ICICI Direct's research report on Radico Khaitan
Radico Khaitan (earlier Rampur Distillery Company) is among the largest manufacturers of Indian made foreign liquor (IMFL) in India. The company is also a supplier of Indian made Indian liquor (IMIL) and bulk alcohol in India. IMFL segment comprises ~80% of consolidated revenues. The rest is contributed by IMIL and bulk alcohol • P&A volumes contribute 30% to overall IMFL volumes (rest is popular).
We remain positive on the stock and maintain our BUY recommendation. We value the stock at Rs 1450 i.e. 38x P/E on FY24E EPS.
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