Piccadilly Agro Corporation’s shares saw a notable surge of 4.99% on Thursday, closing at Rs 788.45 each on the Bombay Stock Exchange (BSE). This spike in share price followed a significant announcement: the company’s top whiskey brands, Indri and Whistler, received approval for supply to Central Armed Police Forces (CRPF) canteens.
Whiskey Brands Approved
The fast-growing single malt whiskey, Indri, along with the blended malt Whistler, will now be distributed to 98 CRPF depots across India. This includes central reserve forces such as the CRPF, BSF, SSB, and ITBP. The company disclosed this in an exchange filing on Wednesday.
This approval comes shortly after a similar green light from the Canteen Stores Department (CSD), which was granted in March 2024.
Global Acclaim
“With widespread acclaim in global markets like the US, the UK, and Dubai, Indri, along with other brands, will now be accessible to personnel in Paramilitary canteens throughout the country. This marks a significant milestone in the brand’s growing presence and recognition,” the company stated.
Financial Highlights
On a standalone basis, Piccadilly Agro Corporation reported a total income of Rs 209 crore for the first quarter of fiscal year 2024-25 (Q1FY25), showing an 8.8% decline year-over-year. However, net profit rose significantly by 31.1% year-over-year, totaling Rs 21.1 crore.
Earnings before interest, taxes, depreciation, and amortization (Ebitda) also saw an increase, rising 14.6% to Rs 28.62 crore from Rs 24.96 crore. This improved the Ebitda margin from 10.90% to 13.69%. Additionally, Earnings per Share (EPS) grew by 27% year-over-year to Rs 1.52.
Distillery Vertical Performance
In Q1FY25, revenue from the distillery vertical increased by 12.9% to Rs 119.23 crore, primarily driven by premium alco-bev brands. Premium brands experienced a remarkable 36% rise in sales volume and a 113% increase in revenue year-over-year. Notably, sales volume for Indri single malt surged by an astounding 236%, growing from 7,371 cases to 24,733 cases.
Market Capitalisation and Share Performance
The company has a total market capitalization of Rs 7,227.33 crore. Its shares trade at a price-to-earnings multiple of 61.59 times, with earnings per share (EPS) standing at Rs 12.19 per share.
At 12:19 PM, the company’s share price was trading 1.47% higher at Rs 762. Meanwhile, the benchmark BSE Sensex was trading 0.23% higher at 81,977 levels.
Additional Details
Piccadilly Agro Corporation manufactures white crystal sugar using sugarcane sourced from nearby rural areas. The company also produces rectified spirit, carbon dioxide gas, and extra neutral alcohol (ENA) from molasses, rice, wheat, and pet malt ethanol. The plant is located in Bhadson, Haryana.
This recent success bolsters the company’s reputation and signifies a promising future for its premium alcoholic beverage brands, not just domestically but also in international markets.
