Leading alcoholic beverage manufacturer, Tilaknagar Industries Limited has reported a profit after tax (PAT) of Rs 269.73 crore for the year ended March 31, 2020.
Despite a marginal dip in total income from Rs 1530.70 crore to Rs 1513.40 crore, the company posted a multi-fold increase in PAT on the back of exceptional items of Rs 455.18 crore. The company had reported a loss of Rs 159.62 crore in the previous financial year.
The exceptional items included a write back of Rs 226.24 crore for Bank of India Rs 195.27 crore for State Bank of India and Rs 33.67 crore for IDBI on account of the agreed settlement amounts being paid to the aforesaid banks.
Tilaknagar Industries, the maker of the famous Mansion House brandy, entered into a long restructuring agreement with Edelweiss Asset Reconstruction Company (EARC) wherein total loans of Rs 523.32 crore have been restructured at Rs 344.72 crore at an interest rate of 9 per cent.
The balance debt of Rs 144.98 crore will continue on the balance sheet at 0.001 per cent and will be waived in 2024 when the Company pays the restructured debt to EARC. Bank liabilities at consolidated level have reduced from Rs 1099 crore as on March 31, 2019 to Rs 422 crore as on March 31, 2020.
Founded in 1933 as Maharashtra Sugar Mills, Tilaknagar Industries, today, is a leading alcoholic beverage company in India. Over the years, the company has built a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin and rum.
Tilaknagar Industries is a leading alcoholic beverage company in India. Founded in 1933 by Shri Mahadev L. Dahanukar as Maharashtra Sugar Mills, the company was then engaged in the manufacture of sugar and allied products.
TI now has over 75 years of excellence in the consumer goods category. The Dahanukar family continues to be the promoter of TI sharing the same vision and values as the founders. Under the current leadership of Shri Amit Dahanukar the company has built a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin and rum.
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( With inputs from ANI )
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