Liquor firm Radico Khaitan today reported a decline of 18.82 per cent in its standalone net profit at Rs 19.70 crore for the third quarter to December, hit by demonetisation.
The company had posted a net profit of Rs 24.27 crore in October-December of the last fiscal, Radico Khaitan said in a BSE filing.
Total income from operations stood at Rs 1,239.68 crore during the quarter under review, up 8.09 per cent, from Rs 1,146.89 crore a year earlier.
Radico Khaitan CMD Lalit Khaitan said: "While demonetisation had a temporary impact on our volumes and sales growth, we were able to quickly adjust to the challenging environment." Total expenses during the quarter were up 8.67 per cent at Rs 1,195.78 crore as against Rs 1,100.30 crore.
"While overall IMFL volumes declined by 6.7 per cent, our topline decreased by only 3.5 per cent y-o-y during third quarter of 2016-17 as the contribution from our Prestige & Above brands continued to increase. This subdued volume and topline performance was due to the demonetisation led decline in consumer spending," said Radico Khaitan MD Abhishek Khaitan.
Radico Khaitan today closed the day at Rs 127.80, down 1.08 per cent, from its previous close on BSE.
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