Audited Results for FY 2024-25
Awaiting price reaction for this filing.
Allied Blenders and Distillers (ABDL) reported strong FY25 results with standalone revenue from operations rising to ₹8,072.96 crore from ₹7,668.57 crore in FY24 (about 5.3% growth). Profit before tax surged to ₹270.82 crore versus just ₹17.67 crore last year, and standalone profit after tax jumped to ₹200.13 crore from ₹6.72 crore, translating to EPS of ₹7.38 versus ₹0.28. Operating EBITDA (before finance, depreciation, exceptional and tax) nearly doubled to ₹453.00 crore, lifting margins meaningfully. The board recommended a final dividend of ₹3.60 per share (face value ₹2), proposed a ₹1,000 crore fund raise through equity/QIP/preferential route, and approved ₹29 crore capex to triple bottling capacity at the Derabassi plant from 1 lakh to 3 lakh cases per month. The auditor (Walker Chandiok & Co LLP) issued an unmodified opinion but flagged Emphasis of Matter on a ₹42.10 crore claim from CSD and a large Income Tax demand of ₹352.31 crore plus ₹241.94 crore interest for AY 2014-15 to 2024-25 (90% stayed, Promoter Chairman has assured personal funding).
Sharp profit growth and margin expansion are positive for shareholders, supported by a healthy dividend and capacity expansion plans. However, weak operating cash flow (negative ₹676 crore standalone due to a ₹507 crore jump in trade receivables), the large pending Income Tax demand, and the CSD dispute warrant caution. The proposed ₹1,000 crore fund raise could lead to dilution depending on the instrument and price chosen.