Liquor maker Radico Khaitan on Wednesday reported a 58 per cent rise in consolidated net profit at Rs 79.94 crore in the second quarter ended September 30.
The company had posted a consolidated net profit of Rs 50.58 crore in the same quarter last fiscal, Radico Khaitan said in a regulatory filing.
Revenue from operations in the quarter under review stood at Rs 2,520.05 crore as against Rs 1,906.1 crore in the year-ago period, a growth of 32.2 per cent, it added.
The company said it has chosen to exercise the option of lower corporate tax rate and recognised provision for income tax for the half year ended September 30, 2019 and re-measured its deferred tax assets accordingly, thereby gaining Rs 26.62 crore.
Total expenditure in the second quarter was higher at Rs 2,454.38 crore as compared to Rs 1,834.31 crore in the same period a year ago, it added.
Commenting on the results, Radico Khaitan Chairman and Managing Director Lalit Khaitan said the company had a robust operational and financial performance during the last quarter which was otherwise impacted by the overall economic slowdown.
"The impact of this slowdown is aggravated by the increasing raw material prices," he added.
During these challenging times, the company has focused its energies towards investment in core premium brands, cost optimisation and enhancing supply chain efficiencies, Khaitan said.
On the outlook, he said, "We are facing near term macro headwinds, but we are confident about the long-term dynamics of the IMFL industry and Radico Khaitan's positioning to capitalise on the growth opportunities.
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