Radico Khaitan Q1 net zooms 20% at Rs 13.28 cr

New Delhi, July 31 (UNI) Domestic liquor major Radico Khaitan today said it a net profit in Q1 2006-07 zoomed by over 20 per cent at Rs 13.28 crore as compared to Rs 11.06 crore for Q1 2005-06.

The company's sales also grew 9.41 per cent to Rs 324.14 crore in the quarter ending June 30, 2006, from Rs 296.26 crore in the same period last year.

''We are very pleased with our 20.07 per cent growth in profits.

Looking ahead to the second quarter of 2006-07, we are upbeat about growth,'' Radico Khaitan CMD Lalit Khaitan said in a statement.

Radico Khaitan has issued Rs 184.0 crore of FCCBs with a green shoe option of 10 million dollar, which would be exercisable within 30 days from the issue date at the sole discretion of the lead manager.

The proceeds of the issue shall be utilised to cater to the company's capital expenditure requirements and investments in joint ventures and subsidiaries abroad.

The company has recently announced the issue of cumulative compulsorily convertible preference shares of 20.0 million dollars, which is still subject to shareholder approval expected on August 10, 2006.

With brand launches in new markets the quarter saw the turnover go up from Rs 296.26 crore to Rs 324.14 crore, a growth of 9.41 per cent.

''Our focus on building brands has paid rich dividends. We are now breaking into newer and sophisticated markets with liquor brands developed to appeal to a wider palate,'' Radico Khaitan MD Abhishek Khaitan said.

The EPS stood at Rs 5.52 compared to Rs 4.6 for corresponding results last quarter, a growth of 20 per cent.

UNI PV RA PC1810