Having a quick glance through rhp
-Gross margins is table at 40%
-Excise duty is 65% of revenues which is paid to state govt.
-They predict to grow sales by 9% cagr for next 5 years and sales volume by 5.7% cagr
-Have 16 brands, 10 whisky, 3 rum ,3 brandy, 1 vodka. Have started selling premium gin in last months
-Cost of materials is ~30% of expenses, excise duty 55%, this total eats up more than 80% of total income
-Finance costs is ~2%
-Consumption is strong from Oct to March
-Officers choice brand contributes 75% of total sales. can be categorized these products as mass premium
-Prices of alcholic beverages are decided by state govt. MRP revision is decided annually in some states and in kerala and telangana it takes 4 years ( imp point).
Maharashtra revises through the year, exception.
In short they have less ability to control their selling prices
-Capacity utilization in telangana plant is 94%. and for 9 months its 99% !!
-Indian brands dominate top 30 whisky brands in world and is largest from consumption perspective.
-Allied blenders have only 1 distillery unit and 32 bottling units
-Whisky contributes 95% of total volumes
-WC days are much lower than listed ones, 30 days in fy2023 and was 10days in fy2022