Its net profit stood at Rs 1.14 crore in the year-ago period
Jagatjit Industries Ltd, which is into liquor business, has posted an over two-fold jump in consolidated profit to Rs 2.38 crore for the second quarter of this fiscal and said it has taken Rs 180 crore term loan from IREDA to set up a grain-based ethanol plant in Punjab.
Its net profit stood at Rs 1.14 crore in the year-ago period.
Total income rose to Rs 187.06 crore during July-September 2023-24 from Rs 174.95 crore in the corresponding period of the previous year.
Net profit stood at Rs 5.02 crore in the first six months of this fiscal as against a net loss of Rs 3.3 crore in the year-ago period.
Total income rose to Rs 368.23 crore during April-September period from Rs 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, the company's board on November 14 approved a proposal to avail a term loan of Rs 180 crore from Indian Renewable Energy Development Agency (IREDA) for setting up a 200 kilo litre per day grain-based ethanol distillery plant at Kapurthala, Punjab. The loan agreement was executed on November 16.
Last year, Jagatjit Industries had announced it will invest Rs 210 crore to set up a grain-based ethanol manufacturing plant in Punjab to encash rising demand of this green fuel for blending with petrol.
Founded in 1944, Jagatjit Industries makes an entire range of alcoholic beverages -- whisky, vodka, rum, gin and brandy. Its brands include Aristrocrat Premium Whiskey.
It is into IMFL/country liquor, malted milk food and malt extract (produces Boost for HUL under a contract), distillery for producing ENA (extra neutral alcohol) for alcoholic beverages, and commercial real estate.
The company, which is listed on BSE, has manufacturing facilities in Kapurthala ( Punjab) and Behror (Rajasthan).