I agree that the P&A of Radico is not directly comparable to Indri’s realizations for the reasons you pointed out. However, even if we assume a realization of 2500-3000 per case for Indri, generating an EBITDA of Rs. 400 per bottle would be too high.
1 case would have 12 bottles of 750ml each, so an EBITDA of Rs. 400 per bottle will translate to an EBITDA of Rs. 4800 / case.
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