Tilaknagar Industries
CMP: 13.50, Market Cap:172.4cr
http://ksbc.kerala.gov.in/ website.
The interesting fact is "Brandy" is the most consumed Indian Made Foreign Liquor consumed in Kerala .. RUM is second and then down the line is whiskey..
Top Selling Brands in Kerala:(April 2019)
No:1) No1 Mcdowell Brandy : 13.19% market share
No:2) No1 HoneyBee Brandy : 7.40% market share
No:3)OLD Port Deluxe RUM : 6.29% market share
No:4)JAWAN SPECIAL XXX RUM: 5.98% market share
No:5)CLASSIC GRANDE MATURED XXX RUM: 3.49% market share
No:6)MCDOWELL NO1 CELEBRATION RUM: 2.78% market share
No:7)COURRIER NAPOLEON GOLD BRANDY: 2.75% market share (Tilaknagar Brand)
No:8)MANSION HOUSE FRENCH BRANDY: 2.52% market share (Tilaknagar Brand)
No:9)FARMERS XXX RUM: 2.38% market share
No:10) WHITE MISCHIEF CLASSIC BRANDY: 2.26% market share
no doubt the market leader is United spirits with 3 brands in top 10 and with 23%+ market share its a commanding lead over everyone else... but we are looking at tilaknagar and where does tilaknagar stand in this "rat race"
Lets add the price/"Landed cost" of 750 ml case for above mentioned top 10 selling IMFL in kerala state
No:1) No1 Mcdowell Brandy : 13.19%, Landed cost: 631.06
No:2) No1 HoneyBee Brandy : 7.40%, Landed cost: 631.06
No:3)OLD Port Deluxe RUM : 6.29%, Landed cost: 514.81
No:4)JAWAN SPECIAL XXX RUM: 5.98%, Landed cost: 426.55
No:5)CLASSIC GRANDE MATURED XXX RUM: 3.49%, Landed cost: 572.45
No:6)MCDOWELL NO1 CELEBRATION RUM: 2.78%, Landed cost: 585.07
No:7)COURRIER NAPOLEON GOLD BRANDY: 2.75%, Landed cost: 613.33 (Tilaknagar Brand)
No:8)MANSION HOUSE FRENCH BRANDY: 2.52%, Landed cost: 928.32 (Tilaknagar Brand)
No:9)FARMERS XXX RUM: 2.38%, Landed cost: 427.49
No:10) WHITE MISCHIEF CLASSIC BRANDY: 2.26%, Landed cost: 651.15
So as everyone can see.. at the premium end of the market... the top selling IMFL in kerala is "Mansion House Brandy" priced @ 928.32 (landed cost)
I did some more digging into the top 20 brands in kerala and other top 20 brands with price above 900/- are
Ranked 13 MCDOWELL VSOP BRANDY: 1.65% market share, Landed Cost: 921.15
so in the top 20 selling brands on IMFL in Kerala the largest liquor consuming state in India..
Tilaknagar Mansion House brandy is most selling premium IMFL with 2.52% market share
2nd spot goes to MCDOWELL VSOP BRANDY with 1.65% market share..
Tilaknagar "COURRIER NAPOLEON GOLD BRANDY" is the brand that Tilaknagar is planning for competing for market share with United Spirits brands. Honey Bee & MCD No1 Brandy. priced close to Honey Bee & Mcdowell No 1 Brandy..
Landed Cost of Tilaknagar Brands & United Spirits Brands (above)
top selling brands in kerala for the month of April 2019(below)
recently govt has mandated that companies need to report their borrowing levels to the stock exchanges.. and Tilaknagar Industries has reported a borrowing of 280cr .. in BSE website..
United spirits reported 750cr of borrowing
Conclusion: Tilaknagar is going full steam ahead with cleaning its books.. and with premiumisation strategy.. @175cr market cap with 280cr of debt as of March 2019... company seems to have turned the tide.. the books will start looking a lot more presentable next year... expect the stock price to start ticking up.. as market takes notice of the change in fundamentals..
PN: this is not a recommendation service.. its my thought process or brain dump..for my own tracking purposes.. please consult a SEBI registered investment advisor before investing...
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16 comments:
Debt as on 31 MAr 2018 is Rs 1,031 Crs; as on 30 Sep 2018 is Rs 802 Crs; as on 31 Mar 2019 is Rs 280 Crs (as per BSE filing)
Why then, TTM interest is Rs 175 Crs and interest for Dec 2018 quarter is Rs 57 Crs (highest in last 7 quarters)?
Academic ji..
the trick is in wording... its not "interest cost" ... the word used is "finance cost"
finance cost = interest cost + return of debt+ other cost related to financing..
also: read the notes in the quarterly statement:... company is inflating its "finance cost" considering debt interest charges as per original agreement .. when it is renegotiating its debt with lenders.. (at a discount)...
if u read the notes carefully you will know the information..
=happy investing
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