Pincon Spirit Limited

CIN: L67120WB1978PLC031561
Registered Office: 7, Red Cross Place, Wellesley House, 3 Floor, Kolkata 700 001.
Corporate Office: 103, Sanskruti Chambers, K.H. Road, Shanthi Nagar, Bangalore 560 027

Q2 FY17 Results
Total Revenue at Rs. 3,088.97 million, up by 34.6% y-o-y
EBITDA at Rs. 212.52 million, increased by 66.1% y-o-y
PAT higher by 62.0% y-o-y to Rs. 94.42 million
Kolkata, November 11, 2016: Pincon Spirit Limited (PSL), one of the youngest and fastest
growing companies in India with a business presence in IMFL, IMIL and FMCG, announced
its financial results for the quarter and first half ended September 30, 2016.

Particulars ( Rs. mn)

Q2FY17

Q2FY16

Shift %

H1FY17

H1FY16

Shift %

Total Revenue

3,088.97

2,294.95

34.6%

6,181.76 4603.95

34.3%

212.52

127.92

66.1%

419.01

250.78

67.1%

6.9%

5.6%

131 bps

6.8%

5.4%

133 bps

PBT

143.95

87.32

64.8%

281.89

173.24

62.7%

PAT

94.42

58.29

62.0%

185.68

115.01

61.4%

EBITDA
EBITDA Margin %

* Standalone numbers
Q2 & H1FY2017 Investor Release

Q2 & H1FY17 Performance Overview

Total Revenue increased by 34.6% y-o-y to Rs. 3,088.97 million versus Rs. 2,294.95
million in Q2FY16
IMIL & IMFL segment at the forefront of robust financial performance
Higher volume across all segments led to the strong performance While the
distribution business benefited from market trends, PSLs branded portfolio delivered
robust volume growth
IMIL division witnessed strong volume growth in the quarter
o There has been an increase in brand acceptance resulting in higher levels
of repeat purchases. This has been supported by deeper penetration of
the overall product portfolio in existing areas alongwith entry into
untapped districts of West Bengal. The combination of these initiatives
has led to improved volumes.
o The performance of the flagship brand, Bangla No.1 has been in line with
growth in the segment
o In H1FY17, PSL benefitted from additional volumes on account of Bengal
Tiger and Uddan - two popular brands it had acquired in March 2016. As
these brands already enjoy recognition and market presence, PSL will
leverage its ability to widen market penetration to increase volumes.
IMFL division registered a healthy performance on account of higher realizations
and growing volumes
o During the quarter, PSL undertook 25% average price revision in its Entry
Level portfolio Pincon Kings Coin Supreme in Rum, Whisky and Vodka
segments. There have been price revisions in the budget level and mid
premium categories as well.
o As the portfolio includes some recently launched products, increasing
customer acceptance of PSLs own brands and expanding presence to new
retail points aided volume growth in West Bengal. The companys
performance in the Karnataka market is still at a nascent stage.
o In its IMFL distribution business, PSL has benefited from secular increase
in volumes in its markets.
Edible Oils division volumes continued to steadily grow as PSL continues to
enhance their presence and availability in more areas and territories.
Q2 & H1FY2017 Investor Release

 Employee costs and other expenses are in line with our expansion & we continue to
invest in growing human resource base and undertake essential marketing initiatives
EBIDTA improved by 66.1% y-o-y to Rs. 212.52 million in Q2FY17
Margins expanded by 131 bps mainly due to improved realizations and operating
leverage benefits from higher sale volumes
Finance costs for the quarter were higher by 86% y-o-y on account of increasing cash
credit facility but remained largely unchanged q-o-q
PAT grew by 62.0% y-o-y to Rs. 94.42 million as compared to Rs. 58.29 million in
Q2FY16
Diluted EPS (non-annualized) stood at Rs. 2.83 per share (i.e. mainly on account of
Ex- Bonus ) as compared to Rs. 5.82 per share (on comparable basis) in Q2FY16
Key developments
Acquisition of Bacchus Enterprises Limited
PSL signed a memorandum of understanding for acquiring Bacchus Enterprises Ltd.
IMIL and IMFL player based in Ludhiana, Punjab
Gives PSL additional production capacity of 20 lakh IMIL bottles and 100,000
IMFL cases per month as the company continues to add market share in a
regulated industry.
IMIL Segment
PSL is the leading IMIL player in West Bengal production capacity of 1.2 crore
bottles per month post recent acquisitions.
Key brands - Pincon Bangla No. 1, Uddan and Bengal Tiger continue to show
promising growth on the back of buoyant customer acceptance.
Based on directives of the Excise Department, an upward revision of prices in the
IMIL segment will be undertaken w.e.f. October, 2016
IMFL Segment
In IMFL division the focus is to enhance sales of PSLs branded portfolio
Plan to launch a regular segment prestige whiskey under the brand bankers
Choice this will further enhance PSLs portfolio of offerings

Q2 & H1FY2017 Investor Release

Commenting on the results, Mr. Monoranjan Roy, Chairman & Managing Director, Pincon
Spirit Limited, said:
We are delighted to report robust financial results for the quarter under review. In IMIL our
strategy has been to expand the presence of recently acquired brands to all districts of West
Bengal thereby unleashing their true potential. There is an enormous, untapped and
unorganized market for entry level liquor which will continue to grow and we will further
strengthen our leading market position.
In the IMFL segment, we take pride in positioning ourselves as a player delivering significant
value to customers relative to competition and inspite of a recent price revision; we continue
to deliver superior products to customers at attractive price points providing significant
value proposition. In addition our emphasis on improving branding and packaging is
delivering positive results. We will further augment our distribution network in West Bengal
and continue to aggressively enhance our presence in Karnataka as well as states of
Jharkhand, and Odisha.
In the FMCG segment, our edible oil brands have witnessed healthy volume performance.
We have successfully leveraged our liquor distribution expertise across our range of edible
oils products.
We are glad to recently announce the acquisition of Bacchus Enterprises Ltd. an IMIL and
IMFL player based in Ludhiana, Punjab. This will bring on board an established infrastructure
and credible brands in key markets of Punjab, Haryana and NCR. We continue to evaluate
such attractive propositions which will aid our strategic objective of establishing a pan India
presence.
The investments that we undertook have begun to bear fruit. We are confident that our
sustainable integrated business model and planned growth initiatives will help us maintain
the strong momentum.

Q2 & H1FY2017 Investor Release

About Pincon Spirit Ltd.

Pincon Spirit Ltd. (PSL) is one of the fastest growing Companies in India. The Company has a
growing presence in multiple states across India and is a leading IMFL (India Made Foreign
Liquor) and IMIL (India Made Indian Liquor) player. In IMFL, PSL is the only player
participating in the entire chain from production > wholesale > retail. PSL has 11 illustrious
brands in this segment. In the IMIL segment, the Company is engaged in blending, bottling
and wholesale distribution of its own product, PINCON Bangla No. 1, Bengal Tiger and
Uddan in West Bengal. Pincon is also a wholesale distributor of various other established
brands having tie-ups with over 9,800 licensees across India. The Company manages and
controls 33 retail IMFL outlets in West Bengal. In the Companys FMCG segment, it sells
Edible Oil (Mustard Oil, Soya Oil and Rice Bran Oil) under Pincon and Kings Coin brand.

For further information on the Company, please visit www.pinconspirit.in:

For further information contact:
Arup Thakur / Vinayak Shirodkar / Krunal Shah
Pincon Spirit Ltd.
Tel: +91 33 2231 9135/2262 4943
+91 22 6221 6122
E-mail: arup.thakur@pinconspirit.in/
vinayak.shirodkar@pinconspirit.in/
krunal.shah@pinconspirit.in

Mayank Vaswani / Karl Kolah

CDR, India
Tel.: +91 22 6645 1230/1220
E-mail: mayank@cdr-india.com /
karl@cdr-india.com

Disclaimer:
Certain statements in this document may be forward-looking statements. These statements entail risks and uncertainties
that could cause actual events to differ materially from these forward-looking statements. Pincon Spirit Ltd. is under no
obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise. The Company may, from time to time, make additional written and
oral forward looking statements, including statements contained in its filings with the regulatory bodies and reports to
shareholders.

Q2 & H1FY2017 Investor Release