Following are key highlights

• The company's consolidated net sales for Q1 was up by 18% to Rs 167.03 crore. Revenues increased on account of higher penetration in existing and new markets along with benefits of new launches. The net profit was up by 58% to Rs 17.27 crore.

• EBIDTA grew by just 7% to Rs 40.1 crore due to higher raw material expenses during the quarter which are aligned to growing business operations along with volatility in ENA prices. Fluctuation in ENA prices was led by the impact of subdued monsoon season last year. The mgmt expects 10% inflation in ENA for FY14.

• Molasses price has seen growth of 25%. The mgmt expect it to come down around November – December due to good monsoon.

• The mgmt said that it has not seen any rise in glass prices and expect it to come down going forward.

• Volume grew by 28% to 3.71 mn cases driven by Healthy expansion in all key markets in South India and sustained momentum in geographic growth in East. The mgmt is looking at sale of 20 mn cases for FY14.

• Brandy volume grew by 51% to 1.87 mn cases, Rum by 23% to 0.89 mn cases and Vodka & Gin by 25% to 0.05 mn cases. Whisky volume was stagnant at 0.90 mn cases.

• In Tamil Nadu, the company has sold 3 lakh cases of its owned brands against 1 lakh cases in Q4 FY13, while MBDL has sold 5 lakh cases (numbers includes for last 2 months of the quarter)

• Institutional sales which are exports and CSD are also witnessing traction and contributing to overall progress. During the quarter, the company witnessed a price hike of 7% in the CSD segment w.e.f. April 2013 for some of its brands in the segment.

• There was avg. price growth of 5% for overall portfolio in Q1. The mgmt said that it is expecting a rate hike in Southern states expect for Karnataka, a demand put forth by Industry to State Government.

• New premium launches in Q1 FY14 were:- Mansion House Silk –A premium brandy launched in Kerala; Courrier Napoleon Green premium brandy further extended to new markets such as Odisha; BlacPower Whisky makes inroads in the state of Karnataka along with existing presence in 7 other states across the country; and White House Rum continues to gain traction and is now present in Kerala and Puducherry and is seen as the largest selling rum in the operating segment in South.

• The company will take Mansion House Whisky from present 9 states to 14 states by the end of the year.

• The company has recognized Rs 12.37 crore as VAT refund for its sales in FY13 in Maharashtra, for its Mega Project' status.

• The State government of Karnataka has introduced a hike in Excise duty of around 30% - 40% from August 2013, which may impact the company's overall volumes in the immediate future. The mgmt expects this duty hike in Karnataka will impact volume, which will be short while before returning to its normal course as they are in premium category and not mass category. Margin will not be impacted as duty will be passed on to consumers. The rise in duty will lead to rise in working capital by 30% - 40% in Karnataka.

• There was increase in minimum wages in the state of Kerala, which may lead to an increase in Company‘s expenses.

• The company is manufacturing Pernod Ricard India products at its bottling facilities in Maharashtra and Andhra Pradesh respectively, under the tie-up model. It sells 25000 – 30000 cases per month in Maharashtra and 50000 cases per month in Andhra Pradesh.