Chennai, Aug 11 (IANS): Liquor maker Radico Khaitan Ltd closed the first quarter of FY23 with a lower net profit of Rs.58.28 crore on higher income as compared to the corresponding period of the previous year.

The Indian Made Foreign Liquor (IMFL) maker has reported an operational income of Rs 3,188 crore and a net profit of Rs 58.28 crore for the period ended June 30.

For the corresponding period last year, the company had earned an operational income of about Rs 2,884 crore and a net profit of Rs 59.82 crore.

During the period under review, the company had sold 6.82 million cases, an increase of 21.5 per cent as compared to the corresponding period of the previous year.

"While there are near-term concerns around inflation, the recent softening of certain commodities, a normal monsoon and the policy measures undertaken by the government bode well for the industry," Lalit Khaitan, Chairman of Radico Khaitan, was quoted as saying in a statement.

According to him, the focus is on strengthening the company's premium brand portfolio.

With 'out-of-home' consumption picking up, white spirit brands have seen strong traction, said Abhishek Khaitan, Managing Director of Radico Khaitan.

He said the company is expanding its gin distillation capacity and to mitigate the inflationary pressure, it has taken steps like rationalisation of portfolio and value engineering across the supply chain.