“Other Receivables” is likely related to the preferential allotment money raised which is shown as Other Bank balances in BS. It is shown as OR in CF because it is put under a short term FD which matures within the current year + other callable amount of 37.5cr for warrants - so this is the amount (FD maturity amount+ warrant-call-money) which is receivable and the money received (currently in FD) monitored by the monitoring agency ICRA. This would explain bulk of the amount entries here, other small difference would be due to other biz related stuff.
Yes, it would have been good to show these items clearly in the FS for readers to understand but it can still be inferred
As far as my understanding goes cash flow from short-term bank balances like fixed deposit should not form part of Cash flow from operating activities.
Cash flow from operating activities includes changes in working capital accounts like receivables, payables, inventory, and other operational cash flows, but not the movement of cash to or from bank balances directly.
Changes in bank balances may result from investment activities (e.g., funds placed in fixed deposits or investments) or financing activities (e.g., proceeds from loans), rather than operational activities.
Not sure why they’re spending capital to increase ethanol capacities? Can just go for more brand investments imo… unless I’m missing smoething here and ENA / Ethanol is an intermediate in spirits process?
sorry but the Excise Duty can not be an expense here, it should be netted off from Revenue. Am I wrong ?
Also, the Excise Duty is very less, to the point made before @Akrit23
Hi,
Yes, but the earlier announcement was more like a ‘we are planning to do so’, unlike this one which has the final Price/Date of decision reason why not much happened with the share price back then but the thing that caught my eye this time were the UCs 3 days in a row before this announcement, maybe a coincidence or maybe an insider leak…
Plz go through previous filing with the exchanges over the last 3 months. The price and amount to be invested by promoters was already declared and was put to shareholder vote. No correlation with price movement.
Maybe, but from what I can see via the company fillings the last update was on 30th Sept. when they approved the issue of the warrants which had no impact on the price after that the only update regarding Warrants is this one. Anyways, as I mentioned it might be a coincidence but there is rarely any coincidence with volumes. Either way it’s heading in the direction we all want it to.
In the last 1 week, I visited about a dozen stores selling premium alcohol ( spirits above Rs 1000) in Dehradun. Apparently there are 70 such premium stores there. All of them said Indri is a good selling product with some selling 5-7 bottles a week n some selling as much as 3-4 bottles a day. On average i would say 1 bottle a day per store (implying 5-6 cases a day, or more than 1000 cases per year, in just one small, sleepy little town). Most said it is the best selling single malt n better than the more expensive Glens. So Indri seems to be a well established product now.
I also visited CSD canteen in the same town and again the response there was v good with multiple sales occurring while I was present there.
I expect Indri to sell about 150k cases this year. Lets see.
But the real revelation was some thing else.
I had thought Camikara will not be able to match Indri’s success. But, in one of those premium alcohol stores, I was surprised to hear that Camikara priced at Rs 1950 was one of their best selling product and that they had sold 3 dozen bottles in the last 2-3 weeks!!!
The reason - the way it was positioned. It was in a new pack, which arrived only 3 weeks back at this store, with two mixers - mojito n maitai - that were branded as Camikara mixers. No wonder many who came looking for a rum or otherwise, picked up Camikara. Have a look at the pic below. So, now Piccadily have come out with their own brand of mixers as well.
But my only concern is them relying on the master distiller Mr Surinder. What happens if he leaves the company, will his replacement be able to fill the gap ? Is there any long term employment contract with him ?
Just to add my personal experience, last week I purchased Indri from an authorized seller in burwood, Australia at AUD $105 / bottle. Surprisingly, this is more expensive than some well known international whisky here, glenfiddich $72, chivas regal $85, johnnie walker $70-90. The shop owner told me that among Indian brands, Indri and Amrut bageera are gaining popularity in premium segment
