Piccadily Agro Industries Ltd

Stock Opportunities
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Detailed report from the company -

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What they haven’t mentioned is that Camikara also bagged a silver in the same competiton. Things are hotting up for the sector and this space in general.

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Dru is 55 proof and hence will not be available in India except the airports . So unlikely to make significant impact soon on sales .However …1000 crore topline suggested for fy25…

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I think so the panel has interpreted it incorrectly , he said expecting 50% growth in single malt division , and not on FY24 sales.

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They haven’t been able to penetrate the south Indian market yet. South Indians are generally brandy and rum drinkers. If they manage to capture a part of south Indian market with Camikara it will give a considerable boost to overall revenue. Tamilians generally prefer brandy and Keralites are mostly rum drinkers. Many premium Indian brands including Indri are not available in Kerala. Keralites who are into single malt buy Indri from duty free when they travel abroad. Market penetration is a big issue in states where the market is controlled by state govt owned beverage marketing corporations. There is no role for consumer preferences there. People are supposed to buy whatever is available in the state owned shops.

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Yes i felt the same. The interview panel could not ask one direct question, “what overall revenues do you expect in FY25?”

BTW does anyone know how much of FY24 revenue was single malt revenue out of Rs 779crs?

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Not sure about this. YoY, Indri volume growth was 236% this quarter right? Then how would annual sales growth only be 50%?

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Indri is not the only single malt they sell I guess

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Any reason why the company has not published 2023-24 annual report?

Any corporate governance concerns in this company?

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Company releases Annual report every Sept.

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Indri hit the headlines in August end ,early September last year .Till then it was unknown as such .So 236% yoy is not surprising for Q1. Most of the sales volume for Indri in FY24 came from Q3 and Q4 .So do not expect even 50% for those 2 quarters …
Also , there are other single malts like Kamet and Dru ,whose presence or lack thereof messes up the maths .

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Just assume 85k cases sold in FY24 since its on April 12 the news hit for 100k cases and they did 15k cases in FY23. 50% growth on that means 130k cases (base case) in FY25.

EDIT - the annual report says “produced”. I’ve assumed “sold”. If you assume, part of the stock got sold in FY24, then that only serves to push the estimated numbers for Indri HIGHER

Given that they’ve done 25k cases in Q1 already, my sense is they should end up doing 140k cases of Indri since whisky and all alco-bev is H2 heavy and also because Indri has expanded distribution since Q3FY24.

Btw if they maintain 35% growth rate (equal to industry growth rate), Indri itself can fetch a much higher valuation.

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Piccadily Agro Industries Limited Gets Pan India Approval to Supply Its Marquee Brands
In Paramilitary (Central Armed Police Forces) Canteens.

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Imp points:-

  1. CSD approval received in March’24
  2. Paramil approval in Aug’24.

Basically a major distribution channel was absent in FY24 and yet Indri has done around 85k cases for the full year. With both of these approvals in place and Q3FY25 still some time away, we can hope for good volume growth.

Let’s see.

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CSD All India volumes should be 15 K for Indri and for CmiKara can be another 15-20 K ,
PMF volumes can be 5K for Indri and 4k for Camikara Rum

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Piccadily Agro Industries Limited Gets Pan India Approval to Supply Its Marquee Brands
In Paramilitary (Central Armed Police Forces) Canteens

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