Jagatjit Industries Limited Achieves Remarkable Turnaround, Reports Profitable FY 2022-23 Results

The EBITDA for March 2023 reached an impressive INR 49.13 crore. For the first time in the past decade, Jagatjit Industries has reported a double-digit figure in Profit Before Taxes, signifying its successful turnaround strategy.

This strategy involved implementing significant changes, team building and enhancing management, implementing operational efficiency, identifying and leveraging new market opportunities, improving product offerings, shifting to a new business model of short-term franchise agreements in key markets, and advancements in technology and infrastructure at the manufacturing locations. The profitability turnaround has boosted investor confidence, strengthened its market position and set the foundation for sustainable growth and success in the future.

Looking ahead to FY 2023-24, Jagatjit Industries is set to embark on several key strategic initiatives. Central to this is the goal to make the grain-based ethanol manufacturing plant operational by June 2024, a step that is anticipated to significantly contribute to the companys revenues and profitability.

The company will also undertake expansion into new markets in Uttar Pradesh, Kerala and the Canteen Stores Department. This development aims to widen its consumer base and further fuel its growth to then 22 states. It will also continue to deepen its presence in existing markets of Punjab, Andhra Pradesh, Telangana, Assam to name a few. JIL will also further grow the export markets from 13 to 15 countries and set foot in Nigeria and Russia by making its products available through export.

Financial Highlights

Fourth quarter fiscal 2022

• Revenues for the fourth quarter of fiscal 2022 were INR 150 crore, compared with INR 128 croer for the fourth quarter of fiscal 2022, an increase of 17.18 percent

• Jagatjit Industries Limited demonstrated a significant growth rate of 14 percent in consolidated net sales for the fourth quarter of fiscal 2022, ending in March 2023. The companys impressive achievement with net sales reaching INR 150.15 crore compared to INR 128.35 crore in the same period last year, highlights its successful adaptation to evolving market dynamics and its ability to effectively meet customer demands.

• The quarterly net profit for the fourth quarter of fiscal 2022- 23 stood at INR 9.56 crore.

About Jagatjit Industries
Founded in 1944 with a heritage spanning 78+ years, Jagatjit Industries Limited (JIL) is amongst India's prominent companies manufacturing Indian Made Foreign Liquor (IMFL) and Country Liquor (CL) in the country. The company is listed on Bombay Stock Exchange (BSE).

The company manufactures an entire range of alcoholic beverages i.e. Whisky, Vodka, Rum, Gin and Brandy. The company's brands in the AlcoBev sector are Aristocrat Premium Whiskey, AC Black Whiskey, Royal Pride Whiskey, King Henry Damn Good Scotch and Iice Vodka.

The company has state-of-the-art manufacturing facilities in Kapurthala District, Punjab along with other manufacturing units in Behror, Rajasthan. The company is Food and Safety Systems Certified (FSSC) 22000 certified.

The company has diverse key verticals: Indian Made Foreign Liquor (IMFL)/Country Liquor (CL), Malted Milk Food and Malt Extract (produces Boost for HUL under a contract), distillery for producing ENA for alcoholic beverages, and commercial real estate.