Key highlights of the call

• The net sales declined by 2% to Rs 75.58 crore and net profit declined by 46% to Rs 6.23 crore for Q4.

• For FY11, the net sales grew by 14% to Rs 303.17 crore and net profit declined by 7% to Rs 27.02 crore

• The branded IMFL business had a volumes of 5.5 lakh cases in FY11 up by 112%. Branded IMFL contributed Rs 41.03 crore of the total revenue translating in a revenue share of 9%.Further through tie up units the revenue was Rs 11.04 crore.

• Country Liquor (CL) clocked volumes of 62.72 lakh cases in FY11, thus contributed Rs 171.05 crore of the total revenue translating into a revenue share of 39%.

• CL sales for the Q4 has slowed down due to shut down of old shops in Rajasthan and Haryana due to change in license.

• Franchisee IMFL clocked volumes of 7.84 lakh cases in FY11 contributing Rs 128.91 crore to the total revenue translating into a revenue share of 30%. Apart from above, Franchise IMFL on bottling job work basis was 4.54 lakh cases making total franchisee volume of 12.38 lakh cases.

• 1.7 lakh cases of IMFL were sold in Q4.

• Bulk alcohol clocked volumes of 194.74 lakh BL and contributed Rs 67.51 crore to the total revenue translating into a revenue share of 16%

• The capacity stabilization has taken more time which has affected the volume in bulk alcohol segment in Q4.

• The ex-Delhi CL price is Rs 250 per cases and IMFL is Rs 380 to 400 per cases.

• ADL's revenue for FY11 was up by 23% to Rs 96.83 crore while net profit was up by 98% to Rs 12.65 crore.

• The management expects capacity expansion to substantially drive the volumes in FY12

• Bulk Spirit prices are expected to remain firm due to the Ethanol Blending Program which makes it a mandatory to blend 5% of ethanol with petrol. With high crude prices, OMCs find it more profitable to use ethanol as a blend with petrol, and hence the increased demand appears sustainable.

• It expects sales from CSD in Q4 FY12.

• The company's capacity utilization for FY12 is excepted to be around 90%.