Stock Verdict Radico Khaitan 2023-07-05

HIGH Report as on 5 July 2023 at 01:06 AM
MANAGEMENT EFFICIENCY
POOR GROWTH IN
LONG TERM OPERATING
PROFITS
Low Debt Radico
Khaitan
Bullish
Technical Trend Hold
High (42.15%) CMP: 1,328.55

Institutional Holding
STOCK INFO:
Consistent Market
BSE – 532497/ NSE – RADICO
Market Cap - Mid Cap (Rs. 16,917 cr)
Beating Returns
Sector – Breweries
52 w H/L (Rs.) – 1395/865.6
Dividend Yield: 0.23%
Last 3 Years Debt Equity: 0.28%
Return on Equity: 9.98%
Price to Book: 7.74
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Radico Khaitan
CMP: 1,328.55 Hold 57
Report as on 5 July 2023 at 01:06 AM
Strong Sell Sell Hold Buy Strong Buy
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WHY IT’S A HOLD? IS THIS STOCK FOR YOU?

Medium Risk, High Return (1 Year)
High Management Efficiency with a high ROCE of
15.22% Absolute Risk Volatility
Adjusted
Strong ability to service debt as the company has
a low Debt to EBITDA ratio of 0.84 times Radico Khaitan 49.47% 1.76 28.10%
Poor long term growth as Operating profit has SENSEX 23.00% 1.95 11.81%
grown by an annual rate -3.44% of over the last 5
How much should you hold? -
years
Overall Portfolio exposure to Radico Khaitan should be
The company has declared Negative results for less than 10%
the last 3 consecutive quarters Overall Portfolio exposure to Breweries should be less
-PAT(Q) At Rs 42.65 cr has Fallen at -25.1 % than 30%
-ROCE(HY) Lowest at 10.02 % (If sector exposure > 30%, please use optimiser tool to
-PBDIT(Q) Lowest at Rs 78.92 cr. see which are the best stocks to hold in Breweries)
Stock is technically in a Bullish range When to exit? - We will constantly monitor the company
and suggest at the appropriate time to exit from the
-The technical trend has improved from Mildly stock
Bullish on 26-Jun-23 and has generated 11.07%
returns since then RETURNS SUMMARY (Price + Dividend)
-Multiple factors for the stock are Bullish like MACD,
The stock gave a total returns of 49.81% in the last 1 year
Bollinger Band, KST and DOW Outperforming Sensex returns of 23.00%
With ROCE of 10.2, it has a Very Expensive 400%
valuation with a 6.5 Enterprise value to Capital
Employed 200%
-The stock is trading at a discount compared to its
average historical valuations 0%
-Over the past year, while the stock has generated a

return of 49.47%, its profits have fallen by -16.3% -200%
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High Institutional Holdings at 42.15%
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-These investors have better capability and resources

to analyse fundamentals of companies than most Radico Khaitan Ltd. MIDCAP
retail investors.
Investors Returns (3 years) –
Period 6M 1Y 2Y 3Y
Stock (%) 26.78% 49.81% 75.29% 261.69%
Sector (%) 12.77% 12.77% 80.07% 145.96%
Sensex (%) 7.95% 23.00% 24.76% 81.78%
DO YOU HAVE OTHER BETTER CHOICES?

Within same sector Within same market cap
There are no stocks in Breweries industry which we would Ujjivan Small Finance Bank Ltd
recommend at this point
Get Verdict Report
MOJO PROFESSIONAL 1
Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM
BEFORE PROCEEDING AHEAD

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generated on 5th July, 2023 at 01:06 AM, and may
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might have changed.
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MOJO PROFESSIONAL 2
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MANAGEMENT RISK
HIGH MANAGEMENT EFFICIENCY WITH A

HIGH ROCE OF 15.22%
ROCE
The company has been able to generate a Return on Capital
15.22% ROCE
Employed (avg) of 15.22% signifying high profitability per unit
of total capital (equity and debt)
Dividend Payout Ratio

An average Dividend Pay-out ratio of 15.23% may signify the
15.23%
Dividend Payout Ratio
company is not able to payback profits to shareholders at this
point
Tax Ratio
High Tax Ratio signifies that the profits generated by the
25.61% Tax Ratio
company are real and it is making adequate contributions
towards by paying due taxes
Institutional Holding
High Institutional Holdings at 42.15%- These investors have
42.15%Institutional Holding
better capability and resources to analyse fundamentals of
companies than most retail investors
MOJO PROFESSIONAL 3
CAPITAL STRUCTURE
STRONG ABILITY TO SERVICE DEBT AS THE

COMPANY HAS A LOW DEBT TO EBITDA
RATIO OF 0.84 TIMES
Total Debt Debt to Equity Ratio
Low Debt to Equity Ratio Mar 2023 753.64 0.17
Company’s average Debt to Equity ratio over the past few years Mar 2022 410.28 0.15
is low at 0.17 times
Mar 2020 310.02 0.47
No clear trend in Debt to Equity Ratio numbers Mar 2019 368.66 0.59
Total Debt Debt to EBITDA Ratio

Low Debt to EBITDA Ratio Mar 2023 753.64 0.84
Company’s average Debt to EBITDA ratio over the past few Mar 2022 410.28 0.55
years is low at 1.01 times
Mar 2020 310.02 2.1
No clear trend in Debt to EBITDA Ratio numbers Mar 2019 368.66 2.7
Total Debt EBIT to Interest

Healthy EBIT to Interest Mar 2023 753.64 16.24
Company has healthy average EBIT to Interest ratio of 16.24 Mar 2022 410.28 17.32
times
Mar 2020 310.02 5.18
Company’s EBIT to Interest has fallen after increasing for 3 Mar 2019 368.66 3.46
consecutive periods,Company’s EBIT to Interest growth has
fallen after increasing for 3 consecutive periods
MOJO PROFESSIONAL 4
TECHNICALS
STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average
1,328.55 1,166.92 1,106.82
Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (weekly)
Dow Theory Bullish (weekly)
Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
12.81% 13.14% 49.47% 259.75%
22.43%
90.44%
Stock BSE 500 Stock BSE 500 Stock BSE 500
MOJO PROFESSIONAL 5
SHAREHOLDING
INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 42.15 % OF THE COMPANY
These investors have better capability and resources 60%
to analyse fundamentals of companies than most

retail investors. 41.72% 42.16% 42.15%
39.09% 38.52% 38.61%
40%
20%
0%
Dec 21 Mar 22 Jun 22 Sep 22 Dec 22 Mar 23
Insurance
Companies
FIIs
18.63%
Shareholding Snapshot : Mar 23
2.77% Majority shareholders : Promoters
Mutual Funds Non Institution
18.21% 17.58% Pledged Promoter Holdings : None
Other DIIs
Mutual Funds : Held in 21.00 Schemes (18.21%)
2.54%
FIIs : Held by 141 FIIs (18.63%)
Promoters Promoter with highest holding : Sapphire Intrex Limited (33.95%)
40.27%
Highest Public shareholder : Timf Holdings (4.63%)
Individual Investors Holdings : 12.35%
FII
25%
holding has decreased by - 20% 19.28%

18.35% 18.86% 18.93% 18.63%
0.3% 15%
Number of FIIs holding stake in the company has

remained stable at 141 10%
5%
0%
Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
MOJO PROFESSIONAL 6
RETURNS
CONSISTENT RETURNS OVER THE LAST 3

YEARS
Along with generating 400%
49.47% returns in the last 1
year, the stock has 200%
49.47% outperformed BSE 500 in

each of the last 3 annual 0%
UP periods
-200%
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Radico Khaitan Ltd. BSE500
Inconsistent Performance against Mid Cap

companies
Radico Khaitan Ltd. has not been a consistent
performer in the YTD
1st
Quartile
3rd
Quartile
1st
Quartile
Stock has been in the 3rd quartile in 2022
and in 1st in YTD period
YTD 2022 2021

31.02% -17.93% 170.30%
Company 1 Month 3 Month 1 Year 3 Years

Radico Khaitan 10.97% 12.81% 49.47% 259.75%
Return Varun Beverages -5.42% 13.69% 104.8% 423.86%
Comparison
United Spirits 4.89% 22.19% 15.08% 55.89%
with Peers
Closest peers by United Breweries 4.52% 5.84% -1.92% 46.11%
market cap
Sula Vineyards 2.85% 18.76% - -
MOJO PROFESSIONAL 7
FACTORS
NOT WORKING
FOR THE COMPANY

MOJO PROFESSIONAL 8
GROWTH
POOR LONG TERM GROWTH AS

OPERATING PROFIT HAS GROWN BY AN
ANNUAL RATE -3.44% OF OVER THE LAST 5
YEARS
Poor Growth in Net Sales 4000Cr
of 9.0% CAGR
9.0% Company has experienced an increase
3000Cr 2,875
3,142
CAGR in its Net Sales in each of the past 4

2,427
2,096
consecutive years 2000Cr 1,822
Company’s Net Sales growth has

increased in each of the past 4 1000Cr
consecutive years
0Cr
Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023
Poor Growth in Operating 400Cr
Profit of -3.4% CAGR 337
-3.4%
318
307
300Cr 287
Company’s Operating Profit has fallen
CAGR after increasing for 3 consecutive 228
periods 200Cr
Company’s Operating Profit growth

has fallen after increasing for 3 100Cr
consecutive periods
Operating Profit has seen a high fall of 0Cr
-14.84% over previous period Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023
Net Profit of -3.9% CAGR 300Cr

263
-3.9%
245
Company’s Net Profit has fallen after 220
increasing for 3 consecutive periods
CAGR 200Cr 188
Company’s Net Profit growth has
fallen after increasing for 3 123
consecutive periods
100Cr
Net Profit has seen a high fall of -
16.35% over previous period
0Cr
MOJO PROFESSIONAL 9
FINANCIAL TREND
THE COMPANY HAS DECLARED NEGATIVE

RESULTS FOR THE LAST 3 CONSECUTIVE
QUARTERS
Near term PBT trend is negative

Rs 50.0 PBT less Other Income (Rs Cr) 72.8
68.84
73.69
Lowest at Rs 49.98 cr.

cr
60.95
in the last five quarters 49.98
PBT - Quarterly
Near term PAT trend is very

negative
61.99 61.23
-25.1% 50.16
54.49
PAT (Rs Cr) 42.65

PAT Growth At Rs 42.65 cr has Fallen at -25.1 %
over average PAT of the previous four quarters of Rs
56.97 Cr
The company's efficiency in terms 17.73 18.21
10.0% of profit generated on overall 15.47
capital (equity and debt) is 12.84
ROCE - Half deteriorating 10.02
Yearly
ROCE (%)
Lowest at 10.02 %
in the last five half yearly periods
Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023
MOJO PROFESSIONAL 10
FINANCIAL TREND
Near term Operating Profit trend

is negative
Rs 78.9 cr 92.51 96.84
Operating Profit (Rs Cr)
90.08
79.62 78.92
Operating Profit Lowest at Rs 78.92 cr.
- Quarterly in the last five quarters
Company's efficiency has

9.5% deteriorated 12.21 11.83 12.22
9.8 9.49
Operating Profit to Sales
Operating Profit Lowest at 9.49%
Margin - in the last five quarters
Quarterly
Declining profitability; company 4.64 4.58
Rs 3.2 cr has created lower earnings for 3.75

4.08
shareholders 3.19
Earnings per
EPS (Rs)
Share (EPS) -
Lowest at Rs 3.19
Quarterly
in the last five quarters
Mar'23 Dec'22 Change%

Net Sales 831.8 792.2 5.0%
Key Operating Profit (PBDIT) excl Other Income 78.9 96.8 -18.5%
Result Interest 9.0 6.1 48.0%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 42.7 61.2 -30.3%
Operating Profit Margin (Excl OI) 9.5 12.2 -2.7%
Consolidate- figures in Rs
Cr
VALUATION
WITH ROCE OF 10.2, IT HAS A VERY

EXPENSIVE VALUATION WITH A 6.5
ENTERPRISE VALUE TO CAPITAL
EMPLOYED
Expensive
Very Expensive Varun

Radico
Beverages
Khaitan
valuation
United
UnitedBreweries
BreweriesSula
Spirits Sula Vineyards
Valuation
as compared to its Fundamentals

Attractive
Weak Fundamental Strong
Very
Enterprise value to Capital Employed vs ROCE
20 10
Fundamental
Attractive
Valuation
10 6
0 2
as compared to its
3
19
20
21
22
8
02
01
01
02
02
02
past valuations
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Radico Khaitan Very Expensive 8.1 81 0 0.2%
Valuation
Multiples Varun Beverages Very Expensive 20.5 62.6 0.6 0.2%
vs Peers United Spirits Expensive 11.1 56.9 1.7 0%
United Breweries Expensive 10.1 131.9 0 0.7%
Sula Vineyards Expensive 6.7 42.4 0 1.2%
RESULT
ANALYSIS 
QUARTERLY VARIANCE
QUARTER RESULTS VARIANCE ANALYSIS

Mar'23 Dec'22 QoQ Mar'22 YoY Comments
Total Operating income 832 792 5% 813 2.4% QoQ and YoY increase
Total Expenditure (Excl Depreciation) 753 695 8.3% 733 2.7% QoQ and YoY increase
Operating Profit (PBDIT) excl Other Income 79 97 -18.5% 80 -0.9% QoQ and YoY decrease
Other Income 1 3 -48.9% 2 -34.7% Fall in previous quarter and same
quarter last year
Operating Profit (PBDIT) 80 100 -19.3% 82 -1.8% QoQ and YoY decrease
Interest 9 6 48% 2 293.5% High Growth in previous quarter
and same quarter last year
Exceptional Items 0 0 0% 0 0%
Depreciation 20 17 16.8% 16 21.5% High Growth in previous quarter
Profit Before Tax 51 76 -32.8% 63 -18.6% Fall in previous quarter and same
quarter last year
Tax 14 19 -27.2% 17 -14.8% Fall in previous quarter and same
quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 37 57 -34.7% 47 -19.9% Fall in previous quarter and same
quarter last year
Share in Profit of Associates 5 4 28.3% 4 47.3% High Growth in previous quarter
Minority Interest 0 0 0% 0 0%
Other related items 0 0 0% 0 0%
Consolidated Net Profit 43 61 -30.3% 50 -15% Fall in previous quarter and same
quarter last year
Consolidate results triggered in Rs Cr
Margins
Mar'23 Dec'22 Sep'22 Jun'22 Mar'22 Avg. (4 Comments
Qtrs)
OPM 9.5% 12.2% 11.8% 12.2% 9.8% 11.5% Lower than average (4 Qtrs)
GPM 8.6% 11.8% 11.4% 12.4% 9.8% 11.4% Lower than average (4 Qtrs)
NPM 4.5% 7.2% 6.8% 7.7% 5.7% 6.9% Lower than average (4 Qtrs)
ANNUAL RESULT
NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 9.58% VS 19.56% IN MAR 2022
Consolidated Net Profit: YoY Growth in year ended Mar 2023 is -16.29% vs -5.03% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is -
10.90% vs -1.65% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is 68.85% vs -40.51% in Mar 2022 9.58%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has fallen from Mar NET SALES
2022
Mar'23 Mar'22 Change(%)

Net Sales 3,142.82 2,868.01 9.58%
Key Operating Profit (PBDIT) excl Other Income 358.35 402.21 -10.90%
Annual Interest 22.12 13.10 68.85%
Results Exceptional Items 0.00 0.00
Consolidated Net Profit 220.35 263.23 -16.29%
Operating Profit Margin (Excl OI) 11.40 14.02 -2.62%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year
Net Sales-YoY Growth in year ended Mar 2023 is 9.58% vs Consolidated Net Profit-YoY Growth in year ended Mar 2023
19.56% in Mar 2022 is -16.29% vs -5.03% in Mar 2022
5000 400
277.16 263.23
2,868.01 3,142.82 229.14 220.35
2,427.04 2,398.80 194.13
2500 2,096.95 200
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is -10.90% vs -1.65% in Mar 2022 Mar 2023 has fallen from Mar 2022
500 20 17.05
408.95 402.21 16.71
371.81 358.35 15.32
350.35 14.02
11.40
250 10
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Figures in Rs Crore
BALANCESHEET AND CASHFLOW
BALANCE SHEET AND CASH FLOW

ANALYSIS
-30.53% Borrowings
Mar'22
189.90
Mar'21
273.36
Change%
-30.53%
Increase
Other Long Term Liabilities 7.54 11.60 -35.00%
Fixed Assets 849.58 847.68 0.22%
Investments 175.48 184.40 -4.84%
in Borrowings in quarter Current Assets 1,611.69 1,532.48 5.17%
ended Mar 2022 vs in
Figures in Rs Cr
Mar 2021
Other Long Term Liabilities: YoY Growth in year ended Mar 2022 is -35.00% vs 118.05% in Mar 2021
Fixed Assets: YoY Growth in year ended Mar 2022 is 0.22% vs 11.32% in Mar 2021
Investments: YoY Growth in year ended Mar 2022 is -4.84% vs 3.71% in Mar 2021
Current Assets: YoY Growth in year ended Mar 2022 is 5.17% vs 7.77% in Mar 2021
Cash From Operation - YoY Growth in year ended Mar

-40.25% 2022 is -40.25% vs 520.17% in Mar 2021
Mar'22 Mar'21 Change%
GROWTH Cash Flow from Operating Activities 221.18 370.18 -40.25%
Figures in Rs Cr
400 370.18
315.78 308.69
221.18
200
59.69
0
PEER COMPARISION
PEER COMPARISON
Radico Khaitan United Spirits United Sula Vineyards Globus Spirits
Breweries
Size
Market Cap (Cr.) 17,845 66,807 40,081 3,742 3,718
Annual Sales (TTM) (Cr.) 3,143 10,612 7,500 493 1,371
Annual Net Profit (TTM) (Cr.) 220 1,175 304 88 178
Growth Factors (TTM)
Net Sales Growth 1 year 9.3% 9.3% 28.5% 0.3% 33.6%
Operating Profit Growth 1 year -14.8% -13% -15.4% 59% -33.8%
Net Profit Growth 1 year -16.3% 34.6% -16.8% 81% -34.7%
Net Sales Growth 5 year 9% 3.2% 3.7% 26.9% 19.8%
Operating Profit Growth 5 year -3.4% -1% -17.6% 114.8% 41.6%
Net Profit Growth 5 year -3.9% 13.9% -14.3% 848.4% 77.3%
Capital Structure Factors
EBIT to Interest 13 10.9 87.4 6.8 15.4
Debt to EBITDA 2.1 0.1 0 1.2 1.2
Net Debt to Equity 0.3 -0.2 -0.1 0.3 0.3
Sales to Capital Employed 1.1 2.1 2.1 0.7 2

Management Quality Factors
ROCE (latest) 10.2% 22.5% 11.3% 18.3% 40.6%
ROE(latest) 10% 19.6% 7.7% 15.9% 30.4%
Tax Ratio 25.6% 12% 25% 25.3% 31.9%
Operating CF to Net Profit 84% 112% 246.2% 89.2% 105.4%
Dividend Payout Ratio 15.2% - 76% 79.7% 14.1%
Valuation Factors
PE Ratio 81 56.9 131.9 42.4 20.9
Price to Book 8.1 11.1 10.1 6.7 6.4
PEG Ratio - 1.6 - - -
Dividend Yield 0.2% - 0.7% 1.2% 0.2%
EV to EBITDA 51.5 46.5 64.4 25.1 12.1
EV to Capital Employed 6.5 13.1 11.1 5.4 5.7
Shareholding
Promoter Holdings 40.3% 56.7% 72.7% 27.3% 51%
Promoter Pledged Holdings - 1.2% 14.4% 9.6% -
Total Institutional Holding 42.2% 28.1% 22% 17.6% 10.2%
FII Holdings 18.6% 15.4% 6.4% 5.9% 4.8%
Returns
1 Month 10.5% 4.8% 4.7% 3.2% 16.2%
3 Months 12.3% 22% 6% 19.1% 62.7%
YTD 30.5% 4.4% -10.7% 34.2% 53%
1 Year 48.8% 14.9% -1.8% - 36.8%
3 Years 258.2% 55.7% 46.3% - 916.3%
COMPANY BACKGROUND
COMPANY BACKGROUND
About the Company

Radico Khaitan Limited (RKL) was incorporated on 21 July 1983. The Company is
INDUSTRY : Breweries among the oldest and one of the largest manufacturers of Indian Made Foreign
Liquor (IMFL) in India. The Company commenced its operations in 1943 and was
earlier known as Rampur Distillery Company. Over the years, it has emerged as a
16,917 cr (Mid Cap) major bulk spirits supplier and bottler to other spirit manufacturers.
Part of NIFTY FREE

SMALL 100
Board of Directors
Lalit Khaitan Chairman & Managing Director
Abhishek Khaitan Managing Director
K P Singh Whole-time Director
Raghupati Singhania Independent Director
Sarvesh Srivastava Independent Director
4 more board of directors
Company Coordinates
Company Details: Registrat Details:

Bareilly Road , Rampur Uttar Pradesh : 244901 Karvy Computershare Pvt Ltd, Plot No 17-24 , Near Image
Tel: 0595- 2350601 / 2350602 Hospital,, Reliance Cybervilae,Vithalrao Nagar,, Madhapur,
Fax: 0595- 2350009 Hyderabad
Email: rampur@radico.co.in Fax: 91-040-23420814
Website: www.radicokhaitan.com Email: mailmanager@karvy.com
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Stock Verdict Radico Khaitan 2023-07-05

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Stock Verdict Radico Khaitan 2023-07-05

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HIGH Report as on 5 July 2023 at 01:06 AM

High (42.15%) CMP: 1,328.55

WHY IT’S A HOLD? IS THIS STOCK FOR YOU?

-Over the past year, while the stock has generated a

-These investors have better capability and resources

DO YOU HAVE OTHER BETTER CHOICES?

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis Report was

Some factors/data, as well as the buy/sell/hold call

To access the LATEST version of this report.

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

HIGH MANAGEMENT EFFICIENCY WITH A

Dividend Payout Ratio

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

STRONG ABILITY TO SERVICE DEBT AS THE

Total Debt Debt to EBITDA Ratio

Total Debt EBIT to Interest

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

STOCK IS TECHNICALLY IN A BULLISH

1,328.55 1,166.92 1,106.82

Factors with upward momentum

Consistent Returns over the last 3 years

12.81% 13.14% 49.47% 259.75%

Stock BSE 500 Stock BSE 500 Stock BSE 500

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

INSTITUTIONAL INVESTORS COLLECTIVELY

to analyse fundamentals of companies than most

holding has decreased by - 20% 19.28%

Number of FIIs holding stake in the company has

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

CONSISTENT RETURNS OVER THE LAST 3

49.47% outperformed BSE 500 in

Inconsistent Performance against Mid Cap

YTD 2022 2021

Company 1 Month 3 Month 1 Year 3 Years

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

POOR LONG TERM GROWTH AS

Poor Growth in Net Sales 4000Cr

CAGR in its Net Sales in each of the past 4

Company’s Net Sales growth has

Poor Growth in Operating 400Cr

Profit of -3.4% CAGR 337

Company’s Operating Profit growth

Net Profit of -3.9% CAGR 300Cr

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

THE COMPANY HAS DECLARED NEGATIVE

Near term PBT trend is negative

Lowest at Rs 49.98 cr.

in the last five quarters 49.98

Near term PAT trend is very

PAT (Rs Cr) 42.65

The company's efficiency in terms 17.73 18.21

10.0% of profit generated on overall 15.47

capital (equity and debt) is 12.84

ROCE - Half deteriorating 10.02

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

Near term Operating Profit trend

Company's efficiency has

Declining profitability; company 4.64 4.58

Rs 3.2 cr has created lower earnings for 3.75

Mar'23 Dec'22 Change%

Radico Khaitan HOLD | Report as on 5 July 2023 at 01:06 AM

WITH ROCE OF 10.2, IT HAS A VERY