Tuesday, July 16, 2024

Radico Khaitan hits record high on launching new products

Radico Khaitan jumped 5.19% to close at Rs 1,021.90 after the liquor maker unveiled two new luxury products in the brown and white spirit categories.

The liquor maker launched Magic Moments Dazzle Vodka and Royal Ranthambore Heritage Collection Royal Crafted Whisky in the brown and white spirit categories. The company said that the launch marks the onset of the festival season.

Magic Moments Dazzle Vodka will be available in two variants, i.e. Magic Moments Dazzle Gold and Magic Moments Dazzle Vanilla. Royal Ranthambore is crafted from different bespoke Blended Malt Scotch from various regions of Scotland. Scotch grain is also blended to harmonize the Whisky. Both Magic Moments Dazzle and Royal Ranthambore will be available in select stores in Delhi, Karnataka, Uttar Pradesh, Goa, Maharashtra, Rajasthan and Haryana in the first phase of launch.

Commenting on the launch, Amar Sinha, COO of Radico Khaitan said, In the pursuit to expand our product base in the premium whisky category, Radico Khaitan is all set to offer most luxurious Indian whisky by the name of Royal Ranthambore Heritage Collection-Royal Crafted Whisky. We are extremely optimistic about the fact that this brand will be a game changer in this space and will undisputedly be the most phenomenal trend setter. The country is going to get its finest ever in the weeks ahead.

Sinha further said, Vodka currently accounts for less than 5% of the domestic IMFL volumes compared to around 25-30% globally. With the favourable demographic profile and changing consumer preferences, we believe that Vodka industry is bound to expand. Over the last five years, premium vodka space has grown at a faster pace than the overall vodka industry which is a positive sign. Within vodka, flavours are gaining momentum. More than 50% of our vodka volumes is flavours. To expand the vodka category, we are doing a number of things including new flavours, new expressions and now an ultra-premium offering by the name of Magic Moments Dazzle Vodka.

Shares of Radico Khaitan hit a record high of Rs 1,029.60 on BSE in intraday today. From its 52-week low of Rs 391.15 posted on 20 October 2020, the stock has surged 163%.

Radico Khaitan is one of the oldest and the largest manufacturers of Indian Made Foreign Liquor (IMFL) in India. The liquor maker posted a 35.7% jump in consolidated net profit to Rs 59.83 crore on a 47.3% rise in net sales to Rs 602.76 crore in Q1 FY22 over Q1 FY21.

The above news was originally posted on www.business-standard.com

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