From correspondents in Delhi, India, 10:24 PM IST

Tilaknagar Industries Ltd, a leading manufacturer of alcoholic beverages including IMFL (Indian Made Foreign Liquor),has posted excellent results for the first quarter of the present fiscal.

Net Income for the quarter ended June 30, 2008 rose 55.05% to Rs.43.35crores, up from Rs.27.96crores in the last fiscal. Total income during the period went up by 54.84% to Rs.43.68 crores, up from Rs.28.21 crores last year. PAT stands at Rs.2.99crores.

Announcing the results, Mr. Amit Dahanukar, Chairman& Managing Director of Tilaknagar Industries Ltd. said, “The increase in sales was driven by increased efforts in distribution and aggressive marketing inputs. We hope to sustain the growth pattern in the coming years, thereby maximizing shareholders’ returns.”

The Company is readying to invest Rs. 150 crores to be requisitioned through debt, equity and internal accruals, for use in the expansion of their plant from 50 KLPD to 100 KLPD (Kilo Litres Per Day), and diversification to grain spirit-based alcohol plant, approval for which has been received from the Excise Department.

Taking advantage of the subsidies being given by the Maharashtra government, TI plans to set up a grain distillery plant capable of producing 1,00,000 ltrs. of spirit per day in the state. TI has already received the letter of intent for their application for a Grain distillery license from the state government.

Source: Press Release Distribution via India PRwire