Associated Alcohols & Breweries Limited

CIN: L15520MP1989PLC049380

29th July, 2024

To, To,
The Department of Corporate Services The Listing Department
BSE Limited National Stock Exchange of India Limited
PJ Tower, Dalal Street, Exchange Plaza, C-1, G Block
Mumbai – 400 001 Bandra Kurla Complex,
Scrip Code: 507526 Mumbai – 400 051
NSE Symbol: ASALCBR

Sub: Earnings Presentation Q1 (quarter ended 30th June, 2024) FY 2024-25

Dear Sir / Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 please find attached herewith Earnings Presentation for the quarter ended
30th June, 2024

The aforesaid presentation is also available on the website of the company

[Link]

This is for your information and record.

Thanking You

Yours Faithfully,
For Associated Alcohols & Breweries Limited
Digitally signed
SUMIT by SUMIT
JAITELY
JAITELY 12:44:05
Date: 2024.07.29
+05'30'

Sumit Jaitely
Company Secretary & Compliance Officer

Registered Office: 4th Floor, BPK Star Tower, A.B. Road, Indore (M.P.) - 452008
Email: info@[Link] Contact: +91 731 4780400/490 [Link]
ASSOCIATED ALCOHOLS &
BREWERIES LTD.
Q1 FY25 INVESTOR PRESENTATION- July 2024
BUSINESS OVERVIEW

Q1 FY25 INVESTOR PRESENTATION- July 2024

A A BL AT G LA NCE
• Largest integrated manufacturing facility
situated at a singular location. 14% 15% 24%
10 Years 10 Years 10 Years
Revenue CAGR EBITDA CAGR PAT CAGR
• Present throughout the entire liquor value (FY15-FY24) (FY15-FY24) (FY15-FY24)
chain.
o IMFL Proprietary
o IMFL Licensed
o IMIL
o Merchant ENA
10% 9% 7%
• ENA Manufacturing Capacity of 45 MLPA EBITDA Margin PBT Margin PAT Margin
(FY24) (FY24) (FY24)

• The facility encompasses 32 bottling lines, with

a collective capacity of producing 12.5 million
cases annually

• Owns a portfolio of 9 proprietary brands. 12% 0.15x 21x

Net Interest
ROE
Debt/Equity Coverage
• Ventured into Ethanol segment with a capacity (FY24)
(FY24) (FY24)
of 40 MLPA in FY24

3
 F U L LY I N T E G R AT E D B U S I N E S S M O D E L
Varied Feedstock processing Capabilities Single Location, Fungible Manufacturing Plant IMFL (Proprietary) Products Offerings

Supply to Major
Bottlers/
ENA Plant Manufacturers of
Rice - Licensed Capacity: IMFL
180 MLPA
-Installed Capacity: IMFL (Proprietary)
45 MLPA
By Products Cattle
Feeds

IMFL Franchisee
Maize for Diageo and

FUNGIBLE INTERMEDIATES
Inbrew
Finished Products
Raw materials
are directly
sourced from
mandis or
manufacturers IMIL
Jawar

Contract
Manufacturing for
United Spirit
Supply To Limited (Diageo)
OMCs/Private
Other * players
Ethanol Plant
Installed Capacity:
40 MLPA
By Products: Cattle
Feeds

* Possibilities to use other starch-based Feedstocks B2B B2C

58% of ENA used for captive consumption
4
P R E S E N T AC RO S S L I Q U O R VA L U E C H A I N
IMFL
(Proprietary)
c.15%-18%

o Adaptability and Flexibility in using o On Ground Intelligence for Raw

varied grains as Feedstock Material Sourcing IMFL
(Licensed)

Sustainable EBITDA Margin

c.12%-15%

Total EBITDA Margin

ENA

c.9%-11%
Ethanol
Proprietary Manufacturing IMIL
Contract Manufacturing
Brands - For Captive By Products
IMFL Licensed Manufacturing For c.8%-10%
- IMFL Consumption Cattle Feed
OMCs/Private
- IMIL - For Alco Bev
Players
Companies

ENA
c.8%-9%
o 150 Acres of Single Location Land o Energy Cost - Efficiency
Bank o Net Energy Surplus Unit
o 10.5 MW Captive Power
Ethanol
c.7%-9%

5
A A B L I M F L – GA I N I N G T R AC T I O N
Economy Popular Premium

Central Province Whisky Lemount

Bombay Special Nicobar – Handcrafted Gin

Whisky

Titanium Vodka

Superman Fine
Hillfort Premium blended Malt
Whisky
Whisky

6
A A B L’ S B R A N D P O R T F O L I O

Whisky Vodka Gin Brandy Rum

Premium
MRP: Rs 1,400-2,600

Popular
MRP : Rs 680-1,000

Economy
MRP :Rs 500-560

7
L I C E N C E D B R A N D S - P R E F E R R E D PA RT N E R S

Blue Riband Gin Bagpiper White Mischief Director’s Special McDowell’s

8
CONTRACT MANUFACTURING – LONG TERM RELATIONS

Black & White Smirnoff VAT 69 Black Dog

9
I N D U S T RY L E A D I N G F I N A N C I A L P O S I T I O N
Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards

Net Debt/Equity Ratio as on FY24 Interest Coverage Ratio as on FY24

20.7
0.16

12.6

0.04

Associated Alcohols & Breweries Ltd. Peer Group Associated Alcohols and Breweries Peer Group
Ltd

10
 DISTINCTIVE COMPETITIVE EDGE

Integrated Business Transitioning towards

4 Decades of Expertise Strategic Location Strategic Partnership
Model Premiumisation

o Largest single-location o 2 Decades of Partnership o Presence across the o Entered the Super
o Core focus on liquor
facility in the heart of with Diageo entire Liquor Business Premium market with
manufacturing and
India, Madhya Pradesh Value Chain premium gin brand
bottling
“Nicobar”
o Optimizing Raw Material o One of Four Exclusive
o Ensuring exceptional o Successfully Launched
Sourcing from Diverse Diageo Contract
quality “Nicobar”
Locations Manufacturing Partners

Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation
11
C A S E S T U DY – K E R A L A C H E E R S

Fastest to achieve a million cases sale

<4 years

Market Entry and Emerged as a Major Focus on Premium

Innovative Product Player (FY22-23) Segment and Revenue
Launch (2018) Remarkable Enhancement
Strategic Vision for
Revenue Growth and
Future Growth
Sales Milestone
(FY22-23)

o Successfully entered o Secured the position o Ambitious goal to increase

the Kerala market in as the fifth-largest revenue from premium
2018. player in the products, targeting a 50%
o Achieved an outstanding competitive Kerala o Forward-looking share.
o Pioneered the launch revenue growth of 114% market strategy includes the
of White Brandy in FY22-23. creation of a multi- o Demonstrates a
Lemount- a first-of-its- product platform in commitment to capturing
kind product. o Sold 1 million cases in Kerala. higher-value market
Kerala during FY23 segments.
o One of the fastest player o Aspires to diversify
o Positioned the product
to achieve this milestone product offerings to
in the price-sensitive
in just 4 Years meet the dynamic
market segment. demands of the
market.

12
G ROW I N G P RO D U C T B U S I N E S S

IMFL Proprietary Revenue (Rs Mn) IMFL Licensed Revenue (Rs Mn) IMIL Revenue (Rs Mn)

2,182 2,401
1,069 1,099 1,982
1,915
1,588
1,405
625 640 1,082
980

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

IMFL Proprietary Volume Cases (‘000) IMFL Licensed Volume Cases (‘000) IMIL Volume Cases (‘000)

1,819 6,177
1,652
1,562 1,565
3,835
1,078 2,970 3,216

883 911 892

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

13
CONSISTENT COMMODITY SEGMENT
o AABL plays a crucial role as a primary provider of high quality Extra Neutral Alcohol (ENA) to other prominent IMFL manufacturers and bottlers

o As the quantity of ENA is directed towards the production of value-added goods , there is a corresponding decrease in the overall volume of ENA

o Capable of Producing ENA from Varied Feedstocks seamlessly

o AABL has also commenced commercial production at its 130 KLPD Ethanol plant in Barwaha, Madhya Pradesh.

o Diversifying Revenue streams by capitalizing on favourable Government Policy Push in form of EBP (Ethanol Blending with Petrol) Program .

Merchant ENA Volume (MLPA) Merchant ENA Revenue (Rs Mn)

26 1,559
24
1,314
19 19 1,146
996

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

14
L E V E R S FO R A S T RO N G G ROW T H O U T LO O K

Revenue Guidance

B2C Business
o Strengthening the relationship with Diageo
and Inbrew
• IMFL (Proprietary) : 15%-18% YoY Growth
• IMFL (Licensed) : 12%-15% YoY Growth
o Implementing hedging strategies to
• Premium Line of Products : 18%-20% YoY Growth
mitigate the impact of fluctuations in raw
material prices

o Entry in Ethanol
B2B Business ▪ Strategically natural extension
▪ To optimize operational costs
• B2B segment expected to progress steadily resulting in margin enhancements.
in congruence with inflation rate
o The company aims to prioritize value-
• Ethanol segment, a recent addition, is added and proprietary brands.
expected to achieve full capacity in FY 25 o Focus on the margin accretive segment.

15
STRONG INVESTMENT THESIS
COMPELLING INVESTMENT THESIS

Diversified Product Portfolio

Progressing towards Premiumisation

Becoming a Pan India Player

Expansion driven by internal accruals , supported by a

strong balance sheet with minimal debt

Fungibility of Raw Materials and Finished Product

17
D I V E R S I F I E D P RO D U C T P O RT FO L I O
Our upcoming IMFL Products in the Premium and Super Premium Segment

Q1FY25 Q3FY25
Launched Premium Premium
Blended Malt Brandy
Whiskey “Hillfort”

Q3FY24
Q2FY25
Launched Super Q4FY25
Premium Ready to
Premium Crafted Tequila
Drink
Gin “Nicobar”

Moving Towards Premiumization

18
 INCREASING FOCUS ON IMFL BUSINESS
The primary emphasis is on premium IMFL products, with an anticipated increase in working capital offset by improved margins.

Total Revenue (Rs Mn) & Revenue Contribution (%) EBITDA (Rs Mn) & EBITDA Contribution (%)

4,358 5,126 7,008 7,598 2,518 895 822 624 767 281

37% 34% 44% 43% 31% 41% 37% 48% 48% 42%

6% 6% 13% 9% 13%
8% 10% 17% 20%
5%
25% 9%
22% 21% 28% 31%
29% 23% 29%
9% 22%
26%
14% 12%
15% 19%
14% 18% 15% 18%
19%
17%
32% 31% 12%
34% 25% 25% 25%
26%
28%
25% 29%
23% 26% 21%
16% 16% 17% 18%
10% 11% 7%
FY21 FY22 FY23 FY24 Q1FY25 FY21 FY22 FY23 FY24 Q1FY25
Merchant ENA IMIL IMFL (Proprietory) Merchant ENA IMIL IMFL (Proprietory)
IMFL Licensed Brands Others* Ethanol IMFL Licensed Brands Others* Ethanol
Total IMFL Products Total IMFL Products
*Others : Contract Manufacturing, By Products Business Segments 19
B E C O M I N G A PA N I N D I A P L AY E R
In the next 1-2 Years Associated Alcohols is set to spread across key regions of India

Current Presence
• Dominant Footprint: Significant presence in Madhya Pradesh. With 20-25%
Targeted Geographies Market share in IMIL and IMFL Products
• Vast Infrastructure: 150-acre land bank provides ample space for operations
and expansion.
• Integrated Operations: All essential facilities - ENA , Bottling Line, and Ethanol
Plant - conveniently located on-site, streamlining production and logistics.
• Centralized Location: Equidistant access to raw materials from various regions
across India, optimizing procurement and transportation costs

• Achieved one million cases sales in Kerala in FY2022-23

• One of top 5 players in IMFL segment in Kerala
• First Company in the world to make White Brandy

Currently
Targeted
Present
• Madhya Pradesh • Maharashtra
• Chattisgarh • Puducherry
• Kerala • Assam
• Delhi • Tripura
• West Bengal • Goa
• Uttar Pradesh
20
E X PA N S I O N E N A B L E D T H RO U G H I N T E R N A L AC C RUA L S
CFO (Rs Mn) & Cash Conversion Ratio (x) Capex (Rs Mn)

1,040
Single Malt
0.97 x 929 Plant
900
0.76 x 0.74 x 800

Bottling Plant
0.40 x 397

305
0.11 x 175
584 667 125
792
68 ENA Plant
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY25E FY26E Expansion
CFO CFO/EBITDA

• Working Capital for the company as on FY24 : Rs 998 Mn and FY23: Rs 1,451 Mn

• CFO declined in FY23 as the Company utilised its cash on books to pay off Trade Payables

• AABL's strategic goal is to secure a position among the top 10 IMFL companies in India

• Persistent efforts in diversifying product offerings to enhance market reach and cater to diverse consumer preferences.

• Successful implementation of the Ethanol Plant setup, involving a total capital expenditure of Rs 150 Cr in FY24

21
S T RO N G B A L A N C E W I T H M I N I M A L D E B T
Gross Block (Rs Mn) ROCE & ROE
3,425 31%
26%
23%
19%
1,822 1,868
1,664 14%
12% 11% 12%

FY21 FY22 FY23 FY24

FY21 FY22 FY23 FY24
ROCE ROE

Net Debt / Equity & Interest Coverage Ratio Net Working Capital (Days)
20 41 42 31
-0.07 0.04
103
64 67
60
FY21 FY22 FY23 FY24 46 43 45
38 35
31
27
22
11 13
21
50
-0.28
-0.32 FY21 FY22 FY23 FY24
Receivable Days Payable Days Inventories Days
Net Debt/Equity Interest Coverage (X)

22
C OM FORTA B LE DE B T LE VE L: F INA NC IA L S TRE NGTH
Debt Repayment Schedule (Rs Mn) for Debt Funding of Ethanol Plant

200 200 200

96

50

FY23-24 FY24-25 FY25-26 FY26-27 FY27-28

• Ethanol Plant expansion was funded by Loan taken out under Interest Subvention Scheme
• AABL’s strong cash flows guarantee that the company is well-positioned to comfortably meet its debt repayment obligations

23
F U N G I B I L I T Y O F R AW M A T E R I A L S A N D F I N I S H E D P R O D U C T S

Diverse Grain Usage as Feedstock State of the art Manufacturing Facility & Flexible Energy Source Flexible Product Offerings

Coal Husk Briquettes

IMFL (Proprietary)
Rice 01 01
IMFL (Licensed)

Maize 02 IMIL
02

Single
Manufacturing
Facility ENA for Captive
Jawar 03 03 Consumption and
Supply to Bottlers

Any Other Starch Rich 04 04 Ethanol to

Feedstock OMCs/Private Players

24
STRONG INDUSTRY TAILWINDS
 G ROW T H C ATA LY S T S

Driving Alco-bev Industry Expansion

Young Population
Influence

o More than 88% of individuals in India

Urbanisation
aged below 25 either buy or
consume alcoholic beverages
Premiumization Trends
o India is home to one of the largest o Accelerated urban development,
young populations globally, with improved accessibility, and effective
advertising contribute to a boost in
67.45% falling within the age range alcohol consumption.
of 15 to 64. o India's alcohol market is among the
fastest-growing globally.
o Rising urban population, disposable
income, premium product trends,
driving market expansion.

Sources:Times of India,
26
LOW P E R C A P I TA A LC O H O L C O N S U M P T I O N I N D I A
Per Capita Alcohol Consumption (in Ltr): India vs World; India remains relatively at lower level

142

26 116
112 101
4 12

14 29
53

111 52
44
78 8
70 2 6
12 50
34 33
5
7 5 6 9 6 8 6
India Germany France USA UK China Rest of World
Spirit Beer Wine Other Alco Bev

o India ranks 101th in terms of per capita alcohol consumption (In Ltrs)
o The per capita Alcohol consumption (in Ltrs) for India is at 12 litres significantly below other countries

World Health Organisation: Data pertains 2019,

27
YOUNG POPULATION GROW TH AND RISING DISPOSABLE INCOME

Growing Proportion of Young Population Growing Disposable Income (In Trillion USD)

4.2
10% 10% 10% 10% 11% 11% 11% 11% 12% 12%
3.9
3.4 3.5
3.2 3.2
2.9 2.9
2.7 2.7
63% 63% 64% 64% 64% 65% 65% 65% 65% 65%

27% 27% 26% 26% 25% 25% 25% 24% 24% 24%

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
0-14 15-59 60+

Source :UN Population Division, Statista

28
 U R B A N I Z AT I O N & S H I F T T OWA R D S P R E M I U M I S AT I O N
Growing Proportion of Urban Population Growing Premium Liquor Market in India (USD Bn)

28 30 31 32 33 36
53%

40%

35%

28% 21
19 20
26% 18
17 17

17% 1.5
1.3 1.4 0.4
1.2 1.2
5.5 5.7 6 6.3
5 5.2
1.7 1.8 2 2.1 2.2
1.6
4 4 4 4 4 4

1950 1990 2000 2022 2030 E 2050 E 2023 2024 2025 2026 2027 2028
Brandy GIN Liquers & Other Spirits
Percentage of Urban Population Rum Soju Tequila
Vodka Whiskey

Source : population trend, world Bank ; Indian Express1, 2 Statista 1,2

29
 R A P I D G ROW T H I N P R E M I U M A LC O H O L S E G M E N T
Whiskey Sales Breakdown by Segment (Mn Cases) Whiskey Sales Breakdown by Segment (Rs. Lac Cr )
190 205 183 243 355 0.71 1.22 1.12 1.51 2.45

3% 10%
2% 2% 3% 4% 9% 10% 10% 10%
7% 10% 11% 11% 12%
16%
21% 21% 23% 24%
42%
50% 50% 51%
54%
50%
53% 53% 53% 55%

49%
37% 37% 35% 30% 25%
16% 15% 14% 11%
2015 2020 2021 2023E 2028P 2015 2020 2021 2023E 2028P
Popular Prestige Premium Luxury Popular Prestige Premium Luxury

o India stands as the world's third-largest market for alcoholic beverages.

o Evolving preferences drive growth, favouring premium and craft spirits, alongside increased wine and craft beer demand, notably among
urban millennials and the emerging middle class.
o A discernible trend is emerging towards product premiumization in the Indian market.

Sources : Technopak Report January 2024

30
 I NDI AN ALCO -B E V I N DU S T RY P O I SE D FO R G ROW T H
Alco-Bev Volume in India (Mn Cases) and CAGR Indian Alco- Beverage market Rs. Lac Cr

960 1,018 1,068 1,491

CAGR : 1.2 % CAGR: 1.6% CAGR:6.9 % 560

355 385
325 5
445

330 340 350 3.2

3
2
480
300 320 330

2015 2020 2023 2028P

2015 2020 2023 2028P
Beer Country Liquor IMFL Wine

o India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class.
o Cultural ties link alcohol to social events, celebrations, and religious festivals, propelling market growth.
o Segments (spirits, beer, wine) capitalize on a massive consumer base of 1.3 billion people.
o Evolving preferences drive growth, favouring premium and craft spirits, alongside increased wine and craft beer demand, notably among
urban millennials and the emerging middle class.
Sources : Technopark Report January 2024
31
 P RO D U C T W I S E B R E A K U P
Product Wise Volume CAGR (2023-2028) Product Wise Volume Split (2023-2028)

14.7%
5%

20%

7.8% 560 Mn Cases

6.1% 5.9%
12% 63%

Whisky Brandy Rum Wine Spirits

Whisky Brandy Rum Wine Spirits

AABL Segments

Sources : Technopak Report January 2024

32
 Q1 FY25
EARNINGS HIGHLIGHTS
Q1FY25 – PERFORMANCE HIGHLIGHT

Business Update Financial Update Q1FY25 Financials Business Outlook

o The company achieved its highest- In Q1 FY25 reported: o The price of crucial inputs like grain
ever quarterly revenue of INR o The IMFL Proprietary portfolio o The company reported a revenue and packing materials remains
2,518 million, with an EBITDA of volume grew at 6.4% on YoY basis of INR 2,518 million for Q1 FY25, elevated, with grain prices increasing
INR 281 million. and 13% on QoQ basis. marking a growth of 61% YoY further post-Q1 FY25.
basis.
o We are working aggressively on o The IMFL Licensed volume grew at o The company is implementing all
geographical expansion and 5.2% on YoY basis o The EBITDA for Q1 FY25 stood at available options, such as improving
launching new products in the INR 281 million, with an margin operational efficiencies and
premium segment. o The company has been able to get a of 11%. implementing prudent cost control
price hike in the IMFL portfolio in the measures, to minimise the impact of
o The ethanol plant is operating at state of Madhya Pradesh. o The PAT for Q1 FY25 was INR the high grain price.
full capacity, ensuring maximum 177 million, with a margin of 7%.
efficiency. o The average Grain price for the
quarter was 23,000 per ton an o The company's EBITDA margin o The board has approved the
increase of 11% YoY and 2% QoQ. expanded by 300 basis points in preferential allotment of warrants to
Q1 FY25 compared to Q4 FY24. meet the increased need for capital
o Despite severe pressure from for future expansion projects, including
increased grain prices, the company o The Diluted EPS stood at INR a major project in the pipeline: the
achieved an expansion of 300 basis 9.68 in Q1 FY 25, with an 42% Malt plant and UP bottling cum
points in EBITDA margin in Q1 FY25 expansion YoY basis. distillery.
compared to Q4 FY24.

34
 FINANCIAL HIGHLIGHTS

Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin %
Q1FY25 Year on Year

12% 8%
177

2,518 281 123 7%

1,564 185 11%

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin %
Quarter on Quarter

11%
7%
5%
8%

2,422 2,518 281

177
185
123

Q4FY24 Q1FY25 Q4FY24 Q1FY25

Q4FY24 Q1FY25

35
 I M F L ( P RO P R I E TA RY )
IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY25 Year on Year

16%

407 433 294 47

276 678 679 41
15%

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

16%

10%

384 433 294

276 719 679
47
27

Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25

36
 IMFL (LICENSED)
IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
15%
Q1FY25 Year on Year

12%

441 483 1,198 1,250

72
368 387
53

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

15%
8%

1,199 1,250
524 629 72
387 483 53

Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25

Q4FY24 Q1FY25

37
 IMIL
IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %

13%
Q1FY25 Year on Year

10%

1,102 623 81
481 502 565
48
959

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %

13%
Quarter on Quarter

6% 81
623 565
995 1,102 491 493
31

Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25

38
 M E RCHANT E NA
ENA Volume (Litres) (‘000) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY25 Year on Year

10%

8%

4,979
3,891 31
306 61 64
256 20

Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25

ENA Volume (Litres) (‘000) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

8%

4%
6,300 422 20

3,891 67 64
256
17

Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25

39
Q UA R T E R LY I N C O M E S TAT E M E N T

Particulars (Rs Million) Q1FY25 Q1FY24 Y-o-Y Q4FY24 Q-o-Q

Gross Revenues 2,555 1,564 63% 2,443 5%
Excise duty 37 1 - 21 76%
Net Revenue from Operations 2,518 1,564 61% 2,422 4%
Total Operating Expenses 2,237 1,379 62% 2,238 0%
EBITDA 281 185 52% 185 52%
EBITDA Margins (%) 11% 12% (100) bps 8% 300 bps
Other Income 13 21 (38)% 33 (61)%
Depreciation 41 33 24% 43 (5)%
Interest 15 6 150% 16 (6)%
Profit Before Tax 238 167 43% 159 50%
Tax 61 44 39% 35 74%
Profit After tax 177 123 44% 123 43%
PAT Margins (%) 7% 8% (100) bps 5% 200 bps
Other Comprehensive Income (1) (0) - (2) (50)%
Total Comprehensive Income 177 123 44% 121 46%
Basic Earnings Per Share (Rs/Share) 9.80 6.83 44% 6.78 46%
Diluted Earnings Per Share (Rs/Share) 9.68 6.83 42% 6.78 43%
40
Annexure

41
 OUR MILESTONES

1989 1990-1995 1996-2015 2016-2017 2018-2020 2022 2023 2024

o Increased ENA o Entered o Increased o Increased the o Achieved 1 o Launched
o The Company o Started the franchise capacity of
plant capacity bottling line Million cases of “Nicobar”
was commercial
to 30 MLPA arrangement the ENA plant capacity to 12.4 sales in. Kerala o Set up 40
established operation with with United to 45 MLPA Million cases MLPA grain
as a public the selling of o Started Spirits Limited o Achieved the 5th
limited ENA and IMIL bottling with o Entered the highest market based ethanol
(Diageo)
Company United Spirits Kerala Market share in Kerala plants along
o The company o Expanded with a co-
Limited o Successful
went public presence in generation
(Diageo) Listing In the
with an IPO Delhi facility
and got listed o Launched NSE .
IMFL products o Set up a o Achieved 43%
on the BSE
in Madhya cogeneration of sales from
Pradesh plant meeting IMFL products
60% of power
o Introduced o Sold over 3
demand
new IMFL Million cases
product of IMFL
products
o Expanded
plant
production
capacity
42
BOARD OF DIRECTORS
Mr. Prasann Kumar Kedia Debashis Das
Managing Director Independent Director
With over three decades of industry expertise and a A graduate engineer with 42 years of extensive experience,
postgraduate qualification, he excels in Business out of which 21 years at the USL (Diageo). He was involved
Development and Brand development. His seasoned in executing greenfield and brownfield projects.
professionalism is a testament to his strategic acumen and
impactful leadership.

Mr. Anshuman Kedia Dr. Swaraj Puri

Whole Time Director Independent Director
A Regent's University London graduate with over 8 years of A distinguished retired IPS professional with a Ph.D. from
industry experience, actively involved in supply chain IIT Delhi (2013) and an MBA, brings over 35 years of
management and procurement, contributes to expertise in administration, training, crisis management,
organizational efficiency and drives strategic sourcing and strategic planning at national and international levels,
initiatives excelling in leadership and team management

Mr. Tushar Bhandari Ms. Apurva Joshi

Whole Time Director Independent Director
An MBA specializing in finance with over 16 years of
experience, previously as an Investment Banker, brings a A seasoned forensic accountant brings extensive
wealth of expertise. With over 12 years in the liquor experience in governance, ethics, and compliance. Her
industry, he significantly contributes to business and brand valuable expertise significantly contributes to fortifying the
development, as well as operations management. company's ethical framework.

43
LEADERSHIP TEAM
Mr. Ankit Agrawal Mr. Arun Sahni
Chief Financial Officer Unit Head
A Chartered Accountant and Company Secretary with over Mr. Arun Sahni, A seasoned operations leader with over 39
14 years of diverse experience in finance, audit, taxation, years of experience in Project Management, Operations
IPOs, mergers, acquisitions, and project management. He Management, Risk Assessment & Resources Management
has worked in various roles with companies like Prataap
Snacks, EY, and PWC

Mr. Sumit Jaitely Mr. Sanjeev Kumar Tulsyan

Company Secretary Head of Marketing
A qualified Company Secretary and Law Graduate with over A seasoned marketing veteran, he brings over 30 years of
12 years of experience and worked with companies invaluable experience to AABL, elevating the company's
like Kriti Nutrients Limited. sales and marketing strategies with his proven expertise
and industry insight.

Mr. Rajeev Nema

Head Human Resources
He is a seasoned professional with over 25 years of
experience in HR and Administration. His earlier stints
include organizations such as Ruchi Soya and IPV Vikram.

44
HIS TORIC A L INC OM E S TATE M E NT

Particulars (Rs Million) FY24 FY23 FY22

Gross Revenues 7,645 7,028 5,142
Excise duty 47 20 16
Net Revenue from Operations 7,598 7,008 5,126
Total Operating Expenses 6,831 6,384 4,304
EBITDA 767 624 822
EBITDA Margins (%) 10% 9% 16%
Other Income 96 89 142
Depreciation 144 144 143
Interest 37 14 9
Profit Before Tax 683 555 812
Tax 177 139 204
Profit After tax 506 416 608
PAT Margins (%) 7% 6% 12%
Other Comprehensive Income -1.95 108 20
Total Comprehensive Income 504 524 628
Diluted Earnings Per Share (Rs/Share) 28 23 34

45
HISTORICAL BALANCE SHEET
Particulars (Rs Mn) FY24 FY23 FY22 Particulars (Rs Mn) FY24 FY23 FY22
ASSETS EQUITY & LIABILITIES
Non-current Assets Equity
Property, Plant & Equipment 2,480 1,055 1,116 Equity Share Capital 181 181 181
Capital Work in progress 633 1,105 236 Other Equity 4,048 3,453 2,948
Intangible Assets 2 0 1 Total Equity 4,229 3,634 3,128
Rights of use Assets 42 49 10 Non Current Liabilities
Financial Assets (i)lnvestments 437 448 249 Financial Liabilities
(iii)Other financial Assets 77 32 256
(i)Borrowings 500 667 13
Non-current tax Assets 6 6 6
(ii)Lease Liabilities 33 46 8
Other non-current assets 173 251 192
Provisions 18 14 11
Sub Total Non Current Assets 3,850 2,946 2,066
Deferred Tax Liabilities (net) 67 32 44
Current Assets Non — current tax liabilities (Net) 2 3 3
Inventories 1,040 842 650 Sub Total Non Current Liabilities 619 763 80
Financial Assets Current Liabilities
(i)lnvestments 21 156 0 (i)Borrowings 537 282 32
(ii)Trade Receivables 350 185 236 (ii)Lease Liabilities 10 5 1
(iii)Cash and Bank Balance 409 618 810 (iii)Trade Payables 373 259 475
(iv)Loans 60 311 68 (iv)Other Financial Liabilities 301 277 187
Others 91 63 47 Other current Liabilities 112 155 99
Current Tax Assets 18 0 0 Provisions 6 1 0
Other Current Assets 350 259 126 Current Tax Liabilities 0 5 0
Sub Total Current Assets 2,338 2,434 1,936 Sub Total Current Liabilities 1,340 983 794
TOTAL ASSETS 6,188 5,380 4,002 TOTAL EQUITY AND LIABILITIES 6,188 5,380 4,002

46
H I S TO R I C A L C A S H F LOW S TAT E M E N T
Particulars (Rs Mn) FY24 FY23 FY22 Particulars (Rs Mn) FY24 FY23 FY22
CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES
Profit Before Tax 683 555 812 Purchase of Property Plant & Equipment, CWIP
-1,041 -929 -397
and Intangible Assets
Adjustments for:
Proceed from the Sale of Property Plant &
Depreciation / Amortisation 144 144 143 1 - 10
Equipment
Finance Cost 37 14 9 Other Investing Activities 648 -44 -343
Other Adjustments -35 -7 -29 Interest Income received 47 31 30
Interest Income -47 -59 -58 Net Cash Flow from Investing Activities -346 -942 -700
Operating Profit before Working Capital CASH FLOW FROM FINANCING ACTIVITIES
781 646 877 Proceeds from Non Current Borrowings 42 659 0
Changes
Repayment of Non Current Borrowings -110 -6 -6
Movement in Working Capital
Proceeds from/(Repayment) of Current
(Increase)/Decrease in Trade Receivables -170 55 121 155 250 -44
Borrowings
(Increase)/Decrease in Inventories -186 -202 -75 Proceeds from/(Repayment) of Lease Liabilities -11 -9 -7
(Increase)/Decrease in Financial Assets 20 -20 -21 Finance Cost paid -35 -8 -9
(Increase)/Decrease in Other Assets -71 -134 -62 Interest Paid on Lease Liabilities -4 -5 -1
Increase/(Decrease) in Trade Payables 132 -202 194 Dividend Paid -18 -18 -18
Increase/(Decrease) in Financial Liabilities 1 11 -6 Proceed from share warrant 108
Net Cash Flow from Financing Activities 127 863 -85
Increase/(Decrease) in Other Liabilities &
-35 59 -6 Net increase/(decrease) in Cash and Cash
Provisions 86 -12 7
equivalent
Cash From Operations 472 214 1023
Cash & Cash equivalent at the beginning of the
Direct Tax -167 -146 -230 8 20 13
year
Net Cash From Operations 305 68 792 Cash & Cash equivalent at the end of the year 94 8 20
47
F I N A N C I A L OV E RV I E W

Net Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % PAT (Rs Mn) & PAT Margin %

7,598
7,008 16% 12%
5,126 10%
9%
6%
7%
608
822 767 416 506
624

FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24

ROCE & ROE Shareholders’ Equity (Rs Mn) Net Debt to Equity Ratio (X)
26%
4,229
19% 3,634
0.04
3,129
14% 12%
12% 11%

-0.24 -0.07

FY22 FY23 FY24

FY22 FY23 FY24
ROCE ROE FY22 FY23 FY24

48
DISCLAIMER

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all
events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical
information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the
management of Associated Alcohols and Breweries Limited (hereinafter referred to as ”AABL” or “Company”), which are expressed in
good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future
financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results,
financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial
condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or
developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further,
past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this
presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation
to update these forward-looking statements to reflect future events or developments. This presentation is for general information
purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This
presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the
United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or
commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without
registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This
presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

49
 THANK YOU
Company Contact Investor Relation Contact
Ankit Agrawal Priya Sen Sheetal Khanduja
Chief Financial Officer – Associated Go India Advisors Go India Advisors
Alcohols and Breweries Ltd Email: priya@[Link] Email: sheetal@[Link]
Email: aagrawal@[Link]
Phone : +91 8334841047 Phone : +91 9769364166
Phone : +91 9930893590

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