Accordingly, the total Restructured debt of Rs 176.22 crore as on 30 June 2023 of EARC Trust SC 241 now stands reduced to ‘nil'.

Consequent to the above prepayment, the corresponding balance debt of EARC Trust SC 241 of Rs 3.62 crores has been waived by EARC and accordingly the same shall be written back by the company.

The prepayment of EARC debt has been funded through debt of Rs 130 crore from Kotak Mahindra Bank and internal accruals of the company.

“The company has now completely repaid the restructured debt of all the three EARC Trusts i.e EARC Trust SC 233, EARC Trust SC 241 and EARC Trust SC 269 as per the Master Restructuring Agreement (MRA) dated 06 February 2020 and stands discharged of all liabilities, dues, demands or claims in respect of the Restructured Facilities,” Tilaknagar Industries said in a statement.

Tilaknagar Industries is the largest brandy manufacturer in India with presence across all segments of IMFL.

The company had reported a net profit of Rs 25.7 crore in Q1 FY24 as against a net profit of Rs 1 crore in Q1 FY23. Net revenue from operations increased by 32.5% YoY to Rs 304.1 crore in Q1 FY24.