Greater Than gin maker Nao Spirits crosses Rs 80 Cr revenue in FY24

Nao Spirits, the parent company of the gin brand Greater Than, reported more than double its growth in the fiscal year ending March 2024. Despite this substantial growth, the Goa-based company effectively managed to keep its losses in check during the same period.

Nao Spirits' revenue from operations grew by 145% to Rs 81 crore in FY24 from Rs 33 crore in FY23, its annual financial statements sourced from the Registrar of Companies show.

Founded in 2015 by Anand Virmani, Abhinav Rajput, Aparajita Ninan and Vaibhav Singh, Nao Spirits is a craft distillery based in India, known for producing premium craft gins like Greater Than and Hapusa. Income from the sale of these gins was the sole source of revenue for Nao Spirits.

While the majority of Nao Spirits' revenue is generated within India, export earnings contributed Rs 2 crore in the previous fiscal year (FY24).

For the liquor maker, the cost of excise duty was the largest cost center which accounted for 48% of its overall cost or nearly half of its revenue. This cost surged 7X to Rs 43 crore in FY24 from Rs 6 crore in FY23.

Nao Spirits’ cost of procurement and employee benefits grew 42% and 33% to Rs 17 crore and Rs 8 crore respectively. The company also spent Rs 17 crore on advertising and business promotion. Its legal, traveling, rent, and other overheads tallied its total cost to Rs 96 crore in FY24 from Rs 50 crore in FY23.

See TheKredible for the detailed cost breakup.

The over two-fold scale and controlled expenditure helped NaoSpirits to reduce its losses by 11% to Rs 14.6 crore in FY24, compared to Rs 16.4 crore in FY23. Its ROCE and EBITDA margin improved to -55% and -13.64% respectively with a better expense-to-revenue ratio which stood at Rs 1.19. During FY24, the company had a total current assets of Rs 48.7 crore.

Nao Spirits has secured a total of Rs 54 crore ($6.5 million )in funding over five rounds. Their most recent funding was a Series B round on March 12, 2022.

Nao Spirits' gin, Greater Than, has firmly established itself as a prominent brand in the Indian market, with widespread availability across the country. The next 2–3 years are expected to be dynamic for Nao Spirits and it may introduce new products and innovations to further engage gin enthusiasts. For instance, in April 2024, the firm released 'Punk Gin,' a limited-edition pink gin made with fresh strawberries and hibiscus.