RKL/SX/2023-24/16

May 25, 2023

BSE Ltd. National Stock Exchange of India Ltd.

Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor
Dalal Street Plot no. C/1, G Block
Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E)
Mumbai – 400 051

Scrip Code: 532497 Symbol: RADICO

Sub: Investor’s presentation on Audited Financial Results for the Quarter and Financial
Year ended March 31, 2023

Dear Sir / Madam,

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and
Disclosures Requirements) Regulation 2015, we enclose herewith a copy of Investor’s
presentation on Audited Financial Results for the quarter and financial year ended March 31, 2023
for your reference and records.

Thanking you,

Yours faithfully,
For Radico Khaitan Limited
Digitally signed by
Dinesh Dinesh Kumar Gupta
Kumar Gupta Date: 2023.05.25
16:11:30 +05'30'

(Dinesh Kumar Gupta)

Vice President - Legal &
Company Secretary

Email Id: investor@radico.co.in

Encl.: As above

RADICO KHAITAN LIMITED

Plot No. J-l, Block B-1, Mohan Co-op. Industrial area
Mathura Road, New Delhi-110044
Ph: (91-11) 4097 5444/555 Fax: (91-11) 4167 8841-42
Registered Office: Rampur Distillery, Bareilly Road, Rampur-4490l (UP.)
Phones: 0595-2350601/2, 2351703 Fax: 0595-2350008
E-mail: info@radico.co.in, website: www.radicokhaitan.com
CIN No-L26941UP1983PLC027278
Radico Khaitan Ltd.
(BSE: 532497; NSE: RADICO)

Q4 FY2023 Earnings
Presentation
Earnings Presentation | Q4 FY2023
Q4 FY2023 Performance Highlights
Continued strong operating performance led by Prestige & Above category portfolio

Q4 FY2023 vs. Q4 FY2022 12M FY2023 vs. 12M FY2022

o Total IMFL volume* of 7.24 Million Cases (-0.7%) o Total IMFL volume* of 28.24 Million Cases (+7.1%)

o Prestige & Above brands volume of 2.55 Million Cases o Prestige & Above brands volume of 9.35 Million Cases
(+17.4%) (+19.8%)
o Prestige & Above brands net sales of `433.6 Cr (+18.2%) o Prestige & Above brands net sales of `1,496.2 Cr (+23.9%)

o Prestige & Above brands contribution to the IMFL volumes o Prestige & Above brands contribution to the IMFL volumes
of 40.2% (vs. 30.5%) of 37.5% (vs. 30.2%)
o Prestige & Above brands contribution to the Total IMFL o Prestige & Above brands contribution to the Total IMFL
sales value of 65.8% (vs. 55.3%) sales value of 59.8% (vs. 52.3%)
o Revenue from Operations (Net) of `831.8 Cr (+2.4%) o Revenue from Operations (Net) of `3,142.8 Cr (+9.6%)

o Gross Profit of `337.4 Cr (-2.8%) o Gross Profit of `1,314.9 Cr (+1.9%)

o EBITDA** of `80.1 Cr at 9.6% margin o EBITDA** of `358.2 Cr at 11.4% margin

o Total comprehensive income of `36.5 Cr o Total comprehensive income of `202.6 Cr

* Including brands on Royalty, ** Adjusted for ` 2.25 Cr of arrears payable on account of wage revision applicable from 2016

Consistent dividend of 150% or `3.00 per share (payout ratio of 19.6%) despite a challenging operating environment

Earnings Presentation | Q4 FY2023 2

Management Perspectives

Commenting on the results and performance, Dr. Lalit Khaitan, Chairman & Managing Director said:

“FY2023 can be characterized as a year of transformation for Radico Khaitan. Despite an overall challenging operating environment,
we have delivered a broad based, premium volume growth across the portfolio and across geographies. Not only our core premium
brands registered strong growth, but we also added two more brands to the millionaire club, i.e. Morpheus Premium Brandy and
1965 Spirit of Victory Premium Rum. Radico Khaitan now has seven brands with volume of a million cases annually. Our capex
projects are progressing well within the estimated timelines. We are confident that we have the right strategies to deliver a balanced
growth and value creation in the medium to long term.

Our performance in a tough inflationary environment clearly demonstrates the strength and consistency of our strategic initiatives,
which helped us capitalize on our brand equity while continuing to innovate and deepen consumer connect. We remain committed
to delivering a robust volume growth while continuing to invest behind our brands, expanding our domestic and international on-
trade footprint, and focusing on a resilient and future ready supply chain.

Long term industry dynamics remain attractive, and going forward we believe that the Company is well-positioned to capitalize on
the growth opportunities in the Indian IMFL industry. In line with our strategy of maintaining a balance between delivering returns to
shareholders and preserving funds for growth capital, we propose a consistent dividend of Rs. 3.00 per share.”

Earnings Presentation | Q4 FY2023 3

Management Perspectives

Commenting on the results and performance, Abhishek Khaitan, Managing Director said:

“Our performance during the year was driven by our consistent focus on consumer centricity, sustained investment behind our core
brands coupled with premiumization, agile supply chain and robust distribution network. Building upon our luxury portfolio, during
Q4 FY2023, we unveiled Sangam World Malt Whisky at ProWein 2023 in Düsseldorf. Sangam World Malt Whisky combines the finest
malts sourced from traditional European origins as well as from the New World.

Our Prestige & Above category volumes during Q4 FY2023 remain robust and we registered 17% y-o-y growth on a very high base.
This was led by all our core brands such as Magic Moments Vodka which crossed 5 million cases sales, Morpheus Premium Brandy
and 1965 Spirit of Victory Premium Rum both of which crossed a million case mark. To capitalize upon the traction of 8PM Premium
Black Whisky, during Q1 FY2024, we have renovated the brand into a more contemporary packaging to enhance upon its brand
equity.

We remain committed to our long-term strategies of a premium product portfolio focused on innovation. These strategies have
enabled us in driving and sustaining the strong momentum in our premium brands. Despite the near-term concerns around
inflationary pressures, we are confident that we have all the levers in place for FY2024 and expect to build on the current momentum
and deliver a broad volume-led growth along with improvement in profitability.”

Earnings Presentation | Q4 FY2023 4

Performance Trend

Q4 y-o-y Q3 q-o-q Twelve Month y-o-y

FY2023 FY2022 Growth (%) FY2023 Growth (%) FY2023 FY2022 Growth (%)
Operational Performance (Million Cases)
Prestige & Above 2.55 2.18 17.4% 2.59 (1.5)% 9.35 7.81 19.8%
Regular & Others 3.80 4.96 (23.4)% 3.53 7.7% 15.62 18.02 (13.3)%
Total Own Volume 6.35 7.14 (11.0)% 6.12 3.8% 24.97 25.83 (3.3)%
Prestige & Above as % of Total 40.2% 30.5% 42.4% 37.5% 30.2%
Royalty Brands 0.89 0.15 0.87 3.26 0.53
Total Volume 7.24 7.29 (0.7)% 6.99 3.6% 28.24 26.35 7.1%

Revenue Break up (` Crore)

IMFL (A) 658.9 663.5 (0.7)% 634.6 3.8% 2,501.4 2,308.4 8.4%
Prestige & Above 433.6 366.7 18.2% 402.5 7.7% 1,496.2 1,207.7 23.9%
Regular & Others 217.5 294.1 (26.0)% 225.0 (3.3)% 978.0 1,091.9 (10.4)%
Other 7.7 2.7 7.2 27.3 8.8
Non IMFL (B) 172.9 149.0 16.1% 157.5 9.8% 641.4 559.7 14.6%
Revenue from Operations (Net) (A+B) 831.8 812.5 2.4% 792.2 5.0% 3,142.8 2,868.0 9.6%
Prestige & Above as % of Total IMFL Revenue 65.8% 55.3% 63.4% 59.8% 52.3%
IMFL as % of Total Revenue 79.2% 81.7% 80.1% 79.6% 80.5%

Above financials are on Standalone basis

Earnings Presentation | Q4 FY2023 5

Performance Trend

Q4 y-o-y Q3 q-o-q Twelve Month y-o-y

FY2023 FY2022 Growth (%) FY2023 Growth (%) FY2023 FY2022 Growth (%)
Financial Performance (` Crore)
Revenue from Operations (Gross) 3,375.4 3,224.5 4.7% 3,166.2 6.6% 12,743.9 12,470.5 2.2%
Revenue from Operations (Net) 831.8 812.5 2.4% 792.2 5.0% 3,142.8 2,868.0 9.6%
Gross Profit 337.4 347.0 (2.8)% 331.2 1.9% 1,314.9 1,290.6 1.9%
Gross Margin (%) 40.6% 42.7% 41.8% 41.8% 45.0%
EBITDA ** 80.1 81.2 (1.3)% 96.4 (16.8)% 358.2 402.7 (11.1)%
EBITDA Margin (%) 9.6% 10.0% 12.2% 11.4% 14.0%
Profit Before Tax 51.4 62.9 (18.4)% 76.4 (32.8)% 274.8 335.3 (18.0)%
Total Comprehensive Income 36.5 47.5 (23.2)% 56.7 (35.6)% 202.6 252.5 (19.8)%
Total Comprehensive Income Margin (%) 4.4% 5.8% 7.2% 6.4% 8.8%
Basic EPS (`) 2.79 3.47 (19.6)% 4.27 (34.7)% 15.29 18.87 (19.0)%
** Adjusted for ` 2.25 Cr of arrears payable on account of wage revision applicable from 2016

Above financials are on Standalone basis

Earnings Presentation | Q4 FY2023 6

Performance Trend
Q4 y-o-y Q3 q-o-q Twelve Month y-o-y
(` Crore) FY2023 FY2022 Growth (%) FY2023 Growth (%) FY2023 FY2022 Growth (%)
Revenue from Operations (Gross) 3,375.4 3,224.5 4.7% 3,166.2 6.6% 12,743.9 12,470.5 2.2%
Revenue from Operations (Net) 831.8 812.5 2.4% 792.2 5.0% 3,142.8 2,868.0 9.6%
Other Income 1.4 1.9 (29.7)% 2.7 (49.6)% 9.4 11.0 (14.6)%
Income from Operations 833.2 814.5 2.3% 794.9 4.8% 3,152.2 2,879.0 9.5%
Cost of Goods Sold 494.4 465.5 6.2% 461.0 7.3% 1,827.9 1,577.4 15.9%
Employee Benefit ** 44.5 37.4 19.0% 45.5 (2.2)% 166.7 141.3 18.0%
Selling & Distribution 83.2 98.5 (15.5)% 78.6 5.9% 329.0 313.7 4.9%
Depreciation 19.9 16.4 21.5% 17.1 16.7% 70.9 64.9 9.3%
Interest 9.0 2.3 293.6% 6.1 48.0% 22.1 13.1 68.8%
Other Operating Expenses 128.5 131.4 (2.3)% 110.2 16.6% 458.5 433.4 5.8%
Total Expenses 779.6 751.5 3.7% 718.4 8.5% 2,875.2 2,543.8 13.0%
Profit Before Exceptional Item & Tax 53.6 62.9 (14.8)% 76.4 (29.8)% 277.0 335.3 (17.4)%
Exceptional Items ** (2.3) 0.0 0.0 (2.3) 0.0
Profit Before Tax 51.4 62.9 (18.4)% 76.4 (32.8)% 274.8 335.3 (18.0)%
Current Tax 8.6 17.7 19.5 68.9 87.2
Previous Year Adjustments 0.0 0.0 0.0 0.0 (0.6)
Deferred Tax 5.5 (1.1) (0.1) 1.5 (3.5)
Net Profit 37.3 46.4 (19.6)% 57.0 (34.7)% 204.4 252.2 (18.9)%
Net Income Margin (%) 4.5% 5.7% 7.2% 6.5% 8.8%
Other Comprehensive Expenses / (Income) 0.8 (1.2) 0.4 1.9 (0.3)
Total Comprehensive Income 36.5 47.5 (23.2)% 56.7 (35.6)% 202.6 252.5 (19.8)%
Total Comprehensive Income Margin (%) 4.4% 5.8% 7.2% 6.4% 8.8%

Earnings Presentation | Q4 FY2023 **Employee Benefit expenses adjusted for ` 2.25 Cr of arrears payable on account of wage revision applicable from 2016 7
Performance Discussion
Q4 FY2023 Highlights

o Revenue from Operations (Net) grew by 2.4% y-o-y. Total IMFL volume* declined (0.7)% whereas Prestige & Above category volume grew
17.4%. But for the rationalization of volumes of certain brands, total IMFL volume growth would have been higher. Prestige & Above net
revenue growth was 18.2% compared to Q4 FY2022. IMFL sales value accounted for 79.2% (vs. 81.7% in Q4 FY2022) of the Revenue from
Operations (Net).
o Gross Margin during the quarter was 40.6% compared to 42.7% in Q4 FY2022. On Y-o-Y basis, continued commodity inflation resulted in
gross margins compression, particularly in the non-IMFL business where we have recently received price increases. Given a favorable
product mix change, impact of cost push on the gross margin of the IMFL business was mitigated to a large extent. Although on a
sequential basis we have experienced stabilizing trend in certain commodities, overall commodity scenario still remains volatile.
o Employee benefit expense adjusted for Rs. 2.3 Crore of arrears payable on account of wage revision applicable from 2016.
o The Company’s strategy is to continue to make prudent marketing investments over existing core brands and new launches to sustain the
growth and market share. During FY2023, A&SP as % of IMFL sales was 5.0% vs. 5.4% in FY2022. On a quarterly basis, the amount may
vary but we expect to maintain A&SP spend around 6% to 8% of our IMFL revenues to be able to drive the sales momentum.
o The Company has incurred `677.6 Crore on the Rampur Dual Feed and Sitapur Green Field projects since inception.

As of Mar 31, 2023 ` Crore Comment

Total Debt 696.8 Long Term ` 286.9 Crore, Short Term (including current maturities) ` 409.9 Crore
Cash & Cash Equivalents 85.8 Adjusted for ` 45 Crore advances from customers against which dispatches were made in first week
of April 2023
Net Debt 611.0 Increase in Net Debt of ` 495.0 Cr after Capex on new projects of ` 608.9 Crore since Mar-2022

Earnings Presentation | Q4 FY2023 * Including brands on Royalty 8

Continued Strong Prestige & Above brands growth
The top end of the premium portfolio has grown faster

FY2023 Total Volume Growth ** (Y-o-Y) Key Brands

Luxury 110%

Semi-Luxury 73%

Super Premium 53%

Premium and Semi Premium 38%

Deluxe 35%

Regular & Others (7)%

Total 7%

Earnings Presentation | Q4 FY2023 ** Total including Royalty brands for FY22 & FY23 9
Continued Strong Prestige & Above brands growth
Prestige & Above brands have grown at a CAGR of 11% since FY2019

37.5% o Prestige & Above category volume growth over

pre-pandemic levels: 150%
• Now account for 37.5% of total IMFL volumes*
30.2%
29.0% 29.1% o Strong premium brand pipeline and launches:

Prestige & Above as % of Total Volume

28.3%

• FY2022: Royal Ranthambore whisky and Magic

Moments Dazzle vodka
Volume (mn cases)

• FY2023: Rampur Indian Single Malt Trigun cask

whisky, Rampur Indian Single Malt Jugalbandi,
Sangam World Malt whisky, Magic Moment
Vodka Cocktail, After Dark Blue whisky,
o New brands added to the millionaire club:

• FY2023: Morpheus brandy, 1965 Spirit of

Victory rum
• FY2021: 8PM Premium Black whisky
15.5 6.1 21.6 17.2 7.1 24.3 15.8 6.5 22.3 18.0 7.8 26.4 15.6 9.4 28.2

FY2019 FY2020 FY2021 FY2022 FY2023

Regular & Others* Prestige & Above* Total** P&A %

Earnings Presentation | Q4 FY2023 * Excluding Royalty brands for FY2022 and FY2023; ** Total including Royalty brands for FY22 & FY23 10
Continued Strong Prestige & Above brands growth
Leading to a sustainable improvement in the realization per case

Realization (Rs/Case)

1,600
1,547
1,470
1,389
1,307

991
890
848
814
773

606 626
562 579 591

FY2019 FY2020 FY2021 FY2022 FY2023

Prestige & Above* Regular & Others* Total**

Earnings Presentation | Q4 FY2023 * Excluding Royalty brands for FY2022 and FY2023; ** Total excluding Royalty brands for FY22 & FY23 11
New Launches in FY2023
Building upon a strong portfolio

Sangam World Malt Whisky Rampur Indian Single Malt Julgalbandi

• Sangam, a name derived from the Hindi word • A series of eight Indian single malt cask
for "confluence," evokes the image of two strength whiskies
powerful rivers merging to form something • Rampur Jugalbandi #1 is matured in American
greater than the sum of their parts bourbon barrels, with the malt finished in
• Being launched in the USA at a retail price of bespoke Moscatel casks from Portugal
$64.99 to $69.99 for a 70cl bottle • Jugabbandi #2 is also matured in American
• It will also be launched in the EU, UK, bourbon barrels, however finished in
Singapore, Australia and Travel Retail with handpicked Calvados casks from Normandy
shipments starting from June 2023

1965 Lemon Dash Rum Magic Moments Vodka Cocktail

• A premium variant of 1965 Spirit of Victory • Made with a vodka base with 4.8% alcohol
• Priced ranging between Rs. 800 to Rs. 1000 per content, Magic Moments Vodka Cocktail range
bottle comes in cans packaging
• Currently available in 3 states – Uttar Pradesh, • Priced ranging between Rs. 200-250, it is
Jharkhand and Orissa available in three flavours - Cosmopolitan,
Cola, and Mojito

Earnings Presentation | Q4 FY2023 12

Global Rankings 2023
Some of the top brands of Radico Khaitan are leading brands globally

The 2nd Fastest growing 9th Largest whisky by 4th Fastest growing 7th Largest rum by 3rd Fastest growing
Millionaires’ whisky volume vodka volume brandy
Club 4th Fastest growing 21st Largest brand 7th Largest vodka by 4th Largest brandy by
brand overall overall volume volume

Earnings Presentation | Q4 FY2023 13

Environment Stewardship
Sustainability initiatives

Extended Producer’s Responsibility Recycled Bottles

Recycled 7,202 MT of post consumer used plastic waste during We are continuously striving to increase the consumption of
FY2023 resulting in a significant sustainability impact. recycled glass bottles in certain high volume brands.

45.0 million litres 41.6 million KWH

Saved

FY2020 FY2021

7.4% 14.1%
Water Energy
FY2022 FY2023

12.2 million KG 5.8 million cubic feet 19.3% 18.5%

Eliminated

In comparison to FY2022, percentage of old bottles consumption is

CO2 Land Fill less in FY2023 due to the decline in regular category products.

Earnings Presentation | Q4 FY2023 14

Earnings Presentation | Q4 FY2023
Disclaimer

This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation
of strategic initiatives, and other statements relating to Radico Khaitan’s future business developments and economic performance.
While these forward looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks,
uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations.
These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and
interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative
developments, and other key factors that could affect our business and financial performance.
Radico Khaitan undertakes no obligation to publicly revise any forward looking statements to reflect future / likely events or circumstances.

For further information, please contact:

Saket Somani
Vice President, Finance & Strategy
somanis@radico.co.in
 +91 11 4097 5403

Q4 FY2023 Earnings Call Details

Date: Friday, May 26, 2023 | Time: 12:30 PM IST
Universal Access: +91 22 6280 1116, +91 22 7115 8017

Pre-Register to avoid wait time and Express Join with Diamond Pass

Earnings Presentation | Q4 FY2023

Radico Khaitan Limited
(CIN: L26941UP1983PLC027278)
J-I, Block B-I, Mohan Co-operative Industrial Area,
Mathura Road, New Delhi-110044
Ph.: +91-11-4097 5400/5500
Fax: +91-11-4167 8841/42
www.radicokhaitan.com