Mumbai, Oct 15 (ANI/Business Wire India): Tilaknagar Industries Ltd, a leading manufacturer of alcoholic beverages including Indian Made Foreign Liquor (IMFL), has posted a substantial hike in profits for the second quarter of the present fiscal year.
Tilaknagar Industries' PAT climbed 50.70 per cent QoQ to Rs. 517.35 lacs from Rs. 343.29 lacs in the last fiscal.
The Company's Net Sales for the first half of the present fiscal stands at Rs. 8862.22 lacs, an increase of 41.35 per cent, as against Rs. 6269.68 lacs in the last fiscal.
Net Sales for the quarter stands at Rs.4526.42 lacs, as against Rs. 3473.44 lacs in the last fiscal.
Announcing the results, Amit Dahanukar, Chairman and Managing Director of Tilaknagar Industries Ltd. said, "The increase in sales was driven by increased efforts in distribution and marketing. We hope to sustain the growth pattern in the coming years, thereby maximizing shareholders' returns."
The Company is readying to invest Rs. 150 crores to be requisitioned through debt, equity and internal accruals, for use in the expansion of their plant from 50 KLPD to 100 KLPD (Kilo Litres Per Day), and diversification to grain spirit-based alcohol plant, approval for which has been received from the Excise Department.
Taking advantage of the subsidies being given by the Maharashtra government, TI plans to set up a grain distillery plant capable of producing 1,00,000 ltrs. of spirit per day in the state. TI has already received the letter of intent for their application for a grain distillery license from the state government.