Covid-19 impact: Radico Khaitan Q1 profit falls 19.52% to Rs 44.07 crore

Its total revenue from operations declined 33.70% to Rs 1,774.65 crore during the quarter under review as against Rs 2,677.07 crore in the corresponding quarter last year

Liquor firm Radico Khaitan Ltd on Thursday reported a 19.52 per cent decrease in standalone net profit at Rs 44.07 crore for the first quarter ended June 30, 2020, due to disruptions caused by Covid-19.

The company had posted a net profit of Rs 54.76 crore in the April-June quarter a year ago.

Its total revenue from operations declined 33.70 per cent to Rs 1,774.65 crore during the quarter under review as against Rs 2,677.07 crore in the corresponding quarter last year, Radico Khaitan said in a BSE filing.

The company said "because of lockdown, the volume for the quarter ended June 30, 2020, was impacted partially, as there were no sales during the period April 1, 2020, till May 04, 2020. The sales have resumed, post opening up of lockdown and have picked up in many states during June 2020".

Radico Khaitan Managing Director Abhishek Khaitan said the company's profitability has improved due to a better state and product mix and a higher share of exports business.

"We recently received a price increase in one of the key liquor consuming states in south India. This price increase also had a positive impact on our profitability. Radico Khaitan continues to focus on further strengthening its premium products portfolio through new launches and ongoing marketing investments," he said.

Radico Khaitan's brand portfolio includes After Dark Whisky, Contessa Rum, Magic Moments Vodka, Morpheus Brandy, Old Admiral Brandy and 8PM Whisky.

Shares of Radico Khaitan were trading 0.22 per cent higher at Rs 395.60 apiece on the BSE.