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Some kye insights of Q2 FY 24 Presentation and Concall:

Sitapur Plant Commissioned: During the quarter, we successfully commissioned the new 350 kiloliters per day grain ENA distillery at Sitapur. The plant is now running at optimum capacity and has achieved key operating parameters. The commissioning of the Sitapur plant not only secures long-term ENA supplies but also positions us strongly to capitalize on the future growth opportunities in the branded business with enhanced bottling capacities. Together with the Rampur campus, the ENA production from Sitapur plant will be able to support the branded business growth for the next six to eight years.
P & A brands : we continue to expand the distribution of Rampur and
Jaisalmer in India. Rampur is now available in over 10 states and Jaisalmer is available in 20 states. With Rampur, we have surpassed FY23 volumes in the first half of FY24.Capitalizing on the growth in the white spirits space and our vodka
market leadership, we are planning to launch a unique and premium pink vodka made from 100% natural ingredients under the Magic Moments umbrella. We are quite excited about this product and confident that it will take Magic Moments portfolio to new highs.
Prestige & Above category now account for 47.1% of IMFL volume as compared to 37.9% in Q2 FY23. The percentage of P&A is slightly higher due to significant degrowth in the regular category. Improvement in IMFL realization is due to the combination of price increases and continued premiumization.

**The end target of the management in next 3 years down the line to reach55% – 60% under this segment. **

Margin Commentary: As I said that margin from here onwards will continue to improve. We already said that every year, the margin improvement trajectory will
be seen. By three years’ time, it should be late teens kind of margins. That is what we are expecting.

Expected margin somewhere 16% + in future.

Export Business: How has been the performance of the export segment and for Radico is now the export segment bigger than its largest state or not?

Answer: Well, in terms of exports, we’ve been doing well. We are, in fact, one of the largest exporters of IMFL from India. And we are seeing increasing acceptance of our brands, especially the luxury portfolio across the world. There have been a few issues in certain markets because of the local currency situation. But I think overall, we continue to keep growing.