Radico Khaitan - Inline, Healthy, Strong Premiumisation At Play: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Radico Khaitan Ltd.’s Q2 FY24 was healthy. Revenue/gross profit/Ebitda/adjusted profit after tax grew by +21.5/29.1/34.6/19.4% YoY. These was led by robust revenue growth in Prestige and Above at +35.6% YoY, non-Indian made foreign liquor +49.1% but off-set partly by decline in Popular of 16.5%. Protit after tax trailed Ebitda due to higher depreciation and amortisation and interest costs. Radico Khaitan's FY23-26E is expected to be a strong earnings year (~34% compound annual growth rate) driven by-strong growth in P&A in FY24-26,volume recovery in Popular in FY25-26,stabilisation of raw material/softening in FY25-26,~12-14% price increase coupled with robust volume growth in CL in FY24,benefit from backward integration and as financial leverage plays out. Valuations (63/44/35 times FY24/25/26E earnings per share) captures this optimism but as growth pans out, we expect further re-rating. Driven by plethora of triggers,strong premiumization and execution, reiterate 'Buy' with target price of Rs 1,850 at 50 times FY26E EPS (earlier Rs 1,640 at 50 times FY25E EPS)..Click on the attachment to read the full report:.Axis Bank - Growing Franchise With Robust Tech Capabilities: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Radico Khaitan - Inline, Healthy, Strong Premiumisation At Play: Dolat Capital

Stellar growth in P&A (Indian made foreign liquor) and non-IMFL business

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