New Delhi : Tilaknagar Industries Limited (TI) , a leading Indian-Made Foreign Liquor (IMFL) manufacturer, has reported a 78.3 per cent jump in net profit at Rs 43.8 crore in the quarter ended December 2023. The company had recorded a Profit After Tax of Rs 24.6 crore (excluding exceptional items) in the same period a year ago.
Maker of the renowned ‘Mansion House’ brand, Tilaknagar Industries registered a 24 per cent rise in net revenue at Rs 377 crore in the quarter ended December 2023 as against Rs 303 crore in the corresponding quarter a year ago.
Mr Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “Inflationary pressures are prevalent in the industry as a whole, especially on the raw material front. Notwithstanding that, we have been able to expand our margins due to a sustained premiumization trend and other cost optimization initiatives. In the nine-month period ended December 2023, our EBITDA margin expanded to 13.3 per cent, in comparison to 11.6 per cent in the same period of FY23.”
Tilanknagar Industries’ Earnings Before Interest Tax Depreciation and Amortization (EBITDA) stood at Rs 51.4 crore in the quarter under review as against Rs 40.6 crore in the same period last year. The company’s EBITDA grew 27 per cent and EBITDA margin stood at 13.6 per cent, compared to 13.4 per cent in the corresponding quarter a year ago.
In the quarter ended December 2023, Tilaknagar Industries’ sales volumes increased to 29.5 lakh cases as against 26 lakh cases in the same period last year.
“In Q3 FY24, our company has achieved a year-on-year volume growth of 13.1 per cent. In the nine-month period ended December 2023, Tilaknagar Industries volumes grew 22.2 per cent, year-on-year, in comparison to the overall IMFL industry growth of 2-3 per cent for the same period”, Mr Dahanukar added.
As part of its strategy, Tilaknagar Industries aims to meet need gaps, across price points, in the brandy category. The launch of its latest premium offering, Mansion House Chambers, in Puducherry, is in line with this endeavour. With this recent unveiling, the company now has 5 offerings across price points in Puducherry in the brandy category and intends to replicate this move, across states.
As on December 31, 2023, Tilaknagar Industries net-debt stood at Rs 119 crore, down by Rs 63 crore from Rs 182 crore as of March 31, 2023. In January 2024, CRISIL assigned a rating of A-/Stable to Tilaknagar Industries, a move that could potentially lead to a further reduction in interest rates for the company in the near future.
