Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited Consolidated Financial Results for FY24 

Mumbai, 22nd July 2024: Allied Blenders and Distillers Limited, the 3rd largest spirits company in India in terms of annual sales volumes between FY14 and FY24, has announced its audited financial results for the fiscal year ended 31st March, 2024

A snapshot of Consolidated Financial Results:

• Total Income up 7.8% to Rs. 7,675 crore in FY24 as against Rs. 7,117 crore in FY23
• Income from Operations up 5.6% to Rs. 3,334 crore in FY24 as against Rs. 3,158 crore in FY23
• EBITDA grew by 26.7% to Rs. 248 crore in FY24 as compared to Rs. 196 crore in FY23
• EBITDA margin improved to 7.5% in FY24 as compared to 6.2% in FY23
• Profit After Tax grew by 14.3% to Rs. 1.8 crore as compared to Rs. 1.6 Crore in FY23

 

Reporting the first set of annual consolidated numbers after the successful IPO this month which was subscribed 24.78 times. The company is now listed on BSE and NSE. In a run-up to go public, the company embarked upon a transformational journey and undertook multiple initiatives to improve the performance that resulted in a straight improvement in EBITDA by 26.7%.

Commenting on the results, Alok Gupta, Managing Director Allied Blenders and Distillers Limited said,”FY24 was a year of the bringing in the change management as we undertook multiple initiatives in terms of strong brand performance, entry into premium to luxury category, successful cost saving initiatives and strong focus on building efficiency & beginning of digital transformation. As we have achieved a milestone with the successful IPO, we are confident of stronger performance going forward and we continue our transformation with improved rigor.”  

Performance Review:

Income from Operations grew by 5.6% to Rs. 3,334 crore in FY24 mainly due to better realization by 5.1% in FY24 as compared to FY23 in the brand portfolio driven by improving state brand mix and price increases. In terms of volume, during H1FY24, we witnessed growth across mass premium and P&A categories. In H2FY24 while strong demand for our products existed, however, due to persistent delayed receivables from a key market which affected industry too, resulted in impacting overall servicing needs and short term volume growth. Overall, we delivered 31.7 mn cases in FY24 as compared to 32.2 mn cases in FY23 with the momentum of premiumization continuing as Prestige & Above salience increased to 37.3% in FY24 as compared to 36.3% in FY23

The EBITDA grew by 26.7% to Rs. 248 crore in FY24 as compared to Rs. 196 crore in FY23. In an inflationary environment where the sector witnessed sharp increase in ENA prices, we delivered growth in EBITDA driven by cost optimization initiatives

 

Recent Business Highlights

 

Debt Repayment from IPO Proceeds:

The company has been recently listed on the Indian bourses with an immensely successful IPO and exuberant response from investors across categories. As the main purpose of use of IPO proceeds was repayment of debt amounting to Rs. 720 crore, accordingly all the bank debt has been repaid.

New Product Launch:

Zoya Gin is the first product in the luxury gin segment as we aim to expand presence in the premium spirits market. Since the launch of Zoya Gin in January, 2024, we have seen a good acceptance for the product and progressively launching in multiple states in the current year

Achieving Multiple Milestones:

ICONiQ White whisky our latest addition to the millionaire portfolio along with Officer’s Choice and Sterling Reserve achieved three milestones during the year:

• In September, 2023, we achieved the milestone of selling 1 mn cases within 12 months of launch
• In March, 2024, we achieved the milestone of selling over 2 mn cases in 1st full year of launch that is Financial Year FY24
• For Calendar Year 2023, the brand achieved the status of the fastest growing spirits brand in the world as recognized by ‘The Millionaires’ Club 2024’ by globally renowned Drinks International magazine

Key Awards:

• Zoya Special Batch Premium Gin won ‘Campaign Innovator of the Year’ at ICONS OF GIN India 2024 Awards & ‘New Product of the Year’ at Ambrosia Awards, INDSPIRIT 2024
• The company has bagged 9 prestigious awards across categories for its various products at the International Taste Institute Awards