Would like to hear the inputs of others tracking the stock on the following— as per the press release “Indri witnessed an outstanding sales volume growth to 24,733 cases (9 Litre cases) in
Q1 FY 24-25 from 7,371 cases (9 Litre cases) in Q1 FY 23-24, an increase of 236% Y-o-Y”, which is almost 3.5x of the corresponding quarter in the previous FY.
If this is the case, then why has the distillery revenue increased by only 12.9%? Assuming the realisation per bottle is ~Rs.3,000:
Given:
1 case = 9 liters
1 bottle = 750 ml = 0.75 liters
Price per bottle = ₹3,000
Number of Cases:
Q1 FY 24-25: 24,733 cases
Q1 FY 23-24: 7,371 cases
Calculating the Number of Bottles:
Convert cases to liters:
Q1 FY 24-25: 24,733 cases × 9 liters/case = 222,597 liters
Q1 FY 23-24: 7,371 cases × 9 liters/case = 66,339 liters
Convert liters to bottles:
Q1 FY 24-25: 222,597 liters ÷ 0.75 liters/bottle = 296,796 bottles
Q1 FY 23-24: 66,339 liters ÷ 0.75 liters/bottle = 88,452 bottles
Calculating the Total Realization:
Total realization for Q1 FY 24-25:
296,796 bottles × ₹3,000/bottle = ₹89,03,88,000
Total realization for Q1 FY 23-24:
88,452 bottles × ₹3,000/bottle = ₹26,53,56,000
With a revenue of 105 crore from the distillery division in Q1 FY 23-24, we get ~80 crores that’s come from revenue outside of Indri.
In Q1 of FY 24-25, with a revenue of 119 crores, only ~30 crores of revenue has come outside of the Indri brand.
From what @Gaurav_Agarwal shared earlier (from their previous AR):
Golden wings whisky – 8,315
Whistler whiskey – 49,371
Kamet (single malt) – 3,912
Indri trini – 15,145
Camikara rum – 253
Royal highland – 432
Pretty much 99% of their revenue comes from whiskey, so I’m not sure how they’re saying it’s seasonal when the same non-Indri whiskey brands clocked an additional 50 crores in revenue in the corresponding quarter of the previous FY.
@Mohit_baid any chance you could follow up with this question since you have an open line of communication with them?
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