EBITDA at Rs. 50 crs with margins expanding 341 basis points to 16%, despite facing a challenging operating environment, which was on expected lines on account of industry-wide disruptions due to elections. With the election-related disruptions out of the way, we are confident of resuming our industry-beating growth, with focus on a good mix of market share gains in our existing portfolio, as well as innovative launches within brandy and beyond.

Business updates

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• ❖ Volume growth in Q1FY25 was in line with expectations, reflecting industry-wide disruption due to elections

• ❖ Southern India states, that contribute 85%+ of TI volumes, saw a degrowth of 0.1% YoY in IMFL volumes in Q1 due to the aforementioned disruptions. However, we are expecting two of our key Southern states to come out with progressive excise policies very soon, which will not only benefit the industry, but also TI to a greater extent, given our market leadership and strong brand equity with consumers in both the states

• ❖ Going forward we expect volume growth to normalize, as well as resume our trajectory of market share gains

• ❖ TI continues to prioritize profitability and cash flow management as reflected in momentum in margins

• ❖ Despite inflationary pressures especially on ENA, Q1 FY25 EBITDA margins expanded to 16%, a jump of 341 bps YoY and 260 bps QoQ; adjusted for the subsidy of Rs. 5.6 crore, EBITDA margins at 14.5%

• ❖ EBITDA margin growth driven by cost optimization initiatives and increasing share of premium products

• ❖ Continuing trend of debt reduction and subsequent reduction in interest costs leading to strong Profit after Tax margins at 12.7%, a jump of 430 bps YoY

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Margin drivers

Brand updates

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• ❖ Green Apple Flandy launched in Q1 FY25 in Telangana and shortly after, in Andhra Pradesh

• ❖ Green Apple flavour already occupies a 20% share of Flandy volumes in these 2 states

• ❖ Net revenue growth of 3% YoY due to election-led disruptions

• ❖ Significant growth in EBITDA at 31% YoY and Profit after Tax growth at 56%

• ❖ Net debt at Rs. 42.6 crore, with target to be net debt free over the course of FY25

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Financial

performance

Tilaknagar Industries Ltd.

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Q1 FY25 – Financial performance

NSR (₹ per case)

Revenue (₹ crs)

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Quarter Full Year Quarter Full Year
+0.2% +7.1% +3.0% +19.7%
1,300 1,200 1,100 1,249 1,252 1,400 1,300 1,200 1,197 1,282 340290 304 313 1,500 1,400 1,300 1,200 1,164 1,394
1,000 1,100 240 1,100
900 1,000 190 1,000
800 900 900
800 140 800
700 600 700 600 90 700 600
500 500 40 500
Q1 FY24 Q1 FY25 FY23 FY24 Q1 FY24 Q1 FY25 FY23 FY24
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EBITDA (₹ crs) & EBITDA Margin (%)

PAT (₹ crs) & PAT Margin (%)

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Quarter Full Year Quarter Full Year
Margin 12.6% 16.0% 11.8% 13.3% Margin 8.4% 12.7% 6.2% 10.0%
+30.8% +35.2% +95.3%
+55.7%
55 210 45 150 141
504540 38 50 190170150 137 185 4035 40 140130120110
353025 13011090 3025 26 1009080 72
20 70 20 7060
15 50 15 50
Q1 FY24 Q1 FY25 FY23 FY24 Q1 FY24 Q1 FY25 FY23 FY24
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Note: Adjusted for the subsidy, EBITDA for Q1 FY25 stands at ₹ 45 crs and margin at 14.5%

Note: Profit after tax excluding exceptional items

Tilaknagar Industries Ltd.

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Q1 FY25 an aberration due to industry-wide disruptions…

…strong growth trajectory to return to past levels going forward

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

Quarterly volumes (lacs cases)

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29.5
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 Q1 FY25 volume
11.1
growth at 0.9%
6.0
FY20 FY21 FY22 FY23 FY24 FY25
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Tilaknagar Industries Ltd.

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Debt reduction journey

Debt Journey (₹ Crs)[(a)]

Debt as of 30-June-24 (₹ Crs)[(a)]

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Prepaid ₹ 20 crs of Kotak term loan in Q1 FY25

1,200 1,119 1,000 800

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

Net debt

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15.8 0.5
37
66
16
43.2
37.6
Kotak Term Loan Vendor Financing Trade Deposits Others
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(a) Debt includes interest bearing trade deposits

Tilaknagar Industries Ltd.

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Income Statement

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Particulars (₹ Crs)	Q1 FY25	Q1 FY24	Y-o-Y	Q4 FY24	Q-o-Q
Revenue from Operations(Gross) 664.9 640.0 3.9% 770.6 -13.7%
Excise Duty 351.7 335.9 4.7% 411.8 -14.6%
Revenue from Operations(Net) 313.2 304.1 3.0% 358.8 -12.7%
Cost of Material Consumed 167.6 150.2 11.6% 182.4 -8.1%
Change in Inventories -9.8 0.8 NM 2.4 NM
Total Cost of Goods Sold 157.8 151.0 4.5% 184.8 -14.6%
Gross Profit 155.3 153.1 1.4% 174.0 -10.7%
Employee Expenses 13.1 10.0 30.4% 15.4 -15.0%
Other Expenses 92.0 104.7 -12.1% 110.4 -16.7%
EBITDA 50.2 38.4 30.8% 48.2 4.2%
EBITDA Margin(%) 16.0% 12.6% 341 bps 13.4% 260 bps
Depreciation 7.7 7.8 -1.0% 7.8 -1.5%
EBIT 42.5 30.6 38.9% 40.4 5.3%
EBIT Margin(%) 13.6% 10.1% 351 bps 11.3% 232 bps
Finance Cost 4.2 6.0 -30.8% 4.9 -15.5%
Other Income 1.7 1.2 49.1% 4.1 -57.1%
Exceptional Items 0 0.0 NM -8.1 NM
Profit Before Tax 40.1 25.7 55.7% 31.5 27.5%
Profit Before Tax(%) 12.7% 8.4% 430 bps 8.7% 406 bps
Tax 0.0 0.0 NM 0.0 NM
Profit After Tax 40.1 25.7 55.7% 31.5 27.5%
Profit After Tax excl. Exceptional Items 40.1 25.7 55.7% 39.5 1.4%
PAT Margin(%) excl. Exceptional Items 12.7% 8.4% 430 bps 10.9% 184 bps
Reported Diluted EPS(Asper Profit after Tax) 2.06 1.35 52.0% 1.63 26.4%

Tilaknagar Industries Ltd.

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Key strategic priorities…

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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
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Tilaknagar Industries Ltd.

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

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Offerings across multiple P&A segments in Brandy

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Courrier Napoleon Mansion House Mansion House Courrier Napoleon Brandy Green Flandy Brandy Brandy Red +50% +30% +25% Base price -20%

Mansion House Chambers

Base price

Latest launch

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

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

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Prestige & Above segment brand
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Strategy to replicate across states

Tilaknagar Industries Ltd.

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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

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Growth rankings Volume rankings

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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
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Growth rankings

Volume rankings

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2nd 3rd 3rd 7th
Fastest Fastest Largest Largest
growing brandy growing spirits selling brandy selling brandy
globally brand globally in India globally
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Source: ‘The Millionaires’ Club 2024’ by Drinks International

Tilaknagar Industries Ltd.

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

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

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

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“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.

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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+
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Father’s Day DVC activation on
all MH Social channels
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14

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A Warm Welcome

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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

Medal – Gold

Masters of Modern Marketing Awards 2024 Medal – Gold

Marketers Excellence Awards 2024

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.

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Welcome the Now

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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.

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AWARDS & RECOGNITION

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

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Multiple awards at the Spiritz Conclave & Achievers’ Awards 2023

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Leader of the year Company of the year

Brand promotion – Digital space

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Tilaknagar Industries Ltd.

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COMPANY & INDUSTRY OVERVIEW

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

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About the Company

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

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1933 17 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: 13
units
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* All data is for FY24; manufacturing units is as on date

Tilaknagar Industries Ltd.

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Our journey The turnaround well and truly coming to fruition

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1933-2007 2008-2014 2014-2017
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• 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

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2018 onwards
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• 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

Tilaknagar Industries Ltd.

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Brand portfolio

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New Launch India’s first premium Super-Premium Mansion House Mansion House Courrier Napoleon flavoured brandy Mansion House Reserve Brandy Chambers Brandy Green Flandy Premium #1 Premium Brandy in India Mansion House Gold Blue Lagoon ₹ 700-1,000 Mansion House Brandy Whisky Gin Deluxe Madiraa XXX Rum Courrier Napoleon ₹ 500-700 Brandy Gold

Super-Premium ₹ 1,000 & Above

Premium / SemiPremium ₹ 700-1,000

(Note: All MRP for 750ml)

Tilaknagar Industries Ltd.

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Two millionaire brands in the portfolio

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MANSION HOUSE

India’s largest selling brandy

COURRIER NAPOLEON Our second Millionaire brand

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.

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Senior management

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Amit

Abhinav

Gupta

Dahanukar

Chairman & Managing Director

CFO

Previously CFO with Trident Limited

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Shivani

Ahmed

Dahanukar

Rahimtoola CMO

Executive Director

14+ yrs with Allied Blenders & Distillers

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Ameya Deshpande

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

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Yuvraj Singh Som

Vice President – Strategy & Operations

13+ yrs with Radico Khaitan

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Tarun

Behl

Vice President – Works

23+ yrs of alcobev experience In United Spirits/Diageo India, Shaw Wallace

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Minuzeer

Bamboat

Company Secretary & Compliance Officer 21+ yrs experience

Tilaknagar Industries Ltd.

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FULL YEAR FINANCIALS

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

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Improving business fundamentals

Premiumisation strategy to enhance margins and cash flows

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Total Volumes Sold (mn cases)

Brandy Sales (mn cases)

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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
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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
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Tilaknagar Industries Ltd.

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Focus on margins and cashflows

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

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For further information, please contact:

Company :

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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

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Thank You

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