Associated Alcohols & Breweries Limited

CIN: L15520MP1989PLC049380

03rd May, 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 Q4 (quarter and year ended 31st March, 2024) FY 2023-24

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 and year
ended 31st March, 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
SUMIT Digitally signed by
SUMIT JAITELY

JAITELY Date: 2024.05.03

13:17:25 +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.
Q4 & FY24 INVESTOR PRESENTATION- MAY 2024

1
AABL at a Glance

• 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 7 proprietary brands. 12% 0.15x 21x

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

2
 Fully Integrated Business Model
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

50% of ENA used for captive consumption
3
Present Across Liquor Value Chain

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.8%-9%

4
 AABL IMFL– Gaining Traction
Popular Brands Prestige Brands Super Premium

Bombay Special Whiskey Superman Fine Whiskey Central Province Whiskey James Mcgill Nicobar

Jamaican Magic Rum Titanium Vodka Lemount

5
Licenced Brands – Preferred Partners

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

6
Contract Manufacturing – Long Term Relations

Black & White Smirnoff VAT 69 Black Dog

7
 Distinctive Competitive Edge

4 Decades of Expertise Integrated Business Transitioning towards

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 In process to Launching
o Ensuring exceptional
Sourcing from Diverse Diageo Contract new Premium products
quality
Locations Manufacturing Partners

Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation

8
Case Study: Kerala Cheers

Market Entry and

Emerged as a Major Focus on Premium
Innovative Product
Player (FY22-23) Segment and Revenue
Launch (2018)
Enhancement

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

Remarkable
Revenue Growth and Strategic Vision for
Sales Milestone Future Growth
(FY22-23)

Fastest to achieve a million cases sale

<4 years

9
Growing Product Business

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

10
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

11
Levers for a Strong Growth Outlook
Revenue Guidance

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

o Entry in Ethanol
B2B Business
o Strategically natural extension
o 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.

12
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

13
ASSOCIATED ALCOHOLS & BREWERIES LTD

Q4 & FY24 INVESTOR PRESENTATION- MAY 2024

STRONG INVESTMENT THESIS

1. Diversified Product Portfolio

Our upcoming IMFL Products in the Premium and Super Premium Segment

Q1FY25 Q3FY25
Premium Blended Malt Premium Brandy
Whiskey

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

Moving Towards Premiumization

15
2A. 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 7,598 895 822 624 767

36.8% 33.6% 43.6% 43.2% 40.6% 36.9% 47.6% 48.3%

8.1% 9.8% 5.9% 9.2%

5.4% 17.4% 13.1%
20.2%
22.5% 21.1% 28.3%
28.7% 30.8%
23.0% 28.9%
21.6%
14.3% 12.5%
15.3%
14.5% 17.5%
17.6% 15.3% 18.7%
32.2% 31.0%
34.3% 25.2%
26.4% 25.4% 24.6%
28.0%

22.9% 25.6% 20.5%

16.4% 15.6% 17.5% 18.0%
11.2%

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

Merchant ENA IMIL IMFL (Proprietory) IMFL Licensed Brands Others* Merchant ENA IMIL IMFL (Proprietory) IMFL Licensed Brands Others*

*Others : Contract Manufacturing, By Products Business Segments 16

3. Becoming a Pan India Player
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

17
4A. Expansion Enabled Primarily through Internal Accruals
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 IMIL and IMFL companies in India and PAN India Presence

• 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

18
4B. Strong Balance with Minimal Debt
Gross Block (Rs Mn) ROCE & ROE

3,425
31%
26%
23%
1,822 1,868 19%
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
21 22
50 11 13
-0.28
-0.32
FY21 FY22 FY23 FY24
Net Debt/Equity Interest Coverage (X)
Receivable Days Payable Days Inventories Days

19
4C. Comfortable Debt Level : Financial Strength
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

20
Industry Leading Financial Position
Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards

Net Debt/Equity Ratio as on FY23 Interest Coverage Ratio as on FY23

50

0.2

24.68

0.07

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

21
5. Fungibility of Raw Materials and Finished Products

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 Consumption and
03
Supply to Bottlers

Any Other Starch Rich 04 Ethanol to

04
Feedstock OMCs/Private Players

22
ASSOCIATED ALCOHOLS & BREWERIES LTD
Q4 & FY24 INVESTOR PRESENTATION- MAY 2024

STRONG INDUSTRY TAILWINDS

Growth Catalysts: Driving Alco-bev Industry Expansion

Young Population Influence

• More than 88% of individuals in India aged below 25 either buy or consume alcoholic beverages
• India is home to one of the largest young populations globally, with 67.45% falling within the age range
of 15 to 64.

Urbanisation
• Accelerated urban development, improved accessibility, and effective advertising contribute to a
boost in alcohol consumption.

Premiumization Trends
• India's alcohol market among fastest-growing globally.
• Rising urban population, disposable income, premium product trends, driving market expansion .

Sources:Times of India,
24
Per capita alcohol consumption in India remains at a low level
Per Capita Alcohol Consumption (in Ltr)

140.7

25.2 116.5
111.7 101
3.5 11.7

14.2
28.9
52.8

110.5 51.8
42.2
78.4 8.5
69.9 1.6 5.4
11.8 49.6
32.7 32.5
4.8
6.9 5 5.7 8.4 5.9 7.1 5.4
India Germany France USA UK China Rest of World
Spirit Beer Wine Other Alco Bev Total

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 11.8 litres significantly below other countries

World Health Organisation: Data pertains 2019,

25
 Urbanization & Shift Towards Premiumisation
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

26
Young Population Growth and Rising Disposable Income
Growing Proportion of Young Population Growing Disposable Income (In Trillion USD)

4.2
9.7% 9.9% 10.2% 10.4% 10.5% 10.8% 11.1% 11.4% 11.8% 12.1%
3.9
3.4 3.5
3.2 3.2
2.9 2.9
2.7 2.7
63.2% 63.5% 63.7% 64.0% 64.2% 64.5% 64.7% 64.9% 65.1% 65.3%

27.1% 26.6% 26.1% 25.7% 25.4% 25.1% 24.7% 24.4% 24.2% 23.9%

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

27
 Billion Dollars Opportunities – Driving Alcohol Sector
Size of IMFL Market in India (Billion USD) Indian Alcobev Sector to Grow (‘000) (Rs Cr)

32
366

13 163

2015 2025 2015 2025

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 : Industry Report
28
 Upswing in Liquor Sales Volume
Indian Liquor Market Outlook: Sales Volume (in Mn Ltrs) IMFL Market Outlook in India : Sales Volume (in Mn Ltrs)

8,174
7,974 4,586
7,727 4,267 4,439
3,884 4,081
7,451 3,679
7,151
6,830

2022 2023 2024 2025 2026 2027 2022 2023 2024 2025 2026 2027

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 : IMARC
29
 Product Wise Break Up – Whiskey the Most Popular
Product Wise Volume CAGR % 2022-2027 Product Wise Market Share 2027E

1.70% 0.50% 1.40%

7.60%
0.10%
6.90% 2.10%

14.50%
5.90%
5.60%
5.20%
4.80%
4.30%
3.80%
18.90%

60.90%

AABL Segments

Sources : IMARC
30
ASSOCIATED ALCOHOLS & BREWERIES LTD
Q4 & FY24 INVESTOR PRESENTATION- MAY 2024

Q4 & FY24 Earnings

Q4FY24 Performance Highlights
Business Update

o Receipt order of IMIL for FY 24 from MP government, the quantity is in line with FY 23
o Commenced Commercialization of 130 KLPD Grain Based Ethanol plant in Jan 24
o During the Quarter the Revenue from the Ethanol Segment Amounted to Rs. 431 Million

Dividend

o The Board of Directors have recommended a dividend of 20% i.e. Rs. 2 per share (face value of Rs. 10.00 per share) for FY
24, a growth of 100% in comparison to FY 23

Q4 & FY24 Financials

In Q4 FY24 reported: In FY24 reported:

o Revenue of Rs. 2,422 million, registering growth of 31% YoY o Revenue of Rs. 7,589 million, registering growth of 8% YoY
o Operating EBITDA of Rs. 185 million, translating to a margin of o Operating EBITDA of Rs. 767 million, translating to a margin of
8% 10%
o PAT stood at Rs. 123 million, with margin at 5%, registering a o PAT stood at Rs. 506 million with margins at 7%, registering a
growth of 25% YoY growth of 22% YoY
Business Outlook o EPS (Diluted) stood at Rs. 6.78 per share o EPS (Diluted) stood at Rs. 28.00 per share

o The Ethanol plant is operating in full swing

o The company plan for geographical expansion and launch of premium products are working as per expectations
o The price of crucial input like Grain and packing materials remain elevated.
o The company is focusing on operational efficiencies and implementing prudent cost control measures which as expected to deliver
positive results in future
o The company has established a wholly-owned subsidiary in UP setting up of Bottling cum distillery plant, land acquisition is in process

32
Financial Highlights

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

5% 5%
8%
8%
Q4FY24

123
2,422 98
1,848 185
147

Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24

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

9% 7%
10% 6%
FY24

767
7,008 7,598 506
624 416

FY23 FY24 FY23 FY24 FY23 FY24

33
 IMFL (Proprietary)
IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %

11%
Q4FY24

10%
408 384 276 276 719
676
30 27

Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24

IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
12%
FY24

1,069 1,099 11%

1,562 1,565 134

684 702 117

FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24

34
 IMFL (Licensed)
IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %

9%
Q4FY24

8%

629 1,202 1,199

475 524 571
54 53

Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY23

Q4FY23 Q4FY24

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

11%
FY24

9%
236
1,652 1,819 2,182 1,200 1,200
1,982 181

FY23 FY24
FY23 FY24 FY23 FY24 FY23 FY24

35
 IMIL
IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %

6%
Q4FY24

1,536 598 5%
491 493
995 389
33 31

Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24

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

10%

7%
FY24

175 188
2,401
6,177 1,915 499
389
3,835

FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24

36
 Merchant ENA
ENA Volume (Litres) (‘000) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %

7%
Q4FY24

4%
6,300
422
5,227
330 67
63 23
17

Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24

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

9%

6%
FY24

24,000
19,000 65 138
60
1,146
70

FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24

37
Quarterly Income Statement

Particulars (Rs Million) Q4FY24 Q4FY23 Y-o-Y Q3FY24 Q-o-Q

Gross Revenues 2,443 1,858 31% 1,927 27%
Excise duty 21 10 97% 18 15%
Net Revenue from Operations 2,422 1,848 31% 1,909 27%
Total Operating Expenses 2,238 1,701 32% 1,706 31%
EBITDA 185 147 25% 204 -9%
EBITDA Margins (%) 8% 8% - 11% (300) bps
Other Income 33 19 71% 18 88%
Depreciation 43 32 34% 34 28%
Interest 16 5 200% 10 61%
Profit Before Tax 158 129 23% 177 -11%
Tax 36 31 17% 52 -31%
Profit After tax 123 98 25% 126 -2%
PAT Margins (%) 5% 5% - 7% (200) bps
Other Comprehensive Income -1.56 4 -0.13
Total Comprehensive Income 121 102 19% 126 -4%
Diluted EPS Per Share 6.78 5.42 25% 6.95 -2%

38
FY24 Income Statement

Particulars (Rs Million) FY24 FY23 Y-o-Y

Gross Revenues 7,645 7,028 9%
Excise duty 47 20 136%
Net Revenue from Operations 7,598 7,008 8%
Total Operating Expenses 6,831 6,384 7%
EBITDA 767 624 23%
EBITDA Margins (%) 10% 9% 100 bps
Other Income 96 89 8%
Depreciation 144 144 0%
Interest 37 14 159%
Profit Before Tax 683 555 23%
Tax 177 139 27%
Profit After tax 506 416 22%
PAT Margins (%) 7% 6% 100 bps
Other Comprehensive Income -1.95 108
Total Comprehensive Income 504 524 -4%
Diluted EPS Per Share 28.00 22.99 22%

39
ASSOCIATED ALCOHOLS & BREWERIES LTD
Q4 & FY24 INVESTOR PRESENTATION- MAY 2024

Annexure
Our Milestones

•Launched Franchise Partnership at

• Sold 1 million cases, 114%
The Company was Redesigned 600,000 cases per annum
Entered the dynamic Kerala revenue growth.
established as a public manufacturing plants •Established presence in Delhi and
Market • Secured fifth-largest position
limited Company. and processes Madhya Pradesh
in Kerala market.

1990- 2012- 2016- 2016- 2016-

1989 95 15 17
2018 2022 2023 2024
17 17

Started the production and

• Set up ENA plant with 314 Targeted expansion to • Established a 45 MLPA ENA
marketing of portable • Set up 130 KLPD Grain
lakh litres PA capacity Pondicherry, Kerala, Goa, plant 32 Bottling line capacity
alcohols. based Ethanol Plant.
• 20% of 2016-17 revenues Maharashtra, and • Boasting a capacity of 12.5
The distillery modernised and • Launched "Nicobar,"
from IMFL, 3% from Chhattisgarh in 2018-19 million cases
expanded • Achieved 50% revenue
premium offerings
from proprietary brands.
• Secured 60% electricity
• Expanded Franchise Business
through high-pressure
to 1.7 million cases
turbine

41
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.

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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. Sanjay Kumar Tibrewal

Mr. Sumit Jaitely President Purchase
Company Secretary With over 30 years of experience, he brings extensive
A qualified Company Secretary and Law Graduate with over expertise to domains of Procurement and Supply Chain.
12 years of experience and worked with companies
like Kriti Nutrients Limited.

Mr. Rajeev Nema

Head Human Resources Mr. Sanjeev Kumar Tulsyan
He is a seasoned professional with over 25 years of Head of Marketing
experience in HR and Administration. His earlier stints A seasoned marketing veteran, he brings over 30 years of
include organizations such as Ruchi Soya and IPV Vikram. invaluable experience to AABL, elevating the company's
sales and marketing strategies with his proven expertise
and industry insight.

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Historical Income Statement

Particulars (Rs Million) FY21 FY22 FY23 FY24

Gross Revenues 4,532 5,142 7,028 7,645
Excise duty 174 16 20 47
Net Revenue from Operations 4,358 5,126 7,008 7,598
Total Operating Expenses 3,463 4,304 6,384 6,831
EBITDA 895 822 624 767
EBITDA Margins (%) 21% 16% 9% 10%
Other Income 46 142 89 96
Depreciation 141 143 144 144
Interest 15 9 14 37
Profit Before Tax 785 812 555 683
Tax 205 204 139 177
Profit After tax 580 608 416 506
PAT Margins (%) 13% 12% 6% 7%
Other Comprehensive Income 4 20 108 -1.95
Total Comprehensive Income 584 628 524 504
Diluted EPS (INR) 32 34 23 28

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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
(i)Borrowings 500 667 13
(iii)Other financial Assets 77 32 256 (ii)Lease Liabilities 33 46 8
Non-current tax Assets 6 6 6 Provisions 18 14 11
Other non-current assets 173 251 192 Deferred Tax Liabilities (net) 67 32 44
Sub Total Non Current Assets 3,850 2,946 2,066 Non — current tax liabilities (Net) 2 3 3
Current Assets Sub Total Non Current Liabilities 619 763 80
Inventories 1,040 842 650 Current Liabilities
Financial Assets (i)Borrowings 537 282 32
(i)lnvestments 21 156 0 (ii)Lease Liabilities 10 5 1
(ii)Trade Receivables 350 185 236 (iii)Trade Payables 373 259 475
(iii)Cash and Bank Balance 409 618 810 (iv)Other Financial Liabilities 301 277 187
(iv)Loans 60 311 68 Other current Liabilities 112 155 99
Others 91 63 47 Provisions 6 1 0
Current Tax Assets 18 0 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

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Historical Cash Flow Statement
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
Adjustments for: and Intangible Assets -1,041 -929 -397
Proceed from the Sale of Property Plant &
Depreciation / Amortisation 144 144 143
Equipment 1 - 10
Finance Cost 37 14 9
Other Investing Avtivities 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
Changes 781 646 877 Proceeds from Non Current Borrowings 42 659 0
Movement in Working Capital Repayment of Non Current Borrowings -110 -6 -6
(Increase)/Decrease in Trade Receivables -170 55 121 Proceeds from/(Repayment) of Current
(Increase)/Decrease in Inventories -186 -202 -75 Borrowings 155 250 -44
(Increase)/Decrease in Financial Assets 20 -20 -21 Proceeds from/(Repayment) of Lease Liabilities -11 -9 -7
(Increase)/Decrease in Other Assets -71 -134 -62 Finance Cost paid -35 -8 -9
Interest Paid on Lease Liabilities -4 -5 -1
Increase/(Decrease) in Trade Payables 132 -202 194
Dividend Paid -18 -18 -18
Proceed from share warrant 108
Increase/(Decrease) in Financial Liabilities 1 11 -6
Net Cash Flow from Financing Activities 127 863 -85
Increase/(Decrease) in Other Liabilities & Net increase/(decrease) in Cash and Cash
Provisions -35 59 -6 equivalent 86 -12 7
Cash From Operations 472 214 1023 Cash & Cash equivalent at the beginning of the
Direct Tax -167 -146 -230 year 8 20 13
Net Cash From Operations 305 68 792 Cash & Cash equivalent at the end of the year 94 8 20

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Financial Overview

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

7,598
7,008 21% 13%
12%
5,126 16%
4,358
9% 11% 6%
7%
895 580 608
822 800 416 500
624

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

ROCE & ROE Shareholders’ Equity (Rs Mn) Net Debt to Equity Ratio (X)
31% 4,229
26% 3,634
23% 0.04
3,129
19%
14% 12% 2,518
12% 11%

-0.27 -0.24 -0.07

FY21 FY22 FY23 FY24

FY21 FY22 FY23 FY24
ROCE ROE FY21 FY22 FY23 FY24

47
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.

48
 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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