radico corporate presentation august 2011

8/4/2019 Radico Corporate Presentation August 2011

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Radico Khaitan LimitedCorporate Presentation

August 2011


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Important Notice

2

Safe Harbor

This presentation contains statements that containforward lookingstatements including,but without limitation, statements relating to the implementation of strategic initiatives, andother statements relating to Radico Khaitans future business developments andeconomic performance.

While these forward looking statements indicate our assessment and future expectationsconcerning the development of our business, a number of risks, uncertainties and other

unknown factors could cause actual developments and results to differ materially from ourexpectations.

These factors include, but are not limited to, general market, macro-economic,governmental and regulatory trends, movements in currency exchange and interest rates,competitive pressures, technological developments, changes in the financial conditions ofthird parties dealing with us, legislative developments, and other key factors that could

affect our business and financial performance.

Radico Khaitan undertakes no obligation to publicly revise any forward looking statementsto reflect future / likely events or circumstances


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Contents

1. Investment Highlights 4

2. Industry Dynamics 5

3. Strategic Outlook 8

4. Business Overview 9

5. Structure and Management 15

6. Financial Performance 19

7. Marketing Strategy 24

3


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Strong

CompetitivePosition

One of the largest players in the Indian liquor industry

Alcoholic beverages industry value is expected to grow at 2011-15 CAGR of 10%

Low alcohol consumption per capita in India providing room for significant growth Operates three distilleries and one JV with total capacity of 150 million litres

Scale advantage as advertising of alcoholic beverages is restricted in India

Section 1: Investment Highlights

Delivering onthe

Premiumization

Strategy

Focus on quality and brand image rather than price point

Launched 7 new brands over the past decade - the highest among Indian players

3 new brands launched in the past three years, all in premium categories

Pioneered printed technology for label description on the bottles

StrongFinancials

Market cap of Rs. 1,775 Crore with FY11 revenues of Rs. 1,331 Crore

Recent de-leveraging and steady cash flow generation provides financial flexibility

Ongoing volume growth in high margin premium liquor space

Pan-IndiaDistribution

Network

Pan-India manufacturing and distribution network covering over 95% of retail outlets Sale through over 450 wholesalers covering over 36,000 retail and 5,000 on-premise outlets

33 bottling units spread across the country limit interstate taxes and transport costs

4

StrongPresence

in CSD

One of the largest provider of spirits to the CSD

Barriers to entry in CSD market due to stringent qualification and registration requirements

17 products registered with the CSD across categories

Registrations have lifetime validity


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5

Section 2: Industry Dynamics

Indian Spirits Market Size and Growth

Spirits sales in India is currently 221 million cases and is expected to reach 355 million cases by2015

Demand for spirits in India is expected to grow at a 10% CAGR between 2011 2015

Blended scotch whisky, single malt scotch whisky and vodka are expected to lead volume growthbetween 2010 2015 with a 19% volume CAGR each

Increased premiumization and the introduction of international brands is expected to drive averageunit prices higher going forward

Brown spirits constituted the largest segment with whisky, brandy and dark rum accounting for over95% of the market, by both volume and value

Brandy16%

Rum20%

Whisky59%

White Spirits5%

Sales of Spirits by Category (Volume): 2010

Brandy11%

Rum14%

Whisky70%

White Spirits5%

Sales of Spirits by Category (Value): 2010

Source: Euromonitor International


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6


Key Drivers for Growth of Liquor Consumption in India

Income Growth1 India is one of the fastest growing economies in the world

with GDP growth of 8.6% in FY11

Per capita income has increased from US$460 in FY01 toan estimated US$1,380 in FY111

Growth in per capita income to drive discretionary incomegrowth at much higher pace than the GDP growth,boosting demand for lifestyle products including alcoholicbeverages

Rural economy is likely to see big upsurge in incomelevels due to various Govt initiatives

Attractive Demographics2

More than 60% of Indias population is in the age-group of15-45

Nearly 485 million people in the drinking age. Another 150million are likely to be added to this target population in

the next five years Following these favourable demographics, demand for

alcoholic beverages is set to rise

Underpenetrated Market3

India's per capita consumption of alcoholic beverages isamong the lowest in the world

A small increase in per capita consumption to significantlyalter industry growth, given the large population base

Income distribution (million households)

% of total population in the age group of 1564

84

38

20

65

70

53

35

80

107

0 50 100 150

1989-90

2001-02

2009-10

Middle High (>$2,000) Lower Middle ($1,000)Low (


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7


Indian Spirits Industry Trends

Increased Popularity ofPremium Products

Increased Proportion ofYoung Consumers With High

Disposable Incomes

Increased Demand for Vodka

Increased Demand forProducts at Attractive Prices

The increased availability and affordability of premium brands of blendedscotch whisky, white rum and vodka has resulted in increased demand forpremium brands

Driven by the increasing proportion of young consumers with highdisposable incomes who are experimenting with semi-premium and

premium spirits

Engagement of entertainment celebrities as brand ambassadors helped toportray vodka as a trendy drink and contributed to increased demand forvodka among young consumers

Demand for products targeting certain price points that are less expensivethan imported international brands is expected to increase

Import Restrictions Significant barriers to entry due to excise bonded warehouses and license

requirement in each state. Brands have to register each label individuallyand pay a hefty annual license fee


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8

Section 3: Strategic Outlook

Management Focused on Delivering a Well Defined Strategic Plan

2011: Current Position 2015: Vision

One of the largestplayer in Indianmarket

Strength in massmarket

Operationalturnaround

Deleveraged balancesheet

Strong contender inliquor space in India

Broad portfolio withfocus on premium

Significantly highercontribution margins

National andinternationalexpansion

Focus on premium brands

Enhance base in Southernstates

New international tie-upsfor distribution of premiumbrands

Continued de-risking ofmanufacturing facilities

Deleverage for balancesheet flexibility

Near Term Strategy


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Section 4: Business Overview

The Journey So Far

9

Started distillery in 1943

A major spirits supplier

Supplier of Rum to ArmedForces

Bottler for others

1943-1997: Spirit Company

Started branded division for production of IMFL and launched its first brand8 PM Whisky in 1998

Created four Millionaire brands - 8PM Whisky, Contessa Rum, Old AdmiralBrandy and Magic Moments Vodka in last one decade in terms of casessold. Millionaire brands are the brands which sells over one million cases inan year

Strong sales and distribution network, covering bars, clubs and other retailpoints in India

Acquisition of Whytehall whisky from American Beverages (Mauritius)Limited, an affiliate of Bacardi Martini India Limited in 2004 and Brihansrange of brands from Brihans, Maharashtra sugar syndicate limited in 2005

33 bottling units: 5 own bottling units and 28 contract bottling units in India

In 2005, after creating brands in high volume regular categories, the

Company made foray into the semi premium segment by launching MagicMoments Vodka, in the white spirits segment (and attained the sales of 1million cases mark in FY 09)

In 2009, launched Morpheus Brandy, a super premium range brandy

In June 2010, launched two new whiskies i.e. After Dark & Eagles Dare inthe premium segment

In Q3 FY2011, announced the launched of After Dark on a pan-India basis

In April 2011, announced agreement with Suntory, Japan to launch superpremium whisky brands in India

1998-Current: One of the Largest IMFL Spirits Companies in India


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High Success Rate of Brands Launches and Acquisitions

10

1 2 22 2

8PMWhisky

(Regular Range)

Old AdmiralBrandy

(Regular Range)

WhytehallWhisky

Acquisition(Deluxe Range)

BrihansBrands

Acquisition(Regular Range)

MagicMoments

Vodka

(Semi premiumRange)

2

MorpheusBrandy

(premiumRange)

Launched

2

After DarkWhisky

(premiumRange)

Launched


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Broad Consumer Choice with Future Focus on Premium Brands

11

Regular< Rs. 150

Upper RegularRs. 150 300

Semi-PremiumRs. 300 450

PremiumRs. 450 550

Super Premium> Rs. 550

Whisky Big Hit, Windies,Radico Choice,Radico GoldSupreme, SpecialAppointment

8PM, Old Admiral,Whytehall

After Dark

Rum Big Hit, Windies,Black Cat, RampurNo.1, TropicanaWhite

Contessa,Bermuda, LoadNelson, OldAdmiral, BermudaWhite, ContessaWhite

Brandy Brihans Grape,Whitefield, Old

Admiral, 8PMExcellency

Brihans Gold,Napolean

Morpheus

Vodka Whitefield, Big Hit SpecialAppointment, RedRussian

Magic Moments,Magic MomentsRemix

Gin Contessa, BlueBird, Goa Dry Gin


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Broad Consumer Choice with Focus on Premium Brands

12

8PM WhiskyContessa Rum8 PM Bermuda Rum

Whytehall WhiskyOld Admiral Brandy8PM Excellency Brandy

Magic Moments VodkaMagic Moments RemixVodka After Dark

Whisky

MorpheusBrandy

Carlo Rossi Wines

Yamazaki Whisky,Hibiki Whisky


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13

Strong Distribution Footprint across India

Developed network of distribution

Pan India presence1

Radico has a strong sales and distribution networkwith a presence in retail and off-trade outlets in therelevant segments in different parts of India.

The Company has 33 bottling units spanningalmost the entire country, of which 5 belong to theCompany and 28 are contract bottling units

2

Currently sells to 468 wholesalers, who in turn sellto over 36,000 retail outlets and over 5,000 onpremise outlets. Wholesalers are supplied through147 sales depots

Apart from wholesalers, a total of around 200employees divided into 4 zones, each headed byregional profit centre head, ensure an adequateon-the-ground sales and distribution presenceacross the country

Strategically located bottling units3

Radicos strategic bottling units are spread acrossthe country

This is to avoid the high taxes levied on inter-statemovement of finished and in-process liquor

Collaboration with International players4

Ernest & Julio Gallo of California (one of the

largest wineries in the world) for distribution of theirwines and Suntory of Japan for distribution of theirpremium whisky brands in India

Own Bottling Units

Contract Bottling Units


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Diversification Across Regions and End Markets

Manufacturing Facilities1

Total capacity of 150 million litres

Three distilleries in the largest Sugar producing stateof Uttar Pradesh, minimizing supply transport costs

Uttar Pradesh (Rampur)2

Capacity to manufacture 102 million litres annually

Molasses Based: 75 million litres

Grain Based: 27 million litres

Malt Based: 460 thousand litres

The grain based facility was added in FY2007

Maharashtra (Aurangabad)3 Molasses based distillery commissioned in Dec

2008, under a JV, with annual capacity of 36 millionlitres

Grain ENA distillery commissioned in Feb 2010 withcapacity of 12 million litres

Strategic location minimizing freight costs toSouthern states


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15

Section 5: Structure and Management

Group Organizational Structure and Ownership

Radico Board ofDirectors

Dr. Lalit Khaitan(Chairman &

Managing Director)

Abhishek Khaitan(Managing Director) K.P. Singh (FulltimeDirector)

K.S. Mehta(Independent

Director)

Mahendra Kumar

Doogar(IndependentDirector)

Raghupati

Singhania(IndependentDirector)

Ashutosh Patra

(IndependentDirector)

NSE: RADICO; BSE: 532497 Market Capitalization ~$395 million

Share Outstanding (June 30, 2011): 132,574,20440.0%

26.7%

12.8%

10.2%

8.5%

1.6%0.4%

0.0%

Shareholding Pattern

Promoters

FII

Mutual Funds & UTI

Bodies Corporate

Indian Public

Insurance

Banks

State Govt


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Senior Management Team

Key Executives BackgroundDr. Lalit Khaitan

Chairman & ManagingDirector

Dr. Lalit Khaitan studied at Mayo College, Ajmer and has a Bachelors degree in commerce,

and has completed a management course from Harvard University. He is on the managingcommittee of a number of associations, including the PHD Chamber of Commerce andIndustry, the Associated Chamber of Commerce and Industry of India, All India DistillersAssociation, Uttar Pradesh Distillers Association and Confederation of Indian Industry. Dr.Khaitan has 45 years of industry experience and has been awarded the lifetime achievementaward by the Confederation of Indian Alcoholic Beverage Companies in 2005 and by

Alcobev in 2008

Abhishek Khaitan

Managing Director

Mr. Abhishek Khaitan joined Radico in 1996. He has a Bachelors degree in engineering inindustrial production, as well as qualifications in managerial finance and managerialaccounting from Harvard University. He has 14 years of industry experience and was namedthe Top Entrepreneur of the Year by Inspirit in 2008

K.P. Singh

Director (Production)

Mr. K.P. Singh is also the Occupier (as such term is defined under the Factories Act) of ourCompanys factory located in Rampur, Uttar Pradesh. He has a Bachelors degree in

science. Mr. Singh has over 33 years of experience in the liquor industry and has beenassociated with the Company for over two decades

Dilip. K. Banthiya

Chief Financial Officer

Mr. Banthiya is a fellow member of the Institute of Chartered Accountants of India (ICAI).He has 26 years of experience in corporate finance, treasury, international finance andcorporate mergers and acquisitions activity in India. Mr. Banthiya has been associated withvarious professional bodies & committees


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Senior Management Team (Continued)

Key Executives Background

Raju Vaziraney

Chief Operating Officer(Domestic Business)

Mr. Vaziraney has a Masters degree in economics from University of Rajasthan, a Mastersdegree in commerce from University of Delhi and diplomas from Bharti Vidya Peeth in salesand marketing, corporate law, and business administration. He has 28 years of experiencein the liquor industry. Prior to joining Radico in 2000, he was the Deputy General Manager inShaw Wallace. He was named the Top Executive of the Industry by Inspirits in 2009

Sanjeev Banga

Executive VicePresident (Exports)

Mr. Banga has a Bachelors degree in commerce from DAV College, Jalandhar and a

Masters degree in business administration from Punjab University. He has over 25 years ofexperience, having previously worked for Seagram India, Nestle India, Kohinoor Foods,Mason and Summers Alcobev, and Godfrey Phillips India, before Radico in 2008

Ankur Sachdeva

Senior Vice Presidentand Head, InternationalBusiness

Mr. Sachdeva is a graduate from Delhi University and holds a Post Graduate Diploma inSales & Marketing from Holmes College, Melbourne, Australia. He joined Radico inOctober 2010. Prior to this, he was working with William Grant & Sons, heading theirBusiness Development function in South Asia for almost 10 years. He has a total industryexperience of 16 years in the International Drinks and the Duty Free business

Kulbir Chaudhry

Vice President, HumanResources

Mr. Chaudhry, has a postgraduate diploma in personnel management from HimachalPradesh University, Shimla. He has 29 years of experience with companies includingEscorts, Hero Honda Motors and Bata India. He has been heading Radicos humanresources function for the last eleven years


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Independent Directors

Key Board Members BackgroundK.S. Mehta

Independent Director

Mr. Mehta is a B.Com, a Fellow member of the Institute of Chartered Accountants ofEngland and Wales and is a qualified Chartered Secretary from the Institute of CharteredSecretaries and Administrators, London. He has 38 years of industry experience, havingpreviously worked as a Director with Prudential ICICI and as President of the PHD Chamberof Commerce and Industry. He is also the managing partner of S.S. Kothari Mehta & Co

Mahendra KumarDoogar


Mr. Doogar has a B.Com from Udaipur University, and is a qualified CA and a FellowMember of the ICAI. He has over 31 years of experience, having previously worked with

Doogar and Associates, Chartered Accountants, as well as Doogar & Associates Securities,where he initiated merchant banking, project consultancy, fund management and financialstructuring of corporate undertakings

Raghupati Singhania


Dr. Singhania has a B.S. from University of Calcutta and is a Fellow of the Institute ofDirectors, London. He has over 41 years of industry experience. He is currently on the boardof directors of companies such as JK Agri Genetics Limited and JK Lakshmi Cement Limitedand is the chairman of Fenner (India) Limited. He is also currently the vice chairman andmanaging director of JK Tyre & Industries Limited

Ashutosh Patra


Mr. Patra, has a Masters degree in Arts and a Masters degree in Law. He has 36 years ofindustry experience. He is currently registered as an advocate with the Bar Council of Delhi.He is currently associated with OP Khaitan and Company (advocates and solicitors)


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Section 6: Financial Performance

(Rs. Crore) FY 2007 FY 2008 FY 2009 FY 2010 FY 2011

Net Revenues1 816.3 859.4 932.7 1,147.0 1,330.6

Growth (%) 19.2% 5.0% 8.5% 23.0% 16.0%

EBITDA2 73.9 78.4 45.7 130.1 149.0

Growth (%) (4.1)% 6.1% (41.8%) 177.4% 14.5%

Margin (Incl CBU sales) (%) 9.0% 9.1% 4.9% 11.3% 11.2%

Net Interest 26.5 34.4 45.2 61.7 27.5Growth (%) 11.7% 29.6% 31.4% 36.7% (55.4%)

Profit Before Tax 44.0 39.1 12.4 49.9 99.5

Tax Ratio (%) 26.1% 15.5% MAT 16.8% 26.8%

Net Profit 32.5 33.1 6.5 41.5 72.8

Growth (%) (28.0)% 1.6% (80.2)% 535.2% 75.3%

Margin (%) 4.0% 3.8% 0.7% 3.6% 5.5%

EPS (Rs.) 3.09 3.40 0.64 4.02 5.51

Growth (%) (34.0)% (10.0)% (81.2%) 528.1% 37.2%

Dividend (%) 25% 25% 15% 30% 35%

Equity Share Capital(Fully paid up equity share of Rs. 2.00 each)

19.29 20.49 20.49 26.37 26.51

Detailed Income Statement

Notes:

1 Net revenues includes sales from CBUs2 Excludes exceptional items and includes EBITDA from CBU sales


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Notes:1 Net revenues includes sales from CBUs2 Excludes exceptional items and includes EBITDA from CBU sales

First Quarter FY2012 Performance

(Rs. Crore) Q1 FY2012 Q1 FY2011% Y-o-YGrowth Q1 FY2012 Q4 FY2011

% Q-o-QGrowth

Net Revenue1 375.9 326.1 15.3% 375.9 333.8 12.6%

EBITDA2 42.8 34.1 25.6% 42.8 36.5 17.4%

% EBITDA Margin 11.4% 10.4% 11.4% 10.9%

Net Profit 20.7 16.1 29.2% 20.7 17.4 19.0%

% Margin 5.5% 4.9% 5.5% 5.2%

Basic EPS (Rs.) 1.56 1.22 27.9% 1.56 1.31 18.7%


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Performance By Brand Refocus on Mainline Brands

(lakh cases) Q1 FY2012 Q1 FY2011% Y-o-YGrowth Q1 FY2012 Q4 FY2011

% Q-o-QGrowth

Magic Moments 6.20 5.14 20.6% 6.20 4.38 41.5%

Morpheus Brandy 0.70 0.50 40.0% 0.70 0.59 19.3%

8 PM Whisky 13.62 11.62 17.2% 13.62 8.69 56.7%

Contessa Rum 6.05 5.86 3.2% 6.05 6.09 (0.7)%

Old Admiral Brandy 8.05 7.26 10.9% 8.05 6.48 24.2%

Total Main Line Brands 34.62 30.38 14.0% 34.62 26.23 32.0%

Other Brands 13.00 12.03 8.1% 13.00 13.52 (3.8)%

Total 47.62 42.41 12.3% 47.62 39.75 19.8%

Mainline Brands as a % of Total 72.7% 71.6% 72.7% 66.0%


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Capex and Depreciation Trends

Significant capex from FY06 FY09 was principally for grain-based distillery, bio-gas co-generation power plant,bottle printing and frosting machine in Bahadurgarh in the state of Haryana, digesters, molasses tanks and PETbottle manufacturing machines

FY10 capex consisted principally of investments in PET manufacturing machines, digesters, tanks, malt andgrape maturation facility, alcohol storage tank and bottle frosting machines in Bahadurgarh

FY11 capex consisted primarily of enhancing IMFL bottling capacity, bottle printing capacity and routinemaintenance expenses

Capex needs were primarily met from cash generated from operating activities and proceeds from capitalmarket transactions

43

82 81

52

41

1619

23 2627

010

20

30

40

50

60

70

8090

FY07 FY08 FY09 FY10 FY11

(Rs.Crore)

Capex Depreciation


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QIP Deleveraged the Balance Sheet

Repaid a portion of debt with proceeds from Rs. 342Crore QIP in March 2010

Working capital loans are primarily to CBUs

As of June 30, 2011, net debt was Rs. 430.1 Crore

Redeemed all of its remaining $50 million, 3.5% ForeignCurrency Convertible Bonds that were issued in Julyand August 2006

Total redemption of $44.22 million was fundedusing proceeds from a new low cost 7-yearmaturity External Commercial Borrowing

Agency InstrumentAmount(Rs. Cr.) Rating

CARE Long Term Bank Facilities 612.66 A+

CARE Short Term Bank Facilities 60.00 PR1+

11646

144 108 105

299

294

374

185 235

218

200

183

1531511.6x

1.8x

2.8x

0.7x0.7x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

0

100

200

300

400

500

600

700

800


(x)

(Rs.

Crore)

Leverage and Debt / Equity

Term Loans Working Capital Loans FCCB Net Debt / Equity

5.6x 5.8x

14.3x

3.2x 2.9x

8.6x

6.9x

15.3x

3.4x 3.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x


(x)

Debt / EBITDA

Net Debt / EBITDA Total Debt / EBITDA


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Section 7: Marketing Strategy

Proven Success at Marketing and Growing Brands

Brand Marketing Success Story

8PM Whisky

MagicMoments

ContessaRum

MorpheusBrandy

A Millionaire Brand in One Year of Launch

Award Winning Vodka

Market Leading Rum in CSD

Innovation in Packaging
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Marketing Success: 8PM Whisky A Millionaire Brand in one year of Launch

8PM Whisky1 8 PM Whisky, launched in 1998, achieved sales of

1 million cases in its very first year of launch inwhat is typically considered the largest segment ofthe Indian whisky market in terms of sale volume

By virtue of this achievement, the brand is listed inthe Limca Book of World Records 2001

Awards3

FY07: Won a bronze medal at International SpiritsChallenge

FY02: Nominated for an award at Cannes afterhaving won the gold medal at Delhi AdvertisingClub and silver in the Ashby Advertising awards ofMumbai Ad Club

FY01: 8 PM Whisky TV commercial awarded asbeing the 'Best 5 ads of the century' by Advertisers

Association of India in 2000

Superlative Growth

Adjudged the fastest growing whisky by DrinksInternational magazine (UK) in 2005

Became the youngest brand to achieve 100%distribution in the country and attain a level of 4million cases in FY07

Grew 12.9% in FY11

2


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Marketing Success: Magic Moments Award Winning Vodka

Magic Moments Vodka1

Successful Brand launch in FY06 Created new price point in vodka semi-premium segment Innovation in packaging Radicos fastest growing brand with 127% CAGR since FY2006 Grew 33.2% and sold 1.89 million cases in FY11 25% industry market share and 85% semi-premium market share Magic Moments Remix Vodka launched in six f lavors in 2008: Chocolate, Green Apple,

Raspberry, Lemongrass & Ginger, Lemon, Orange Remix has potential to be a separate business vertical

Awards2

2011: Monde Selection 2011: Grand Gold Remix

Lemon Grass and Ginger Flavoured Vodka Three flavors in remix range: Gold Award Remix Green Apple Flavoured Vodka:

Bronze2010: Monde Selection 2010 : Gold award Remix Green Apple Flavoured Vodka:

Silver Medal Remix Chocolate Flavored Vodka: Gold Remix Lemongrass & Ginger flavored

Vodka: Master Trophy International High Quality Trophy 2010:

Magic Moments Vodka Remix chocolate flavored vodka ISC: Silver

2009: Monde Selection 2009 Magic Moments Premium Grain: Gold Magic Moments Flavored Lemongrass &

Ginger: Gold Magic Moments Flavored Green Apple:

Bronze2008: Monde Selection 2008 : Magic Moments

(Gold) International Spirits Challenge 2008: Magic

Moments Remix Orange (Silver) International Wine & Spirits Competition

2008: Magic Moments Vodka (Silver),Magic Moments Flavored Orange (Silver),Magic Moments Flavored Green Apple(Silver, Best in Class)

Alcobev 2008: Magic Moments (BestPackaging Innovation)


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Marketing Success: Contessa Rum Market Leading Rum in CSD

Contessa Rum1 Radicos flagship Rum brand

A millionaire brand with total sales volume of 2.4million cases in FY11

Dominant in CSD2

Leading brand in the Indian CSD rum market

Steadily upstaged Old Monks leadership position

in the CSD market over the past 6 years

One of the top selling brands across all categoriesin CSD

Highest priced rum in CSD

Awards

3 The brand has won quality awards at Monde

Selection 2008 and International Spirits Challenge2008
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Marketing Success: Morpheus Brandy Innovation in Packaging

Morpheus Brandy1 Launched in May 2009

Premium and highest priced brandy launched byany Indian company

Targeted at the Super Premium segment2

With the French, XO blend and the innovativepackaging, the brand name and its communicationstands out as Super Premium Brandy

Product has been launched in all the southernbrandy consuming states of Tamil Nadu, Andhra,Kerala, Pondicherry and Karnataka

Awards

3 In 2011, the brand won the Monde Selection Goldaward

In 2010, the brand won the Monde Selection Goldaward


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New Brand Launch: Focus on Premium Segments

After Dark Whisky1

Launched in June 2010 in select markets

Announced launch on a pan India basis in Q3FY2011

The Thought2

The Night has different Connotations for

different people, the night unfolds differentlyand brings a unique world of desire, adventureand excitement

In fact, its where the fun and action begins

After Dark, the brand here plays the role ofgetting people together, adding energy andspontaneity to the evening, giving people aworld where the party never stops

Awards3

In 2011, the brand won the Monde Selection Silveraward


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Contact Details:

Radico Khaitan Limited

B-1/J-1, Mohan Co-operative Industrial AreaMain Mathura Road, New Delhi 110044Ph.: +91 11 409 75 400 / 444 / 500 / 555

Fax: +91 11 4167 8841 / 4167 8842

Dilip Kumar BanthiyaChief Financial Officer

[email protected]+91 11 4167 6218 (W)

MukeshAgrawalHead-Investor Relations

[email protected]+91 11 4097 5423 (W)

Saket Somani

Churchgate Partners

[email protected]

+91 22 3953 7444 (W)

radico corporate presentation august 2011

Documents