Jagatjit Industries Ltd, a player in the liquor business, has recorded a more than twofold increase in its consolidated profit, reaching INR 2.38 crore for the second quarter of the current fiscal year. The company also announced securing a term loan of INR 180 crore from IREDA to establish a grain-based ethanol plant in Punjab. In comparison, its net profit was INR 1.14 crore in the corresponding period of the previous year.
The total income increased to INR 187.06 crore in the July-September period of 2023-24, up from INR 174.95 crore in the same period of the preceding year.
The net profit for the initial six months of the current fiscal year amounted to INR 5.02 crore, marking a significant improvement from the net loss of INR 3.3 crore during the corresponding period in the previous year.
Total income rose to INR 368.23 crore during April-September period from INR 302.17 crore a year ago.
“With a focus on innovative offerings and expanding our market footprint, we have not only strengthened our financials but also set a precedent for future growth,” Jagatjit Industries Promoter & Executive Director Roshini Sanah Jaiswal said in a statement on Friday.
Meanwhile, on November 14, the board of the company gave approval for obtaining a term loan of INR 180 crore from the Indian Renewable Energy Development Agency (IREDA). This funding will be utilized for the establishment of a grain-based ethanol distillery plant with a daily capacity of 200 kiloliters in Kapurthala, Punjab. The formalization of the loan agreement took place on November 16.
Last year, Jagatjit Industries revealed its plan to invest INR 210 crore in the establishment of a grain-based ethanol manufacturing plant in Punjab. The objective behind this strategic investment was to seize the growing demand for green fuel, specifically for blending with petrol.
Established in 1944, Jagatjit Industries specializes in the production of a comprehensive range of alcoholic beverages, encompassing whisky, vodka, rum, gin, and brandy. Among its notable brands is Aristrocrat Premium Whiskey.
The company is engaged in the production of Indian Made Foreign Liquor (IMFL) and country liquor, malted milk food, and malt extract (manufacturing Boost for HUL under a contractual arrangement). Additionally, it operates a distillery for the production of Extra Neutral Alcohol (ENA) used in alcoholic beverages, and is involved in commercial real estate.
Listed on the BSE, the company operates manufacturing facilities located in Kapurthala, Punjab, and Behror, Rajasthan.
