Jagatjit Industries Limited (JIL), a renowned manufacturer of Indian Made Foreign Liquor (IMFL) and Country Liquor in India, has recently announced its annual results for FY 2022-23, signaling a remarkable period of growth and recovery. Over the past three years, the company has witnessed a substantial increase in gross revenue, reaching INR 625 crore, which represents a remarkable 2.29-fold rise compared to the INR 273 crore recorded in FY 2019-20.
In the financial year 2022-23 alone, JIL experienced a notable surge in revenue, with net sales rising by 14 percent and overall revenue increasing by 24 percent. Additionally, the company achieved a significant milestone by reporting a profit of INR 10.62 crore during FY 2022-23, successfully reversing the loss of INR 51.65 crore incurred in FY 2019-20. Furthermore, JIL’s fourth-quarter net profit for the fiscal year 2022-23 amounted to INR 9.56 crore, showcasing the company’s continued positive momentum.
According to reports, Jagatjit Industries has achieved a significant milestone in its financial performance. The company’s EBITDA for March 2023 soared to INR 49.13 crore, marking the first instance in the last ten years where they have reported a double-digit figure in Profit Before Taxes. This achievement is seen as a remarkable testament to the success of their 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 company said.
Jagatjit Industries has announced its focus on several significant strategic initiatives for FY 2023-24. At the core of these efforts is their commitment to making the grain-based ethanol manufacturing plant fully operational by June 2024.
In addition, the company has outlined plans to expand into new markets, specifically targeting Uttar Pradesh, Kerala, and the Canteen Stores Department. This strategic expansion aims to not only broaden the customer base but also drive growth across 22 states.
“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,” the company said in a statement.
Roshini Sanah Jaiswal, Promoter & Chief Restructuring Officer, Jagatjit Industries Limited, said, “By streamlining operations, meticulous resource planning, enhancing our product offerings, forging strategic alliances, and improving financial management, we have regained investor confidence, strengthened our market position, and set a solid foundation for future growth.”
