Allied Blenders and Distillers (ABDL) Q4 23/24 earnings summary

Executive summary

• Third largest spirits company in India by volume, with 17 IMFL brands, 33 manufacturing facilities, and exports to 14 countries.

• FY24 audited consolidated results showed total income of ₹7,675 crore, with 31.7 million cases sold and a gross margin of 37%.

• Premiumization advanced, with P&A segment share rising to 37.3% of volumes and successful launches like ICONIQ White and Zoya Gin.

• Officer's Choice remains the flagship, with ICONIQ White recognized as a fast-growing global spirit brand.

• Board restructuring enhanced governance, with the chairman becoming non-executive and 7 independent directors.

Financial highlights

• FY24 consolidated income rose 7.8% to ₹7,675 crore; income from operations grew 5.6% to ₹3,334 crore.

• EBITDA increased 26.7% to ₹248 crore, with margin improving to 7.5% from 6.2% in FY23.

• Profit after tax rose to ₹1.8 crore; standalone PAT was ₹1,095.79 lakh.

• Realization per case improved 5.1% to ₹978; annual sales volume was 31.7 million cases.

• Net debt/EBITDA at 3.21x; net D/E at 1.96x.

Outlook and guidance

• Focus on premiumization, cost optimization, and digital initiatives to drive growth and profitability.

• Expects mid-single digit volume growth in IMFL, with experience-led consumption boosting P&A demand.

• Margins expected to be sustainable or improve as input costs (glass, ENA) soften.

• P&A sales targeted to exceed 50% of volume and 60% of value in coming years.