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Tilaknagar Industries to allot 1.39 cr equity shares to Edelweiss ARC at Rs 24.36 per share

Posted On: 2020-11-17 06:06:12


The Board of Directors of leading alcoholic beverage manufacturer, Tilaknagar Industries Limited (TI) considered and approved the proposal for issuing approximately 1.39 cr shares to Edelweiss Asset Reconstruction Company Limited (EARC) at a price of Rs 24.36 per equity share (including premium of Rs 14.36 per equity share). The proposal for allotment of shares on preferential basis to EARC was considered in respect of conversion of part of the debt owed to EARC by the company amounting to approximately Rs 33.86 cr.

Tilaknagar Industries, maker of the famous Mansion House brandy, had entered into a long restructuring agreement with Edelweiss Asset Reconstruction Company (EARC) wherein total loans of Rs 523 crore have been restructured at Rs 344 crore at an interest rate of 9 per cent.

The company also announced its results for the second quarter of the financial year 2021. Tilaknagar Industries reported a net loss of Rs 2.69 crore as against net loss of Rs 36.35 crore in the corresponding quarter of the previous financial year. The company was able to cut down the loss considerably due to steep decline in finance costs. For the half-year period, the finance cost stood at 33.78 crore, significantly lower than 92.73 crore for the same period last year due to one-time settlements (OTS) and debt restructuring implemented by the company.

The revenue of the company in Q2 stood at Rs 362.88 crore as against 185.73 crore in the first quarter of the fiscal year. Despite the nation-wide lockdown, the company, on a half-yearly basis reported revenues of 548.62 crore compared to 739.80 crore for the same period last year.

Showing strong signs of recovery post lockdown, the quantitative sales of the company grew almost 150 per cent over the first quarter. The Q2 sales of the company stood at 14.96 lakh cases compared to 6.18 lakh cases in Q1 of the current fiscal year, indicating an emerging positive trend. The half-yearly sales, on the other hand, stood at 21.14 lakh cases compared to 32.01 lakh cases for the same period last year.

The rollback of the steep COVID tax by the Government of Andhra Pradesh vide an order on 30.10.20 and the expected rollback of COVID tax by the Puducherry Government by the end of November will give a significant boost to the company's sales. Earlier, on account of imposition of the COVID tax, de-growth of 76 per cent and 87 per cent was reported in Andhra Pradesh and Puducherry, respectively.

Commenting on the results, Chairman and Managing Director Shri Amit Dahanukar said "The company's sales have shown significant recovery post the subdued performance in the first quarter on account of the pandemic. The strong recovery clearly establishes the resilience of our business model and the strength of our brands. With the rollback of COVID tax in Andhra Pradesh and an expected roll back in Puducherry, the company is poised for growth in Q3. The finance cost is significantly lower this half year compared to previous due to the one time settlements and debt restructuring implemented by the company."

The sales of the company have now started stabilising across the country with certain southern states showing substantial growth. They are expected to match the yearly estimates resulting in improved operational performance of the business in terms of sales, market share and margins, added Mr Dahanukar.

Founded in 1933 as Maharashtra Sugar Mills, Tilaknagar Industries, today, is a leading alcoholic beverage company in India. Over the years, the company has built a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin and rum.

Shares of TILAKNAGAR INDUSTRIES LTD. was last trading in BSE at Rs.17.75 as compared to the previous close of Rs. 17.5. The total number of shares traded during the day was 25664 in over 110 trades.

The stock hit an intraday high of Rs. 17.9 and intraday low of 17.45. The net turnover during the day was Rs. 453325.


Source: Equity Bulls

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