Changing Dynamics of the Southern Industry Market:-

Challenges & Opportunities

Mr. Uppiliappan G – Chief Sales & Marketing Officer
KALS Group
Agenda
 Introduction to KALS Group
 ALCOBEV Industry in Southern States – A Snapshot
 Key Figures and Indicators
 Tamilnadu

 Kerala

 Karnataka

 Andhrapradesh

 Telangana

 Challenges & Opportunities Landscaping – Greenish

Pastures
KALS Blueprint – Evolution of KALS- A Snapshot
 3000 + Cr Top-line
 7 States of Operations in Beer & 3 States in IMFL
 Largest in the state in terms of size
 5 Integrated Manufacturing Plant with international standards of compliance
 5 Strategic Global Alliances for backward integration, Sourcing, & Blending
 Only Brewery in India with 100% German Technology
 Governance at par with listed companies certified by Deloitte.
 25 Brands with impeccable reach
 Over 23% market-share for premium products
 4 Plants certified for ISO 9001:2015, ISO 14001:2015, & ISO 22001:2015 (Only Organization in India to
receive all 3 certificates including Food Safety Management Systems for all the 4 manufacturing
plants.
 Strong Pipeline of Exports into Singapore, Malaysia, Pan-Africa, & Middle East
 Only brand from Tamilnadu to be certified as Power Brand in the liquor Industry by Power Brands INC
(UK)
 Strong Commitment to Societal development
 3000 + Human Resources
Kals Group – Snippets & Nuggets
 Kals Group was founded by a family of entrepreneurs’ from
Karaikal (Puducherry State –Union Territory located in
Tamilnadu, India) - More than 3 decades of experience in
Trading, Distribution, & Manufacturing of IMFL & Brewery
 4 Manufacturing Locations located in Tamilnadu & Karnataka (3
Manufacturing Plants in TN for producing IMFL and one
manufacturing facility in Karnataka (Kunigal-Outskirts of
Bangalore) – Total capacity of 37 Million Cases / Annum
 The Brewery Plant is fully automatic plant, installed with
Krones, Germany and is the best in class in the Country with
end-to-end manufacturing
 The Group has a Tie-up with Fitch (UK Based Largest Retail
Consultancy-https://www.fitch.com/for Product & Brand
Development)
 Strategic alliance with VLB, Germany (Berlin) which enables
the Group to access latest knowledge and developments in
Beer industry (https://www.vlb-berlin.org/en/node/1)
 Kals Group – Snippets & Nuggets
 Manufacturing Plants certified for
 ISO 9001:2018 (Quality Management Systems)
 ISO 14001:2015 (Environmental Management Systems)
 ISO 22001:2015 (Hazard Analysis & Critical Control Points- HACCP)
 The Group is in expansion phase after posting healthy results in both entities (KDL and KBL) and having
a very low debt level
 The Group has rating of BBB+ and BBB for the two operating entities besides several
accolades/recognition.
 All Manufacturing Plants produces best-in-quality of Liquor and Beer in line with FSSAI
 Only Brewery in India to comply with German Laws of Purity for Beer Manufacturing.
 Corporate Governance – Pivotal to Organizational Performance – Audited & Certified by Deloitte.
 KALS GROUP OF COMPANIES

KDPL KBPL KBVPL KDCPL

KALS KALS KALS KALS PT
DISTILLERIES BREWERIES BEVERAGES DISTILLERIES PEARL
PVT LTD, PVT LTD, CARNATAKA PVT
PVT LTD LTD TRANSPORT
KALLAKOTTAI, KUNNATUR WALAYAR, CHENNAI
KUNIGAL,
PUDUKOTTAI PUDUKOTTAI COIMBATORE KARNATAKA

KALS INTERNATIONAL TRADING FZE (UAE)

100% WoS of KALS
Our Manufacturing Locations
 Kals Group –Vision, Mission & Values
Vision:
 Dominance in every market we are present
Mission:
 Create an organization that delights Customers and Associates
Values:
 Trust
 Respect
 Passion
 Commitment
 Execution Excellence
KALS Group – Key Milestones
 2009 - Commenced IMFL operations
 2012 – Launch of La Martine (first premium brand) which became the market leader
 2012 – State of art Breweries Plant set-up & commenced operations
 2014 – Set-up Can Beer production line and Tie-up with VLB Germany
 2014 – Launch of Premium Beer Kolt and Premium Brandy 1848
 2015 – Approval to export Beer to other States in India
 2016 – Introduction of new series of Beer including top-end Sterren 7 (both in Bottles
and Can)
 2017 - Takes over Coimbatore IMFL Plant with 12 mil. cases p.a capacity and sets foot
print in Karnataka through another acquisition
 2018 – Approval to export Beer outside India and approval to launch Can Beer in Tamil
Nadu
 2018 –Kals Napoleon Brandy and launch of Aspira Lemon Twist Rum, & SPARTA (Authentic
French Brandy)
 2018 – Introduction of new variants of Aspira – Berry Blast & Aspira – Apple Twirl
 2018 – Set-up of Overseas Entity to penetrate products into ME & Africa (Formation of
KALS International Trading FZCO
Industry Snapshot
Economic Outlook
Market Type – An Overview
Market Definition – Southern States
Macro-economic Influencing Factors
Southern States - Overview
 Five states – Tamilnadu, Kerala, Karnataka, Andhrapradesh, & Telangana – Strategic
Frontiers for IMFL & Beer Industry
 The two states in the southern part of the country, i.e. Andhra Pradesh and Telangana are
the highest alcohol consuming states in India. The population of these two states is not
only ahead in consuming Indian Made Foreign Liquor (IMFL) but also gets high on country
liquor. As a result the south zone holds close to half of the market share of the India
alcohol market in 2018 and is expected to continue its growth in revenue contribution to
the India alcohol market.
 Indian Made Foreign Liquor (IMFL) segment is projected to record the highest CAGR
over the estimated period
 The Indian Made Foreign Liquor (IMFL) segment was estimated to reach a market
valuation in excess of INR 700 Bn by 2018 end. This reflected a Y-o-Y growth rate of close
to 7.9% over 2017. This segment is estimated to be valued at more than INR 1800 Bn by
2026, expanding at a CAGR of 7.2% over the forecast period.
 Indian Made Foreign Liquor segment in the Southern States market is expected to create
absolute INR opportunity of close to INR 80 Bn in 2017 over 2016.
 Alcohol Per-Capita Consumption in this 5 states works out to 2.7 Litres (which is almost
40% approx of 5.7 Litres at national level)
 Southern States.. Overview
 State governments are increasingly becoming dependent on alcohol
revenue to fund their schemes. For most of the states, up to one-fifth of
their budgets are funded by booze, which has registered a very high
growth rate in the country.
 Apart from Bihar (after the supreme court stayed Patna High Court order),
Gujarat, Nagaland, Mizoram and Manipur, where liquor is prohibited,
booze revenue is a major contributor to state exchequer.
 Let’s have a close look on 5 states

States Around 15 Billion USD

Revenue from alcohol
Opportunity against 35
Tamil Nadu Rs 36,672 crore Billion USD of Sales across
Karnataka Rs 15,332 crore the country
Andhra Pradesh Rs 17,739 crore
Telengana Rs 16,144 crore
Kerala Rs 12,026 crore
 Key Factors – Growth Drivers
 According to a study conducted by the Economic Cooperation and Development
(OECD), per capita liquor consumption in 5 States grew at 589%per cent between
1992 and 2018.
 Another study by the World Health Organization found an increase of 63 per cent in
the per capita alcohol consumption in these 5 states. Naturally, increased
consumption has led to better income for the states.
 Increasing urban population and rising disposable income anticipated to fuel the
development of the India alcohol market
 Pub-n-cocktail culture- becoming more prevalent in these 5 states
 Liquor provides 20 per cent of the share of the government’s own revenue in most
States
 For State governments, the fast-growing liquor market means an increase in the
inflow of funds. Or quite simply, an increase in dependence on alcohol revenue.

Before deep-diving into the figures, let us see the current

trends in these five states
Tamilnadu
 Fully Government Controlled State
 TASMAC Contributes 32.8% of the State’s Revenue
 5500 + Retail Outlets (Average Sales of 6 Cr / Outlet / Annum)
 Tamil Nadu is home for 11 Indian Made Foreign Spirit manufacturing units, seven beer and one wine
production facilities. The government has collected Rs 3.61 crore as export fee in 2018-19 by
transporting 18.08 lakh beer cases to various States.
 Sale of BIO is less than 0.01% and BII is less than 0.15% of the total sales
 Beer showed a promising growth of 42% in volume and recorded a growth of 43% in premium
segment
 In 2016-17, export of beer cases was at 5.56 lakh earning a revenue of Rs 87.09 crore.
 Overall growth of 8.3% by consumption in terms of number of liters and overall growth of 9% by
revenue (estimated actuals)
 Industry is growing with an average CAGR of 5.9% Y-o-Y with a dip in the year 2017-2018 by a
revenue of 200 Cr as part of electoral manifesto that led to the closure of around 600 Outlets and
this was again reinstated in 2018
 State recorded a growth of 19% growth in premium segment of Sales
 A source from the liquor industry said this festive season - from November 3 to 6 - the cash cow of
the State sold liquor worth around Rs 602 crore.. 'On November 3, the sales stood at Rs 124 crore
and the next day it was Rs 150 crore.
 TASMAC is Pongal blockbuster; Rs 500-cr liquor sold due to holidays
 Kerala
 Kerala lives the 'high' life as liquor revenue shoots up by Rs 890 crore for FY 2018/19
 At least 282 bars have been provided with liquor licenses.
 The state government had also given the liquor license to over 99 hotels in the states, the daily
reported.
 The people of Kerala have found an uncommon approach to boost the economy of their state.
With exotic alcoholic drinks like toddy being somewhat synonymous with the Malabar coast,
liquor is quite the favourite among Malayalis, often contributing significantly to the state's
revenue.
 Kerala has witnessed an incredible increase in the revenue from liquor sales (Estimated Sale of
12 K Crores for the year 2018-19
 Overall growth of 10.3% by consumption in terms of number of liters and overall growth of 8% by
revenue (estimated actuals)
 Industry is growing with an average CAGR of 5.9% Y-o-Y
 State recorded a growth of 21% growth in premium segment of Sales (Kerala Government’s
conducive customs duty structure made the market more premium by the infusion of BIO)
 Despite natural disaster in Kerala (festive season sales of Onam recorded a revenue of 341
Cr)
 https://www.youtube.com/watch?v=mgEd3O7Y09M
Karnataka
 In the past 11 years, the consumption of liquor in Karnataka has grown by
77% and the excise revenue by a staggering 273%.
 Sale of alcohol — Indian Made Liquor (IML) and beer — surged from 468.8
lakh boxes in 2007-08 to 930.6 lakh boxes in 2018-19, while revenue
increased from Rs 4,812 crore in 2007-08 to Rs 18,948.5 crore in 2018-19.
 This means, sales or consumption reported a 7% annual average growth in
the 11 years, and revenue 25%, which has largely been possible due to the
increasing additional excise duty (AED). The excise duty has remained
constant with just one hike of Rs 5 in 2016-17, which was only for IML.
 AED has increased eight times, but the state once made small deductions in
some slabs. The highest hike was in 2008-09 — 50% for nine slabs and 100%
for the rest. The other seven increases have been in the range of 15% and
60%. Today, a litre of beer attracts Rs 10 as excise duty and 150% of AED on
the declared price, while a litre of IML attracts Rs 50 as excise duty and AED
in the range of Rs 144 and Rs 2,246.
 Overall growth of 10.3% by consumption in terms of number of liters and
overall growth of 11% by revenue (estimated actuals)
 Industry is growing with an average CAGR of 6.9% Y-o-Y State recorded a
growth of 19% growth in premium segment of Sales
Andhrapradesh and Telangana
 In southern India, after Kerala, the sale of liquor is highest in
Telangana and Andhra Pradesh and people in AP consume more whiskey
than TS.
 While the market for wine, considered a drink of the elite, has also
increased.
 According to the study, "Indian Alcohol consumption - The changing
behaviour", "The states of Andhra Pradesh, Telangana, Kerala,
Karnataka, Sikkim, Haryana and Himachal Pradesh are among the
largest consumers of alcohol in India. Also, the liquor market in AP &
TS is growing at 8.9 per cent (compound annual growth rate) and it is
expected to reach 3.8 billion litres by 2022, according to the study.
 The market is also witnessing a surge in the sale of wine and vodka at
CAGR of 21.8 per cent and 22.8 per cent, respectively.
Tamilnadu – Comparison – 2017 -18 Vs. 2018-19

Figure includes
324 K Cases of
CANS sold in the
last one year.
Tamilnadu (IMFL-Comparison)
Kerala – Beer Comparison
KERALA STATE

COMPANY WISE BEER INDUSTRY 2017-18 & 2018-19

COMPANY NAME TOTAL M/S TOTAL M/S

UNITED BREW 8279639 72.39 6795655 70.78

SAB MILLER 903643 7.90 586579 6.11

CARLSBURG 1167195 10.20 206468 2.15

SNJ BREW 823030 7.20 920539 10.63

SOM DISTIL 219253 1.92 393105 4.09

IMPALA DISTL 45148 0.39 20096 0.21

KALS DISTL 0 778241 8.90

TOTAL BEER 11437908 100.00 9700683 100.00

 Kerala – IMFL Comparison

Ultra-
Total Ordinary Medium Premium Premium
Total Number of
Cases (2017/18) 2,06,07,309 92,73,289 68,00,412 37,09,316 4,12,146

In % 45% 33% 19% 3%

Total Number of
Cases (2018/19) 2,14,17,449 83,52,805 62,11,060 49,26,013 6,42,523

In % 39% 33% 24% 3.7%

 Karnataka Beer Comparison
KARNATAKA STATE
COMPANY WISE BEER INDUSTRY
BEER INDUSTRY TOTAL
UB 16544429.1
SAB 2906858.5
CARLSBURG INDIA PTVLTD 3615276.8
B9 BEVARAGES 330298.0
SNJ 82243.0
SOM DISTILLERY AND BREWERRY 730134.8
SONA BEVARAGES 9418.0
IMPALA DISTILLERY AND BREWERRY 14911.4
MAHOU INDIA PVT LTD 631.0
HIMALAYAN ALES PVT LTD (MP) 402.0
TOTAL 36351903.8

• 36 Million Cases from 32.8 Million Cases of 2017/18

• Premium Segment Grew by 18% over last year
• Craft Beer is less than 1% (however, in terms of exact volumes, there is a growth of
42% in terms of litres consumption)
Karnataka – IMFL Comparison

• Growth of 8.7% over last year

• Brandy segment is grown in
Karnataka by 2.8%- growth in
premium Brandy segment is
evident
• 85% is a Whisky Market
 AP – IMFL Comparison
AP IMFL INDUSTRY SEGMENT WISE
WHISKY TOTAL (17/18) M/S TOTAL (18/19) M/S
SCOTCH (TEACHER'S SEGMENT) 85188 0.32 90630.4 0.5
PREMIUM (B.PRIDE SEGMENT) 399391 1.51 364009.2 1.3
SEMI PREMIUM (R.ST SEGMENT) 736992 2.78 1008103 3.5
PRESTIGE SEGMENT (IB SEGMENT) 5426661 20.45 5771390 20.3
REGULAR SEGMENT (OC SEGMENT) 4308100 16.24 3890035 13.7
MEDIUM SEGMENT (DSP SEGMENT) 7805803 29.42 5985124 21.0
CHEAP SEGMENT 7768939 29.28 11386339 40.0
TOTAL 26531074 100.00 28491631 100.0
BRANDY TOTAL M/S TOTAL M/S
PREMIUM (MORPHUS SEGMENT) 351624 5.29 384313.2 4.9
SEMI PREMIUM (COURIER NPLN SEGMENT) 356047 5.35 477550.8 6.0
PRESTIGE SEGMENT (MHB SEGMENT) 2476427 37.22 2719040 34.4
REGULAR SEGMENT (Mc GOLD SEGMENT) 1859312 27.95 2817444 35.7
MEDIUM SEGMENT (OAB SEGMENT) 1609608 24.19 1497090 19.0
TOTAL 6653018 100.00 7895438 100.0
RUM TOTAL M/S TOTAL M/S
PREMIUM (BACARDI SEGMENT) 12593 1.40 14904 1.9
SEMI PREMIUM (BACARDI BLACK SEGMENT) 17668 1.96 33453.6 4.2
MEDIUM SEGMENT (Mc.RUM SEGMENT) 869829 96.64 753520.8 94.0
TOTAL 900090 100.00 801878.4 100.0
VODKA TOTAL M/S TOTAL M/S
PREMIUM (S.OFF SEGMENT) 45975 16.98 52363.2 18.8
SEMI PREMIUM (MAGIC MOMENT SEGMENT) 122348 45.19 136466.4 48.9
REGULAR SEGMENT (W.MICHEIF SEGMENT) 102403 37.83 90057.6 32.3
TOTAL 270726 100.00 278887.2 100.0
WINE TOTAL M/S TOTAL M/S
PREMIUM (SULA SEGMENT) 23580 19.42 31417.2 24.5
REGULAR SEGMENT (PORT WINE SEGMENT) 97831 80.58 96696 75.5
TOTAL 121411 100.00 128113.2 100.0
TOTAL 34476319 37595948
Telangana IMFL Comparison
TELANGANA IMFL INDUSTRY SEGMENT WISE
WHISKY TOTAL (17/18) M/S TOTAL (18/19) M/S
SCOTCH (TEACHER'S SEGMENT) 2,47,723.00 0.95 3,09,818.40 1.03
PREMIUM (B.PRIDE SEGMENT) 10,64,974.00 4.08 13,20,133.20 4.40
SEMI PREMIUM (R.STOG SEGMENT) 18,73,465.00 7.18 27,20,635.20 9.07
PRESTIGE SEGMENT (IB SEGMENT) 89,50,349.00 34.30 1,03,81,988.40 34.63
REGULAR SEGMENT (OC SEGMENT) 89,50,349.00 34.30 1,00,16,424.00 33.41
MEDIUM SEGMENT (DSP SEGMENT) 13,15,957.00 5.04 12,10,077.60 4.04
CHEAP SEGMENT 36,91,326.00 14.15 40,22,890.80 13.42
TOTAL 2,60,94,143.00 100.00 2,99,81,967.60 100.00
BRANDY TOTAL M/S TOTAL M/S
PREMIUM (MORPHUS SEGMENT) 33,202.00 1.61 58,765.20 2.39
SEMI PREMIUM (COURIER NPLN SEGMENT) 30,497.00 1.48 38,391.60 1.56
PRESTIGE SEGMENT (MHB SEGMENT) 7,61,930.00 37.03 10,21,250.40 41.45
REGULAR SEGMENT (Mc GOLD SEGMENT) 32,031.00 1.56 11,713.20 0.48
MEDIUM SEGMENT (OAB SEGMENT) 12,00,165.00 58.32 13,33,719.60 54.13
TOTAL 20,57,825.00 100.00 24,63,840.00 100.00
RUM TOTAL M/S TOTAL M/S
PREMIUM (BACARDI SEGMENT) 13,824.00 1.11 13,988.40 1.01
SEMI PREMIUM (BACARDI BLACK SEGMENT) 30,497.00 2.45 38,391.60 2.77
MEDIUM SEGMENT (Mc.RUM SEGMENT) 12,00,165.00 96.44 13,33,719.60 96.22
TOTAL 12,44,486.00 100.00 13,86,099.60 100.00
VODKA TOTAL M/S TOTAL M/S
PREMIUM (S.OFF SEGMENT) 46,476.00 18.94 47,127.60 17.12
SEMI PREMIUM (MAGIC MOMENT SEGMENT) 1,41,439.00 57.65 1,73,493.60 63.03
REGULAR SEGMENT (W.MICHEIF SEGMENT) 57,443.00 23.41 54,654.00 19.85
TOTAL 2,45,358.00 100.00 2,75,275.20 100.00
WINE TOTAL M/S TOTAL M/S
PREMIUM (SULA SEGMENT) 67,674.00 52.29 88,040.40 57.77
REGULAR SEGMENT (PORT WINE SEGMENT) 61,756.00 47.71 64,365.60 42.23
TOTAL 1,29,430.00 100.00 1,52,406.00 100.00
Total 2,97,71,242.00 3,42,59,588.40
AP Beer Comparison
AP BEER INDUSTRY MONNTH WISE COMPANY WISE
TOTAL TOTAL
COMPANY WISE BEER INDUSTRY (2017/18) M/S (2018/19) M/S
KALS 90,240 0
UB 1,09,41,413 49 1,24,09,013 46
SAB 89,68,300 40 94,41,118 35
CARLABURG 22,01,366 10 34,22,574 13
SNJ 4,37,679 2 17,34,694 6
TOTAL 2,25,48,758 100 2,70,39,346 100
TELANGANA BEER INDUSTRY MONNTH WISE COMPANY WISE
COMPANY WISE BEER INDUSTRY TOTAL M/S TOTAL M/S
UB 2,67,12,394 61 2,91,98,266 60
SAB 1,49,89,645 34 1,44,05,581 30
CARLABURG 18,32,884 4 40,08,695 8
LEELA & SONS 54,423 0 6,96,659 1
B9 BEVERAGES PVT LTD 26,314 0
IMPALA DISTILLERIES - - 15,854 0
TOTAL 4,35,89,346 100 4,83,51,368 100
Opportunities
Global Driver Vs. Challenges
PEST
 Beer
Segment!
Market Size - Segmentation
Pricing Criteria!
Sterren Beer – Flagship Brand
1. Sterren – Authentic German
Recipe
2. Recipe given by “VLB- Germany”
3. Product under the auspices of
German Purity Law
4. Manufactured under the totally
integrated German Technology
5. Sterren – A Family brand, which
as 3 variants
1. Sterren 6 – Authentic
Wheat Beer
2. Sterren 7 – Lager Supreme
3. Sterren 8 – Strong Beer
6. Most Preferred Brand with Global
Standards
Kolt Strong Beer – International Brand

1. Kolt – Authentic German Recipe

2. Recipe given by “VLB- Germany”
3. Product under the auspices of German
Purity Law
4. Manufactured under the totally integrated
German Technology
5. Most Preferred Brand with Global Standards
 Brand Positioning
A dynamic company committed to creating world class products
 1848 XO – Brandy (with a market-share of over 45% in TN in the niche segment) is rated as
one of the Power Brands of India in FMCG Category – 1848 crossed one millionth cases
mark of sale in the year 2015.
 1848 is also given the status of “Super Brands” by “Power Brand Global INC” from the UK-
It is important to note that 1848 is the only Brand which is qualified by the Juries in this
segment
 Only one Brand to represent Oktoberfest in India (Our German Beer was well accepted)
Human Resources
 3000+ workforce (KALS directly influences 3000 families directly and
15000 families indirectly)
 KALS – Equal Opportunity Employer driven by deep-rooted ethics with
proven value systems.
 HAY Certified Organization for Employee Engagement, Job Evaluation, &
Compensation / Benefits.
 SHL Embraced Competency Based Model that is aligned to the vision of
the Group.
 Explore, Expand, Excel, Empower, & Embrace – 5 E’s of KALS that fuels
people power.
 Invigorating work-culture with Operational Freedom enables a
collaborative work-culture of Trust and Respect.
 Highly empowered women workforce – equal opportunity employer!
Corporate Social Responsibility
 Our CSR motto outlines the KALS spirit and approach in reaching out to the community - 'We
will keep helping and feeding people in need, till there comes a day when nobody needs it for
free‘. Over the years, KALS Group has undertaken numerous CSR initiatives touching areas
including up-keeping and maintenance of temples in their native village, education and
scholarships, caring for environment, social welfare, and responsible drinking campaigns. We
ensure compliance with all Local laws as applicable.
 In order to achieve our Corporate Social Responsibility goals, we focus on five themes in all our
programmes:
• Health & nutrition,
• Education
• Women empowerment,
• Environment,
• Sports,
• Disaster Recovery from natural calamities.
 Mr. Vasudevan, Chairman & Managing Director of KALS Group, takes a keen interest in providing
better education to children hailing from his native village in Tamil Nadu, through the Higher
Secondary School of repute run by his family (Regional Perfect Matriculation Hr Sec School)
 S. Vasudevan - sports lover in general and volleyball in particular, has assumed the charge of
President of Volleyball Federation of India (VFI), an apex body for promotion of volleyball in
India and abroad, till 2021.
 KALS - Share of TN Market

SOM in % 2015-16 2016-17 2017-18 2018-19

Estimated
Actuals
IMFL – All Products 13% 12% 14% 21%

IMFL – Premium 20% 21% 21% 22%

Segment
Beer 22% 18% 19% 20%
Thanks