Sharekhan's research report on Radico Khaitan
Radico Khaitan Limited’s (RKL’s) Q2FY2024 performance beat expectations with revenues and PAT growing by 22% and 19% y-o-y respectively; EBIDTA margins expanded by 127 bps y-o-y to 13.1%. Revenue of Prestige & Above (P&A) segment grew by 36% y-o-y in Q2 (22% volume growth).Management eyes strong volume growth in H2 led by festive demand. EBIDTA margins improved by 60 bps q-o-q to 13.1% in Q2; likely to reach 14-15% by FY24-end; targets EBIDTA margins to reach high teens in the next three years.
Outlook
Stock is currently trading at 59x/40x/33x its FY24E/FY25E/FY26E earnings. We retain a Buy rating on the stock with an unchanged PT of Rs. 1,660.
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