Following are key highlights

The company's consolidated net sales for Q3 was up by 23% to Rs 223.32 crore. The net profit was up by 3% to Rs 17.41 crore. The net income was impacted by certain industry wide headwinds such as the rise in price of raw materials like ENA along with increased wage costs.

Total revenue increase was driven by robust volume performance, market share gains led by deeper penetration in existing markets along with entry into new regions and sustained brand development and marketing efforts.

Total volumes show healthy traction with 21% increase to 4 million cases in Q3. Volume performance led by positive growth across each segment.

For Q3. Brandy volume grew by 37% to 2.06 mn cases, Whisky by 11% to 0.94 mn cases, Rum by 3% to 0.927 mn cases and Vodka & Gin by 25% to 0.05 mn cases.

White House Rum brand registered its highest volume growth over 100000 cases per month in December 2013.

Mansion House Silk premium brandy continues to be expanded to new markets and was launched in Pondicherry in Q3.

Mohan Breweries and Distilleries Limited (MBDL) volume for Q3 was 5 lakh cases.

Rum has grown just by 3% because CSD which is main market for rum has not grown as it was 1 – 1.5 yrs back.

The company has gained market share from United Spirits in brandy in Tamil Nadu.

South India dominated the sales contribution with good contribution coming from brandy. East has grown by 30%.

ENA price for Q3 FY14 was Rs 43 per litre against Rs 40 in Q3 FY13. Presently price is around Rs 41 – 42 per litre. The mgmt don't see any rise in price as monsoon was good in last year. Glass prices are flat.

The company did 11.6 mn cases for 9M FY14. The mgmt earlier expected to achieve volume of 20 mn cases for FY14. But now mgmt look at volume of around 18 – 19 mn cases. The mgmt said that if profitability is impacted due to pushing of volume, then it can curtail volume growth.

The company is largest rum seller in Kerala, the biggest market for rum, where 32% of rum is sold.

The company does not see any competition threat from big players like Diageo or Pernod Ricard, as they are whisky & vodka players while the company is majorly present in brandy and rum.

East India seen 40% growth for last 2 years. The company in eastern part is present in rum, whisky, brandy and white alcohol also. The company here is looking at selling profitable brands, which has EBIDTA margin of 20% and above.

South India contributes 75% - 80%, CSD – 15% while East and West contributes each around 5% - 6% to the company's sales.

CSD's annual volume is 2 mn cases. CSD has seen some price hike 3 – 4 months back.

There was no significant price hike for industry in FY2014. In 2014 don't see any price hike in near future due to election. But once election is over, mgmt expect there will be price hike by state governments.

United Spirits has recently cut prices in two of its leading whisky brands to gain market share which it has lost recently. The mgmt said that it will not cut prices at this moment and also don't expect other players to cuts its prices, especially when raw material cost is high.

The company is going to acquire leading Indian Made Foreign Liquor brands from Kolkata-based IFB Agro. On acquisition, the mgmt said that it will help it to increase its product portfolio and acquisition is EBIDAT accretive. It will add 1 mn cases annually to the company. The acquisition will be temporary funded through debt.

The company for sometime is looking at diluting minority stake.

The company's working capital debt is Rs 450 crore and long term debt is Rs 250 crore.

The company's bottling plant in Maharashtra will start by April.