Standalone performance for quarter ended December 2015

The net sales have grown by 16% to Rs 1157.67 crore. The quarter witness extraordinary growth. Industry grew by 13%. Tertiary volume of sales grew in line with the market. The company's volume was driven by Kerala, Telangana, and Karnataka and to less extent also markets like Delhi, Chandigarh and MP.

OPM has increased by 370 bps to 15.8% due to fall in raw material cost by 100 bps to 36.1% and selling & distribution cost by 320 bps to 9.85% of adjusted net sales. As a result, the operating profit has increased by 51% to Rs 183.27 crore.

Other income has inclined by 1% to Rs 12.02 crore. The interest paid was flat at Rs 18.41 crore. The depreciation increased by 12% to Rs 61.53 crore,. The profit before tax has increased by 92% to Rs 115.35 crore due to expansion in OPM.

The tax outgo increased by 116% to Rs 42.23 crore. Tax rate inclined from 33.43% to 37.48%. The net profit inclined by 81% to Rs 72.12 crore due to expansion in top-line and OPM.

Standalone performance for nine months ended December 2015

The net sales have grown by 7% to Rs 3790.42 crore. Industry grew by 3%.

OPM has increased by 160 bps to 15.8% mainly due to fall in raw material cost and selling & distribution cost. The operating profit has increased by 20% to Rs 597.82 crore.

Other income has declined by 46% to Rs 16.81 crore. The interest paid inclined by 2% to Rs 59.08 crore. The depreciation inclined by 16% to Rs 179.67 crore. The profit before tax has inclined by 18% to Rs 375.88 crore.

Total tax outgo inclined by 24% to Rs 132.75 crore. Tax rate was at 35.32%, up from 33.54%. The net profit increased by 15% at Rs 243.13 crore.

The acquired brewery in Rajasthan has commenced operations in the quarter.

Valuation

The total promoters holding in the company stand at 74.68%.

The scrip is trading around Rs 785 at BSE.