Following are key highlights

The company's consolidated net sales for Q4 declined by 9% to Rs 219.5 crore. The net profit was down by 55% to Rs 7.5 crore.

On decline in sale in Q4, the mgmt said that one of the bottlers in Tamil Nadu faced a financial problem, which impacted volume of the high-margin premium brandy, Mansion House, impacting revenue and as well as operating profit. In addition, the company changed its policy from chasing volume to improving RoCE and cash flow, which hurt volume and absolute profit.

The company lost two months of high-margin brandy volume in the state, where sale per month is ~ 60,000 cases.

The company's consolidated net sales for FY14 inclined by 9% to Rs 811.8 crore driven by healthy volume rise, efforts to reach wider consumer base and sustained bran developments and marketing. The net profit was down by 4% to Rs 58.3 crore.

Total volumes for Q4 was almost stagnant at 4.50 mn cases while it grew by 17% to 16.13 mn cases in FY14. Growth increase driven by sustained focus on increasing penetration in new and existing markets and consistent brand development efforts. During the quarter the company has prioritized sales of its organic brands. Volume growth during the quarter moderated as the company took cautious efforts to focus on growth of its own brands in the semi premium and premium category

For Q4. Brandy volume grew by 4% to 2.83 mn cases and Vodka & Gin by 25% to 0.04mn cases. Whisky de-grew by 4% to 0.77 mn cases and Rum by 8% to 0.96 mn cases.

For FY14, Brandy volume grew by 13% to 8.8 mn cases, Whisky by 9% to 3.58 mn cases, Rum by 9% to 3.57 mn cases and Vodka & Gin by 19% to 0.19 mn cases.

The mgmt said that it could have achieved 20 mn cases sale in FY14 as guided, but it would be not viable as ENA price has gone up and company couldn't hike prices, In Tamil Nadu, one of the bottler had financial problems, as a result it could not sale its premium brands.

ENA costs increased 9% in FY14.

The company's share in premium brandy segment in India is 57%.

The company's premium vs non-premium brand sales excluding MBDL in FY14 was 50:50.

The mgmt said that in FY15 it will conclude the process of equity dilution, which it is doing for strengthening the balance sheet.

The mgmt said that alcohol Industry in India in FY14 has grown just by 1 – 2% in volume. Every segment grew in single digit.

The mgmt said price hikes are provided once every three years. This increases the probability of securing a price hike during FY15 in key states like Andhra Pradesh and Tamil Nadu. The mgmt said that price hike is actually price decontrol by Government.

The mgmt expects FY15 to better year than FY14. It expects price hike in certain markets. It didn't go for any price hike in FY14

The mgmt said that Industry is asking for price hike of around 15 – 20% from state Governments.

The mgmt don't see any impact from Andhra Pradesh states division.

The mgmt said that increase in debt in FY14 is due to increase in working capital.

The mgmt said that it was chasing volume earlier, which led to negative operating cash flow and weak return ratios for many years. Now the company has started focusing on profitability and cash flow which may have an impact on volume in the near term

The mgmt said that the trade mark for Mansion House & Savoy Club has been used by TI since 1983 & is registered in the name of TI, under the Trade Marks Act and under the provisions of Copyrights Act. TI over the years has developed and invested resources in its flagship brand Mansion House to make it one of the leading brands in the country. UTO has ceded the right in the concerned trade mark in favour of TI vide agreement entered in 1987. Further the Bombay High Court in its order dated 22nd December, 2011 has dismissed the application filed by UTO seeking to restrain TI from using the brands Mansion House & Savoy Club in India

The company has appointed Mr. Vijay K Rekhi as Chairman of the Board of Advisors and Mr. Ratneshwar Prasad as a Member of the Board of Advisors, with the objective of extending strategic and operational advice for further accelerating growth impetus for the Company