Delivers highest-ever net revenue at Rs 302.87 crore, up 47.1 per cent over year-ago quarter
NE BUSINESS BUREAU
AHMEDABAD, FEB 8
Leading Indian-Made Foreign Liquor (IMFL) manufacturer Tilaknagar Industries Limited has reported a 139.3 per cent year-on-year increase in profit after tax (excluding exceptional items) at Rs 24.55 crore for the quarter ended December 31, 2022. In the corresponding quarter a year ago, the company had registered a net profit of Rs 10.27 crore, a spokesman said here.
Tilaknagar delivered its highest-ever net revenue at Rs 302.87 crore at the end of the quarter, having risen 47.1 per cent from Rs 205.90 crore reported in the corresponding period a year ago. Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) stood at Rs 40.56 crore in the December quarter (Rs 32.42 crore).
Led by a strong performance of its flagship ‘Mansion House’ brand, Tilaknagar Industries recorded a 39.4 per cent year-on-year volume growth in the quarter ended December 31, 2022. The company’s sales volumes increased to 26 lakh cases in the quarter under review as against 18.7 lakh cases in quarter ended December 31, 2021.
Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “Sales have been buoyant across all brands and territories with Mansion House brand performing exceptionally well especially in Karnataka, Sikkim and Goa. We were able to expand our EBITDA to above Rs. 40 crore at a healthy EBITDA margin of 13.4 per cent as against 11.4 per cent in Q2 FY23, despite glass price hikes and other inflationary pressures.”
Tilaknagar Industries sold 8.7 lakh cases of Mansion House brand in the month of December 2022, making it the highest-ever sales for the brand so far in a single month. The company’s overall sales volumes too reached almost 11 lakh cases in a month for the first time after a decade.
In line with its debt-reduction strategy, Tilaknagar Industries has reduced its debt by Rs 126 crore in the 9 months of FY23. The company aims to be near net-debt free by FY24.
In December 2022, Tilaknagar Industries also completed the Rs 100-crore preferential issue to San Francisco-based Think Investments.
Tilaknagar Industries has emerged as the country’s largest brandy manufacturer. According to IWSR Drinks Market Analysis, the company sold 5.32 million cases of its flagship brand Mansion House Brandy in 2021, making it India’s biggest brandy brand by volume. Under the Mansion House brand umbrella, the company recently launched India’s first premium flavoured brandy as well as Mansion House Reserve, a premium variant of Mansion House Brandy.
