The brands you listed above are from IMFL category only. There are 3 categories for the distillery – country liquor, ethanol & malt spirit which currently account for substantial amount of biz.
But yes, its the IMFL with its own brands which is the growth engine with much higher margins. This is also a premiumization strategy – moving from bulk, high volume low margin biz to Brand centric, high margin biz. Going forward, both revenue as well as the margins should increase.
On another note, PAIL is fully backward integrated. Other listed companies do not have full backward integration and are subject to raw material problems such as ENA shortage or price spikes due to ethanol demands from Oil Marketing Companies.
PAIL is also the largest manufacturer and seller of malt spirits in India.
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