Jagatjit Industries Limited (JIL), a manufacturer of Indian Made Foreign Liquor (IMFL) and Country Liquor in India, announced its FY 2022-23 annual results, ‘marking a solid period of growth and recovery’. Over the past three years, the company posted gross revenue at Rs 625 crore, a 2.29 fold increase from Rs 273 crore in FY 2019-20. For the financial year 2022-23, revenue soared by 24 per cent with an increase in net sales by 14 per cent. The company registered profit at Rs 10.62 crore during FY 2022-23 against a loss of Rs 51.65 crore in FY 2019-20. The quarterly net profit for the fourth quarter of fiscal 2022- 23 stood at Rs 9.56 crore.

It said that the EBITDA for March 2023 reached Rs 49.13 crore and this is the first time in the past decade that Jagatjit Industries has reported a double-digit figure in Profit Before Taxes, signifying a ‘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 company said. 

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Going forward, Jagatjit Industries said that it is working on few key strategic initiatives for FY 2023-24, central to which is the “goal to make the grain-based ethanol manufacturing plant operational by June 2024”.

The company is also planning to undertake expansion into new markets in Uttar Pradesh, Kerala, and the Canteen Stores Department and this will further its aim to widen its customer base and fuel growth to the 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. 

“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,” said Roshini Sanah Jaiswal, Promoter & Chief Restructuring Officer, Jagatjit Industries Limited.