Following are key highlights

The company's consolidated net sales for Q3 was up by 22% to Rs 181.63 crore. Volume grew by just 2% to 3.3 mn cases, on account of lower sales in Tamil Nadu state. The net profit was up by just 1% to Rs 16.8 crore.

Volume growth from Tamil Nadu (TN), a key market for the company, moderated on account of slowdown in the region led by the quota constraint by the State Government Corporation. There are two types of quotas: 1) where volume number is given at the start of the month to distilleries and 2) where premium units will be 20% of the total units sold.

TN volume declined by 70% in Q3.

All other markets continue to progress well, showcasing volume increase of over 20%, during the quarter

In Eastern market, Odisha accounts for 60% of volume. For 9M, volume sales were up from 0.2 mn cases to 0.4 mn cases. Eastern market contributes 5% to total volume of the company, which the mgmt want to take it to 7% - 9%.

Institutional sales displayed a marginal increase during the quarter

For 9M, the volume grew by 5% to 9.3 mn cases. Total average realization has increased by 7%, out of which 2% – 2.5% is due to price hike and rest due to premiumisation

Margin was down due to change in product mix. Brand wise there is no change in margin.

ENA and glass bottle cost has increased by 8% YoY.

High value brands driven by premiumisation help enhance profitability during the quarter. This is also partially reflectively of the price hikes taken in Kerala of 6% in August 2012, Odisha of 2.5% in September 2012 and Andhra Pradesh of 10% in mid December 2012. FY14 to witness 3.5% - 4% incremental benefits of the price hikes received over the last few Months

Initial planning to expand in North and North East via Mason and Summers' strong distribution and market routes under progress.

Premium brand category witnessing healthy increase. Brands such as Courrier Napoleon Blue and Green gain traction. Mansion House Whisky's market continues to expand into new and existing markets. White House Rum continues to increase at a healthy pace

The mgmt expects a volume growth of 13% - 15% and value growth of 18% - 20% for FY14.

The mgmt expects some rise in excise duty and other taxes on liquor in some states in state budget in this year.