My Dear Shareholders,
It gives me immense pleasure to share with you our Annual Report for the financial year
2022-23. Despite the challenges faced by us due to the three waves of Covid – 19
pandemic, geopolitical tensions faced due to the Russia-Ukraine war, widening inflation
impacting cost of living and a slowdown in China caused by strong Zero Covid policy
adopted by the Chinese Government your Company has showcased a very good performance
during the year under review.
Inspite of facing operating challenges, I am happy to state about the resilience of
Northern Spirits Limited to navigate this well and come even stronger. Northern Spirits
Limited has been constantly working towards being 'prepared-for-future', which is
essential to sustainably grow its businesses in all aspects. The ability to foresee
changes in trends and enable the organizational changes in order to adapt to those changes
at the right time is essential in order to differentiate oneself in the highly competitive
global marketplace. We are making continuous investments in our productive assets, and our
growth plans are also being formulated, bearing in mind our focus on efficient allocation
of capital. We continuously focus in quality supply of liquor products thereby moving
forward in our journey of being the most inspirational franchise in the market. Gross
revenues for this financial year stood at Rs. 90,566.11 Lakhs as against Rs. 26,778.31
Lakhs in the previous year. After providing for depreciation and taxation the net profit
of the Company for the year under review was placed at Rs. 1,113.37 Lakhs as compared to
the net profit of Rs.
600.29 Lakhs incurred during the previous year registering a growth of 85.47%. The
Earnings Per Share (EPS) stood at Rs. 6.94 (face value of Rs. 10/- each) for the financial
year ended 31st March, 2023. I am very pleased to state that your Company has delivered a
robust performance both in terms of profitability and turnover driven by a strong focus on
operational efficiency and market diversification.
Further, I would like to inform you that our Company at present is a SME Listed Company
with BSE Limited (BSE). For encouraging retail investor participation and attracting more
investors to invest their capital in the Company we decided to migrate to the Main Board
of BSE and simultaneously list our equity shares with National Stock Exchange of India
(NSE). We believe this migration will increase our stock performance and market
capitalization as well. The process of migration in BSE and listing of equity shares with
NSE is already under process and is expected to be complete during the financial year
2023-24.
Our journey so far has been indelible and momentous, and I would like to once again
place on record, our sincere gratitude to all our employees, customers, partners, and
other stakeholders that continue to support the Company's endeavors.
Northern Spirits Limited also acknowledges the support extended by various government
agencies. We would also like to express our appreciation to our liquor/wines fraternity
for their continued support and trust in us.
| Yours sincerely, |
| Ankush Bakshi |
| Managing Director |