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ICICI Direct Report
Radico Khaitan Ltd. reported volume growth of 5% YoY in Q2 FY21 (in spite of 9-10% de-growth for the liquor industry).
Exports clocked 70% growth reaching 8-9% of revenues (ex-exports flattish volume growth).
Subsequently, revenues grew 11% to Rs 630 crore. Gross margin increased 90 basis points to 48.9% owing to better state and product mix and price hike in Telangana.
Subsequently, the company reported 180 basis points expansion in Ebitda margin at 17% supported by lower employee expense.
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