>RADICO KHAITAN - MP (INDIA INFOLINE)

■ Q4 revenues rise 22% yoy on the back of an estimated 12-14% growth in volumes.

■ Lower RM, staff and SG&A expenses support margin expansion of over 11ppts.

■ Co posts a profit on a pre-exceptional basis vs loss of Rs169mn a year ago.

■ QIP proceeds of rs 3.4bn to be utilized to repay debt; we factor in a 27% reduction in interest cost in FY11 but retain MP with a revised TP of Rs 138.

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