CHAIRMAN'S MESSAGE
Promoter & Executive Director
Dear Shareholders,
I am pleased to share the Annual Report for the Financial Year 2023-24, highlighting
our exceptional performance in the previous year and outlining our vision for the future.
Building on a strong foundation of 80 years, our unwavering commitment to quality has
resulted in remarkable achievements and delighted millions of customers. Despite
challenging market conditions, our team's resilience and dedication have driven our
success.
Phase 1 of our turnaround strategy has been highly successful, transforming Jagatjit
Industries into a profitable and thriving enterprise. By optimizing operations, investing
in cutting-edge technology, capitalizing on market trends, and focusing on premium
offerings, we have established a strong market position and achieved remarkable results.
The company reported a strong financial performance in FY24 with revenue growth of 22% to
Rs. 734 crore, and net profit increased by 17.1% to Rs. 9.71 crore from continuous
operations.
As we embark on phase 2 of our transformation we will focus on re-entering Kerala, UP
and West Bengal. Our key strategies will position us for a new paradigm of success
propelling us to new heights. One driver of this growth will be the launch of our
grain-based ethanol plant which is expected to significantly boost our revenue and
profitability. We are also aiming to bring back a few of our state franchises under our
control, which will potentially lead to 3X growth in the next 2 to 3 years. The plans for
phase 2 will commence which will help us achieve some of the endeavors mentioned above and
strengthen our IMFL portfolio significantly.
In the current year as we prepare for acceleration we have changed the mix of our
product offering and have increased our production of malt spirit from 1.2 lakh liters to
2.5 lakh liters per month. This will in the short term strengthen our bottom line and get
us ready to launch a single malt in the near future. This move aims to bolster our
existing malt spirits offerings and contribute to the goal of reaching 1920 crore in
revenue by the end of FY25. This number is likely to grow further if we succeed in
completing our fund raise by the next quarter. We will also deepen our existing market
penetration in key regions like Punjab, Andhra Pradesh, Telangana, and Assam while
expanding our global footprint to include Nigeria and Russia, taking our total export
markets to 15.
We aim to capitalize on the premiumisation boom in the country by introducing offerings
such as Royal Pride, the exceptional King Henry VIII (Damn Good Scotch), and Royal
Medallion in various markets across India. The company has set its sights on the premium
market with plans to launch a single malt whisky in the near future.
As a part of our strategic growth initiatives, the ethanol plant is set to launch in
the last quarter of FY 25. The plant, once operational, is projected to generate annual
revenues exceeding Rs 500 crore, with a robust healthy EBITDA margin from the first year
itself. The ethanol plant will also help in redefining the company's transformation
strategy while contributing 10% of the company's total revenue in FY 25 and this is
expected to grow further exponentially in the following fiscal year.
The outlined strategies are designed to propel Jagatjit Industries into a new phase of
growth. The unwavering trust and support of our stakeholders have been instrumental in
empowering us to pursue these ambitious goals. Our commitment to delivering exceptional
value to both our customers and stakeholders remains steadfast as we execute on our
vision.
I am immensely proud of our team's extraordinary achievements during this year. Your
resilience, dedication, and unwavering commitment have been instrumental to our success.
Together, we have demonstrated that with determination and a shared vision, we can
overcome any challenge.
I want to express my sincere gratitude to each and every one of you for your
contributions. Your trust and confidence in our leadership are invaluable. As we look
ahead, I am excited about the opportunities that lie ahead and confident in our ability to
continue to grow and thrive together.
Yours sincerely,
Roshini Sanah Jaiswal
Promoter & Executive Director.