Tilaknagar Industries Q4 net profit more than doubles to Rs 59 crore

IMFL manufacturer Tilaknagar Industries has reported an over two-fold increase in its consolidated net profit to Rs 59.09 crore for the March quarter, led by higher volumes

Leading Indian-Made Foreign Liquor (IMFL) manufacturer Tilaknagar Industries Ltd has reported an over two-fold increase in its consolidated net profit to Rs 59.09 crore for the March quarter, led by higher volumes.

The company had reported a net profit of Rs 23.24 crore in the January-March period a year ago, Tilaknagar Industries Ltd said in a BSE filing on Tuesday.

Its revenue from operations was at Rs 717.24 crore, up 37.69 per cent, during the period under review against Rs 520.90 crore in the year-ago period.

The company said its volumes were significantly at higher levels compared to pre-Covid times.

It had "46 per cent volume growth in Q4 on YoY basis," according to the company's earnings presentation.

Tilaknagar Industries' total expenses in the fourth quarter of FY23 were at Rs 689.64 crore.

The total income of the company, which owns brands such as Mansion House Brandy, Courrier Napoleon Brandy, Mansion House Gold Whisky and Blue Lagoon Gin, was 36.61 per cent higher at Rs 722.32 crore in the fourth quarter.

For the fiscal year ended March 2023, Tilaknagar Industries net profit grew three-fold at Rs 149.89 crore. It had reported a net profit of Rs 41.19 crore in the year-ago period.

Its consolidated revenue from operations was at Rs 2,469.27 crore in FY23, 37.79 per cent higher than the preceding fiscal year.

"In FY23, we have grown 43 per cent YoY vs overall IMFL industry which has grown 12 per cent," its Chairman and Managing Director Amit Dahanukar said.

"Our aim to open up the brandy category to a young, experimental and aspirational audience continues and we will be looking at launching more premium and aspirational products over the next few quarters," he said.

The company has gone through a debt restructuring exercise in February 2020.

"Our debt reduction strategy is also on-track; we have reduced our debt by almost Rs 200 crore in FY23," he said.

Its operating cash flows help in funding debt repayments as well as working capital requirements, according to a statement.

Shares of Tilaknagar Industries Ltd on Wednesday settled 2.46 per cent higher at Rs 137.25 apiece on the BSE.