INDIA – Jagatjit Industries, one of the most prominent companies manufacturing IMFL (Indian Made Foreign Liquor), has announced plans to enter the competitive single malt whisky market by March 2025 to bolster its malt spirits portfolio.
According to Roshini Sanah Jaiswal, promoter and executive director of Jagatjit Industries, the company aims to achieve a revenue target of Rs970 crore for the financial year 2025.
Over the past 12 months, Jagatjit Industries has ramped up its malt production from 1.2 lakh liters per month to 2-3 lakh liters per month. This increased production capacity is part of the company’s preparations for the upcoming launch.
The company had initially planned to introduce a single malt whisky named Hamira in 2020, but the plan was shelved due to the Covid-19 pandemic.
“We have now changed the mix to include more malt spirit. We are increasing the production gradually, so the bottom lines are not under pressure. The launch of single malt will help achieve better margins, which will reflect in the following year,” Jaiswal said.
The Indian single malt whisky category is witnessing significant growth, with local and international liquor giants entering the market.
Jaiswal stated, “The single malt category is being born, it’s not even cracked the surface in India. Our differentiation will come from flavors, casks, and the quality of the whiskey.” The new single malt whisky is expected to be priced at Rs4000 and above.
For the financial year ending 2024, Jagatjit Industries reported a 22 percent increase in revenue to Rs708.16 crore (US$84.93M) from operations, marking a 22 percent increase year-on-year. However, this was slightly below the targeted projection of Rs720 crore (US$86.35M).
Looking ahead, the company is focusing on premiumization to drive its growth to the Rs970 crore (US$116.33M)target for FY25.
Liquor ban in Bengaluru
In related news, the Bengaluru Urban district administration has announced a ban on liquor sales during the first week of June due to the Legislative Council polls and the counting of Lok Sabha election votes, resulting in five dry days.
The first ban will last for 48 hours from 4 pm on June 1 to 4 pm on June 3 due to the Legislative Council elections. The second ban will begin at midnight on June 3 and last for 24 hours to cover the counting of Lok Sabha election votes on June 4. The third ban will be in place from 6 am to midnight on June 6 for the counting of votes in the MLC elections.
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