Tilaknagar Industries Limited has informed the Exchange about Investor Presentation
February 04, 2025
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 nine
months ended December 31, 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 nine months ended December 31, 2024.
The same is also available on our website at www.tilind.com.
We request you to take the above information on record.
Thanking you,
Yours faithfully,
For Tilaknagar Industries Ltd.
Minuzeer Bamboat Company Secretary & Compliance Officer
Encl: a/a
Tilaknagar Industries Limited
Earnings Presentation – Q3 & 9M FY25
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Disclaimer
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
Q3 & 9M FY25 PERFORMANCE
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Management commentary on performance
“
Q3 FY25 has been on expected lines in terms of volume performance. The transition due to change in RTM that the industry went through in Andhra Pradesh not only impacted our volumes but also our revenues, with Mansion House Brandy taking a price reduction in the state. However, despite reduction in NSR, our EBITDA saw significant growth in absolute terms as well as margins on the back of reduced S&D spends. We also witnessed a slight improvement in EBITDA per case over last quarter.
With the transition period more or less behind us, we expect to continue our growth trajectory in Andhra Pradesh. Moreover, while the primary volumes degrew in the state, our secondary volumes grew, with December market share exceeding our best achieved market shares even before the change in RTM.
Mr. Amit Dahanukar Chairman & Managing Director
I am also very proud of our performance in the other states. We achieved our highest volumes in Karnataka in Q3, and continue to grow market share in Telangana, Kerala and Puducherry.
Q3 also saw us fully repaying our Term Loan with Kotak Bank, and we now have a Gross Debt of Rs. 45 crs, while continuing to be net debt free.
Our foray into Luxury, Craft and Premium Spirits has truly begun, with Monarch Legacy Edition Brandy getting very positive feedback from trade and consumers. We will now look to further penetrate within these segments, with Samsara Gin being the next play through our royalty arrangement with Spaceman Spirits Lab Pvt Ltd.
“
Tilaknagar Industries Ltd.
4
Q3 FY25 – Key highlights
Volume & financial performance:
▪ Primary volume growth at 2.3% in Q3 FY25 on account of transitioning in Andhra Pradesh due to change in RTM and price reduction
for Mansion House Brandy
‒ Excluding Andhra Pradesh, volume growth at 10% YoY in Q3 FY25
‒ Post transition period, there has been strong volume growth in January 2025 (+14% YoY)
▪ Secondary volume growth continued to be strong at 9% in Q3 FY25
▪ Revenue degrowth of 9.6% in Q3 FY25 due to price reduction in Andhra Pradesh; with volumes back on track in January 2025,
revenue expected to go back to double digit growth on steady state basis
▪ However, strong EBITDA growth, with EBITDA at Rs. 60 crs (+17.4% YoY) and margin at 17.7%; +408 bps margin expansion on account of lower S&D spend for the quarter; steady-state EBITDA margin expected to be in the range of 15.5-17.5% on back of strong revenue growth
▪ Profit after tax at Rs. 54 crs (+23.2% YoY); driven by further reduction in finance costs
▪ Gross debt further reduced by Rs. 47 crs in Q3 FY25; with net cash of Rs. 31 crs as on Dec-24
Market share and leadership position:
▪ Market share expansion in Q3 FY25 in each of the key states (Karnataka, Telangana, Puducherry, Kerala) excluding Andhra Pradesh
▪ Market share recovery in Andhra Pradesh in the latter part of Q3 FY25, with December 2024 witnessing higher market share than even
‘pre-transition’ period in the state
▪ Continue to be the 3rd largest P&A IMFL player in Telangana and Karnataka, and largest IMFL player in Puducherry in Q3 FY25
Tilaknagar Industries Ltd.
5
Q3 & 9M FY25 – Strong EBITDA and margin growth… …despite fall in NSR and Revenue driven by price reduction in AP
NSR* (₹ per case)
Revenue (₹ crs)
Quarter
-11.3%
1,309
1,161
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
9M
-4.0%
1,278
1,227
Quarter
-9.6%
377
340
440
390
340
290
240
190
140
90
40
1,100
1,000
900
800
700
600
500
9M
-0.7%
1,035
1,028
Q3 FY24
Q3 FY25
9M FY24
9M FY25
Q3 FY24
Q3 FY25
9M FY24
9M FY25
* Fall in NSR due to price reduction in Andhra Pradesh
EBITDA (₹ crs) & EBITDA Margin (%)
PAT (₹ crs) & PAT Margin (%)
Quarter
9M
Quarter
9M
Margin
13.6%
17.7%
13.3%
17.2%
Margin
11.4%
15.7%
9.7%
14.7%
+17.4%
60
62
60
58
56
54
52
50
48
46
51
190
170
150
130
110
90
70
50
+28.6%
176
137
+23.2%
54
44
60
50
40
30
20
10
0
+50.1%
152
170
150
130
110
90
70
50
101
Q3 FY24
Q3 FY25
9M FY24
9M FY25
Q3 FY24
Q3 FY25
9M FY24
9M FY25
Note: Adjusted for the subsidy, EBITDA for 9M FY25 stands at Rs. 160.5 crs and margin at 15.9%
Note: Profit after tax excluding exceptional items
Tilaknagar Industries Ltd.
6
Q3 FY25 – A transition quarter with new RTM in Andhra Pradesh… …strong growth trajectory to return to past levels going forward
TI was the fastest growing IMFL company of scale in FY23 and FY24
Quarterly volumes (lacs cases)
Highest ever quarterly volume since FY15
28.4
26.0
24.3
29.5
28.5
28.5
30.1
29.4
25.1
25.4
18.5
17.6
13.5
14.7
17.2
16.5
14.9
19.5
18.7
18.1
17.7
11.1
6.0
FY20
FY21
FY22
FY23
FY24
FY25
Post transition, volumes have grown at 14% YoY in January 2025*
Tilaknagar Industries Ltd.
* Source: MIS volume data
7
Income statement
Tilaknagar Industries Ltd.
8
Particulars (Rs. In crore)Q3 FY25Q3 FY24Y-o-YQ2 FY25Q-o-Q9M FY259M FY24Y-o-YRevenue from Operations (Gross)8057981.0%823-2.2%2,2932,1884.8%Excise Duty46542110.5%4483.7%1,2651,1539.8%Revenue from Operations (Net)340377-9.6%375-9.2%1,0281,035-0.7%Cost of Material Consumed21018314.3%18811.3%56651011.0%Change in Inventories of Finished goods & Work in Progress-278NM-9NM-4614NMTotal Cost of Goods Sold182191-4.8%1791.7%519524-0.9%Gross Profit158185-14.6%196-19.1%509511-0.4%Employee Expenses 141126.0%14-2.5%413131.2%Other Expenses 84123-31.7%115-27.2%291342-14.9%EBITDA 605117.4%66-8.5%17613728.6%EBITDA Margin (%) 17.7%13.6%408 bps17.6%13 bps17.2%13.3%390 bpsDepreciation 88-2.9%80.2%2324-3.3%EBIT534321.2%58-9.7%15311335.4%EBIT Margin (%)15.4%11.5%393 bps15.5%-9 bps14.9%10.9%397 bpsFinance Cost 28-70.7%3-29.5%1022-54.8%Other Income48-53.4%317.1%910-9.5%Exceptional Items00NM0NM05-100.0%Profit before Tax544423.7%58-7.0%15210743.1%Profit before Tax (%)15.7%11.4%436 bps15.4%33 bps14.7%10.2%450 bpsTax 00NM0NM00NMProfit after Tax before Share of Profit/(Loss) of Associate544423.7%58-7.0%15210743.1%Share of Profit/(Loss) of Associate -00NM0NM-00NMProfit After Tax544423.2%58-7.4%15210742.9%Profit After Tax excl. Exceptional Items544423.2%58-7.4%15210150.1%PAT Margin (%) excl. Exceptional Items15.7%11.4%430 bps15.4%26 bps14.7%9.7%497 bpsReported Diluted EPS (As per Profit after Tax)2.772.2523.1%2.99-7.2%7.835.5441.5% Gross debt consistently reduced
Debt Journey (₹ Crs)(a)
Debt as of 31-Dec-24 (₹ Crs)(a)
1,200
1,119
1,000
800
600
400
200
0
-200
543
449
250 239
188 164
119 97 92
9 1 - r a M
1 2 - r a M
2 2 - r a M
3 2 - r a M
3 2 - n u J
3 2 - p e S
3 2 - c e D
4 2 - r a M
4 2 - n u J
4 2 - p e S
45
4 2 - c e D
492
361
182
136 141 119
Net debt free
74 43 -25 -31
1 2 - r a M
2 2 - r a M
3 2 - r a M
3 2 - n u J
3 2 - p e S
3 2 - c e D
4 2 - r a M
4 2 - n u J
4 2 - p e S
4 2 - c e D
Gross debt
Net debt
37
15.7
16
0.5
66
28.9
Vendor Financing
Trade Deposits
Others
(a) Debt includes interest bearing trade deposits
Tilaknagar Industries Ltd.
9
NEW LAUNCHES, PORTFOLIO & STRATEGIC INITIATIVES
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
FY25 begins journey of strong launch pipeline
Mansion House Flandy
Blue Lagoon Gin
Mansion House Chambers
Mansion House Whisky
Monarch Legacy Edition
Samsara Gin & Sitara Rum
June- 22
2023
November- 23
September- 24
November- 24
Q4 FY25
India’s first premium flavored brandy
Complete refresh to position as an entry- level aspirational gin
Meeting price need gaps in Brandy
TI’s semi-premium whisky
TI’s first luxury 100% pure grape brandy
Sale through royalty agreement
Tilaknagar Industries Ltd.
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Introducing Monarch Legacy Edition
▪ Tilaknagar Industries’ first luxury foray
▪ 100% pure grape brandy
▪ Crafted from a meticulous blend of matured Indian grape spirits and
French grape spirits aged up to 8 years
▪ Positioned as a sipping brandy for the aspirational Indian, while
elevating Indian brandy to global benchmarks
▪ The Monarch Legacy Edition decanter, inspired by royal chalices, is a testament to the opulence and sophistication that defines the Monarch
▪ Launched in Maharashtra at a price of Rs. 6,750 per 750 ml bottle
▪ Soon to launch in Goa, Karnataka and Puducherry
Tasting notes:
‒ Aroma: Rich grape and fruit aromas, hints of apple, nutmeg and
subtle tobacco
‒ Taste: Gentle sweetness transitioning into creamy oak and
indulgent dried fruits
‒ Finish: Lingering notes of cinnamon, peach and clove, reminiscent
of Cognac
Tilaknagar Industries Ltd.
Click here for Monarch AV
12
Launch of Mansion House Whisky in its New Avatar
• 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.
13
Portfolio
Monarch Legacy Edition Brandy
▪ India’s first Luxury Brandy made with matured Indian and French grape
spirits
▪ Ranked 22nd in the prestigious Spirits Business’ ‘Top 50 Innovative Spirits
of 2024’
Mansion House Brandy
▪ India’s largest selling brandy and 2nd largest selling brandy globally ▪ 4-year (FY20-24) volume CAGR of 14%
Mansion House Flandy
▪ India’s first premium flavored brandy ▪ Sold in 4 states ▪ Available in 4 flavours; Orange, Cherry, Peach and Green Apple
CNB Brandy
▪ CNB family straddles across P&A and upper end of Popular segment ▪ 4-year (FY20-24) volume CAGR of 14%
Tilaknagar Industries Ltd.
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Portfolio
Mansion House Whisky
▪ Launched in Assam and soon to launch in other distribution-strong states in
East and South India
Blue Lagoon Gin
▪ An aspirational entry-level Mass Prestige gin, Blue Lagoon is infused with a
perfect blend of traditional craftsmanship and contemporary design
Madiraa Rum
▪ Available in Kerala and CSD, Madiraa Rum is TI’s 3rd largest brand by volumes
Tilaknagar Industries Ltd.
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Samsara Gin and Sitara Rum An exciting Indian Craft spirits play
▪
India’s favourite Pink Gin
▪ Portfolio consists of 6 gins (including flavoured gins) under the Samsara family of brands and 2 rum variants under the Sitara family of brands
▪ Super-Premium Vodka to be launched in Q4 FY25
Performance:
▪ Continuously growing market share in the Premium Gin
segment; currently at 6-7%
▪
▪
FY24 net revenue of Rs. 19 crs
FY24 volumes of 22,000 cases
▪ NSR of Rs. 8,000+ per case
TI’s strategic investment:
▪ Commitment of Rs. 13.15 crs announced in September 2024; Rs. 4 crs already invested and balance Rs. 9.15 crs to be invested by March 2026
▪ Resultant shareholding: 20.02% (post all 3 tranches)
▪ Usership agreement signed with SSL, wherein TI will sell
Samsara and Sitara in some states in India, CSD and select international markets; operations to begin in Q4 FY25
16
Tilaknagar Industries Ltd.
Bartisans Premium ‘Ready to Pour’ Cocktail Mixers
▪
Leading premium cocktails mixer brand
▪ Available in 19 flavours including Signature mixers like Raid and Run (Jamun and Himalayan Pink Salt) and Indian Summer (Mango, Cilantro and Bird’s Eye Chilli) to Classics like Margarita and Picante
▪
FY24 revenue of Rs. 3.5 crs
▪ Distribution channels include D2C (own website) as well as
channels like Quick Commerce and modern retail
▪ Strong content focus driving customer loyalty
▪
Investment of Rs. 8 crs completed in October 2024 for 36.2% stake on fully diluted basis
Investment Thesis:
▪ Synergistic with TI’s vision of making brandy fun and exciting
▪ Cocktail culture proliferation
▪ Increase in ‘at-home’ drinking
▪ Profitable unit economics due to premium price point
▪ Large D2C opportunity providing significant consumer insights
Tilaknagar Industries Ltd.
17
Well-positioned to benefit from industry trends
15-20 million people are expected to enter the legal drinking age every year driving consumption trends in India
Cocktail culture is becoming very prevalent, with significant innovations taking place, both in spirits as well as allied products
At-home consumption continues to remain strong post the pandemic
Premiumisation driving industry growth across all categories; on account of rising affluence and an aspirational consumer base
Driving price laddering up and down the chain within brandy, creating a bridge to consumers of whisky and other categories
Flavored brandy portfolio accounts for 5% of MHB volumes in relevant states
Stake in Bartisans enables TI to change the way people perceive brandy, and help position it as an aspirational, fun and exciting drink
Usership agreement with Samsara Gin and Sitara Rum, provides a play in the Indian Craft Spirits space
Monarch enables TI to have a presence in the fast-growing Indian luxury spirits segment as well as create a premium positioning for brandy
Tilaknagar Industries Ltd.
18
Key strategic priorities
Enhanced operating management
▪ Better growth ▪ Better margins
Category ownership
▪ Brandy price laddering
▪ Investment in marketing
Stronger Balance Sheet
▪ Disciplined debt management
▪ Focus on efficient levels
of working capital ▪ ROCE improvement
Calibrated flanking
▪ Incrementally looking
at opportunities beyond brandy
▪ Regional
diversification
Tilaknagar Industries Ltd.
19
Meeting need gaps across premium price points in brandy
Offerings across multiple P&A segments in Brandy
Monarch Legacy Edition
Mansion House Chambers
Courrier Napoleon Brandy Green
Mansion House Flandy
Mansion House Brandy
Courrier Napoleon Brandy Red
600%+
+50%
+30%
+25%
Base price
-20%
Latest Launch*
India’s first premium flavoured brandy
India’s highest selling brandy
The percentage for each brand shows the premium/discount to MHB price in Puducherry Shows Tilaknagar Industries’ brands available in Puducherry * Soon to be launched in Puducherry
Prestige & Above segment brand
Tilaknagar Industries Ltd.
20
Strategy to replicate across states
AWARDS & RECOGNITION AND MARKETING INITIATIVES Giving Brandy a ‘share of voice’ commensurate to its ‘share of market’
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Mansion House Boyzzzz… ...A web series
▪ 26 short stories – 2 episodes released each week ▪ Launched on 8th 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 elicits 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
Tilaknagar Industries Ltd.
22
“The Warm Embrace of Fatherhood” An ode to celebrating the #DadInEveryMan
Performance Marketing Campaign Results
Father’s Day DVC activation on all MH Social channels
“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.
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+
23
A Warm Welcome
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 Categories: 1. Top video content brands/enterprise 2. Best Vernacular/Local-Language Video
Masters of Modern Marketing Awards 2024 Medal – Gold Categories: 1. Best Online Commercial 2. Best Digital Campaign by a Food &
Content on Social Platforms
Beverages Enterprise
3. Best Storytelling
3. Best Content in a Digital Integrated
Indian Marketing Awards South 2024 by e4m Medal – Gold Category: 1. Stages of Brand Building – Category
creation
Digixx Awards 2024 by Ad Gully Medal – Silver Category: 1. Best Brand Awareness Campaign FY24
Campaign
Indian Content & Marketing Awards 2024 by e4m Medal – Silver Category: 1. Best Storytelling Content
Marketers Excellence Awards 2024 Medal – Bronze Categories: 1. Best Storytelling in the Digital category
Tilaknagar Industries Ltd.
24
Welcome The Now
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 inclusive and versatile more aspirational, positioning
fun,
Masters of Modern Marketing Awards 2024
Video Media Awards and Summit 2024
Medal – Gold
Categories:
Medal – Gold
Categories:
1. Best Multi Channel Campaign by a Food &
1. Best Video Content in an Integrated Social
Beverages Enterprise
Media Marketing Campaign
2. Best Innovation/Creativity in a Social Media
Campaign
Masters of Modern Marketing Awards 2024 by INKSPELL Medal – Gold Categories: 1. Best Multi Channel Campaign by a Food
& Beverages Enterprise
2. Best Innovation/Creativity in a Social
Media Campaign
Indian Marketing Awards South 2024 by e4m Medal – Silver & Bronze Category: 1. Stages of Brand Building – New Product
Launch F&B – Silver
2. Branded Content F&B – Bronze
Indian Content & Marketing Awards 2024 by e4m Medal – Silver & Bronze Category: 1. Best Use of Regional Content – Silver 2. Best Use of User-Generated Content - Bronze
Digixx Awards 2024 by Ad Gully Medal – Silver Category: 1. Best Launch Campaign FY24
Tilaknagar Industries Ltd.
25
Courrier Napoleon Brandy becomes 3rd fastest growing spirits brand globally in 2023… ...Mansion House Brandy 4th fastest growing brandy brand globally and largest selling brandy in India
Growth rankings
Volume rankings
4th
21th
1st
2nd
8th
25th
Fastest growing brandy globally
Fastest growing spirits brand globally
Largest selling brandy in India
Largest selling brandy globally
Largest selling spirits brand in India
Largest selling spirits brand globally
Growth rankings
Volume rankings
2nd
3rd
3rd
7th
Fastest growing brandy globally
Fastest growing spirits brand globally
Largest selling brandy in India
Largest selling brandy globally
Tilaknagar Industries Ltd.
Source: ‘The Millionaires’ Club 2024’ by Drinks International
26
Multiple awards at the Spiritz Achievers’ & Selection Awards 2024
Mansion House Orange Flavoured Brandy
Mansion House Green Apple Flavoured Brandy
Mansion House Chamber Brandy
Mansion House Gold Barrel Whisky
Courrier Napoleon French Brandy Green
Product debut of the Year Gold
Mansion House Green Apple Flavoured Brandy
Brand promotion – Digital space Silver
Mansion House Flavoured Brandy
Tilaknagar Industries Ltd.
27
Monarch Legacy Edition – Launch Event in Mumbai
Tilaknagar Industries Ltd.
28
Monarch Legacy Edition – Wide Press Coverage
Tilaknagar Industries Ltd.
29
INDUSTRY & COMPANY OVERVIEW
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Brandy is the 2nd largest category in IMFL… …and Southern and East India consumes ca. 70% of all IMFL
Category-wise IMFL volume share
Region-wise IMFL volume share
2.8%
0.5%
10.9%
22.1%
13.2%
13.7%
63.7%
16.3%
56.8%
Whiskey
Brandy
Rum Vodka
Gin
South
North
East West
Volumes are expected to grow in mid-single digits CAGR over the next 5 years Driven by premiumization, value is expected to grow in high single digits CAGR over the same period
Tilaknagar Industries Ltd.
31
About the Company Largest brandy manufacturer in India with presence across all segments of IMFL
1933
19
15+
94%
11.2mn
86%
90 years since incorporation & 50+ years of experience in alcobev manufacturing
Manufacturing units across 10 states Owned: 4 units Contract manufacturing: 15 units
* All data is for FY24; manufacturing units is as on date
Tilaknagar Industries Ltd.
Brands across products
Share of Brandy as % of total volumes
Volumes (in cases) sold
Share of sales to South India as % of total volumes
32
Production and Sales Presence in India
Production footprint
Sales territories
1 UNIT
Jammu
1 UNIT
Punjab
1 UNIT
Sikkim
Assam
1 UNIT
West Bengal
1 UNIT
Orissa
1 UNIT
Sales also undertaken in institutional markets like CSD (all India), PMF as well as international markets
Arunachal Pradesh
Sikkim
Assam
West Bengal
Orissa
1 UNIT
Maharashtra
Telangana
3 UNITS
3 UNITS
Karnataka
Andhra Pradesh
4 UNITS
Maharashtra
Goa
Karnataka
Telangana
Andhra Pradesh
2 UNITS
Kerala
Tamil Nadu*
Kerala
Pondicherry
Tamil Nadu*
Andaman & Nicobar
4 owned and 15 contract manufacturing units as of December 2024
Tilaknagar Industries Ltd.
*Note: Business undertaken under Royalty Model
33
Our journey The turnaround well and truly coming to fruition
1933-2007
2008-2014
2014-2017
2018 onwards
o Founded in 1933 as Maharashtra
Sugar Mills Ltd. (MSML) to manufacture sugar and allied products
o Tilaknagar Distilleries and Industries
Ltd. (TDIL) promoted as 100% subsidiary of MSML to manufacture industrial alcohol, IMFL and sugar cubes
o TDIL merged with MSML after
MSML exits sugar business and renamed to Tilaknagar Industries
o Acquired subsidiaries Vahni Distilleries (Karnataka), Prag Distilleries (Andhra), Kesarval Springs Distillers (Goa) and PunjabExpo (Punjab)
o 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
o Commissioned expansion of 50
KLPD molasses based distillery to 100 KLPD and 100 KLPD grain based distillery
o At its peak, registered net revenue of
₹ 824 crs in FY14
o Expansion project at Prag stalled
o Defaults in repayment to banks and
financial institutions
o Sale of assets of Kesarval Springs
Distillers to Indospirit Beverages Pvt. Ltd. in 2015
o Restructuring of debt completed with EARC and one-time settlements reached with all lenders
o Enters into 10 yrs agreement to
manufacture products for Pernod Ricard products in Maharashtra
o Raised more than ₹ 310 crs through
preferential issue of equity + warrants, since Dec-21
o Edelweiss ARC debt refinanced
through existing cash reserves & Term Loan from Kotak Mahindra Bank
o 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; upward revised to A-/Positive in December 2024
o Achieved net debt free status in
September 2024, well before target
o Introduced Monarch Legacy Edition,
TI’s first luxury foray
Tilaknagar Industries Ltd.
34
Brand portfolio
Luxury
India’s first luxury brandy
Monarch Legacy Edition
Premium / Semi Premium
Mansion House Reserve Brandy
Mansion House Chambers
Courrier Napoleon Brandy Green
India’s first premium flavoured brandy
Mansion House Flandy
Mansion House Whisky
Deluxe
Popular
#1 Premium Brandy in India
Mansion House Brandy
Blue Lagoon Gin
Madiraa XXX Rum
Courrier Napoleon Brandy Gold
Tilaknagar Industries Ltd.
35
Two millionaire brands in the portfolio
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
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Tilaknagar Industries Ltd.
36
Senior management
Amit Dahanukar Chairman & Managing Director
Shivani Dahanukar Executive Director
Abhinav Gupta CFO Previously CFO with Trident Limited
Ahmed Rahimtoola CMO 14+ yrs with Allied Blenders & Distillers
Ameya Deshpande President – Strategy & Corp Dev Previously Investment Banker with Deutsche Bank and BNP Paribas & Co-founder at Authenticook
Nishchal Dubey President – Institutional Sales 22+ years with Radico Khaitan
Minuzeer Bamboat Company Secretary & Compliance Officer 21+ yrs experience
Yuvraj Singh Som Vice President – Commercial & Operations 13+ yrs with Radico Khaitan
Tarun Behl Vice President – Works 23+ yrs of alcobev experience In United Spirits/Diageo India, Shaw Wallace
Sai Amrutkumar Vegisetti CIO 11+ years of experience, last stint with ABD
Tilaknagar Industries Ltd.
37
FULL YEAR FINANCIALS
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Improving business fundamentals
Premiumisation strategy to enhance margins and cash flows
Total Volumes Sold (mn cases)
Share of Brandy to total volumes sold
89%
91%
92%
94%
6.64
6.44
5.45
6.73
93%
9.64
94%
11.16
FY19
FY20
FY21
FY22
FY23
FY24
NSR per case (₹)
985
1,005
1,014
1,136
1,197
1,282
12
10
8
6
4
2
0
1400
1200
1000
800
600
400
200
0
Brandy Sales (mn cases)
8.98
10.44
5.92
5.86
5.03
6.33
FY19
FY20
FY21
FY22
FY23
FY24
Robust sales in South India (mn cases)
Share of South India sales to total volumes sold
87%
86%
86%
86%
5.8
5.51
4.7
5.82
86%
8.33
86%
9.55
12
10
8
6
4
2
0
12
10
8
6
4
2
0
FY19
FY20
FY21
FY22
FY23
FY24
FY19
FY20
FY21
FY22
FY23
FY24
Tilaknagar Industries Ltd.
39
Focus on margins and cashflows
1600
1400
1200
1000
800
600
400
200
0
Net Revenues (₹ Crs)
EBITDA (₹ Crs) and EBITDA Margin (%)
Finance Cost (₹ Crs) and As % of Net Revenues
1,394
1,164
8.1
9.9
14.3
13.3
11.8
26.5
19.8
12.9
783
661
653
549
56
54
112
137
185
-52
-8.0
7.9
3.5
184
129
71
62
40
1.9
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
(a) EBITDA for FY20 is not comparable due to write-offs impacting EBITDA Tilaknagar Industries Ltd.
40
For further information, please contact:
Company :
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
Siddharth@cdr-india.com
Mr. Mitesh Jain +91 96194 44691 mitesh@cdr-india.com
mitesh@cdr-india.com
"Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Thank You