For the year ending March 2023, your revenue increased by 48 per cent while your net profit more than doubled and increased by 125.7 per cent. What led to such a performance?
In FY23, Tilaknagar Industries grew 43 per cent year-on-year in comparison to industry growth of approximately 12 per cent. This growth was led by the company’s two millionaire brands, namely, Mansion House Brandy and Courrier Napoleon Brandy which grew 40 per cent and 50 per cent, respectively, year-on-year. With 7.8 million cases sold in FY23, Mansion House is India’s largest-selling premium brandy. During the year, Courrier Napoleon became the company’s second millionaire brand, after Mansion House.
Our brands enjoy a strong emotional connection with the consumers, growing on the strength of blend superiority leading to consumer upgrades from other brandies. In addition, we are also seeing converts from Whisky in certain states from South India. Under the Mansion House brand umbrella, we launched India’s first premium-flavoured brandy, nick-named Flandy. We are witnessing encouraging growth in our flavoured brandy range which has resulted in a meaningful contribution to our overall volumes and margins. We are now looking at launching our Flandy range in more markets.
Despite inflationary pressures, we were able to increase our profitability considerably. This increase was driven by operating leverage, owing to growth in volumes as well as a reduction in finance costs from ₹62 crore in FY22 to ₹40 crore in FY23. We aim to go near net-debt free over the next 12 months or so.
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