Jagatjit Industries, the maker of Aristocrat Premium whiskey, is working on a slew of measures, including rebranding of leading products and expansion of distribution network, to turn its business around in the next financial year.
The company, which has a debt of around Rs 380 crore on its books, has evaluated the business over the last two years to look at problems and is now putting in place measures to grow at a healthy pace, a top official of the company said.
The Capital-based firm has initiated the measures after having raised Rs 200 crore in June from global investment firm KKR to support its ongoing restructuring efforts.
"After taking over the company's restructuring process some 20-22 months ago, we have evaluated problems facing the company and come out with certain areas which are critical for the turnaround of the company," Jagatjit Industries Promoter and Chief Restructuring Officer Roshini Sanah Jaiswal told PTI.
The company has hired a UK-based firm for packaging the company's brands like Aristocrat Premium and AC Black whiskies, she added.
"The brands were declining and one thing we figured out was the packaging was dated and a fatigue had set in in terms of packaging. So we have brought in this UK-based company. We have already launched repackaged AC Black while we plan to re-launch Aristocrat Premium next month," Jaiswal said.
Besides, the company plans to focus on one state at one go and also expand its distribution network which had gone in limbo due to funding issues.
"With all these efforts we expect the revenue stream of the company to stabilise by the next financial year," Jaiswal said.
When asked about the sales expectations going ahead, she added: "It is very difficult to put out a figure with various aspects like GST expected to come into force next year. All I can say is that, leaving aside inorganic means, we would like to grow in the range of 15-20 per cent over the next three years."
The company's turnover last year stood at around Rs 1,100 crore.
Elaborating on the expansion plans she said that the company is also focusing on export markets and aims to enter various markets especially in Africa. In domestic market, the company produced 8.5 million cases last year. It has manufacturing sites in Punjab, Rajasthan, Hyderabad and Goa.
Besides whiskies, the company also sells IICE Vodka among others.
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