Mysore Sales International Limited clocks Rs 91 crore in net profit

Mysore Sales International Limited (MSIL) clocked a turnover of Rs 2,901.24 crore, with a net profit of Rs 91.01 crore in the financial year 2021-2022.

The state government company aims to achieve a turnover of Rs 3,350.44 crore and a profit of Rs 110 crore in the current financial year.

Presently, the company's operations include retail liquor, chit fund, Vidya and Lekhak notebooks, stationery, solar water heater, tours and travels, packaged drinking water, and Jan Aushadhi (generic medicine).

MSIL chairman H Halappa revealed the company's future goals at a press conference here on Saturday. "

There are already 26 chit fund branches, with more than 2 lakh subscribers availing the benefits. We intend to extend chit activities by establishing branches in every district and taluk," he said.

Vikash Kumar, managing director, said: "Our chit funds guarantee a return of 9-18%. It is based on a socio-economic model so that people can utilise their money in the right way, especially when it's needed the most. We plan to computerise the whole process so people can find us easily and invest in chit funds. This will prevent them from being exploited by unregistered fly-by-night chit operators."

Most of MSIL's revenue (Rs 2,901 crore) came from their MRP liquor stores.

"We provide quality liquor across 979 MRP liquor stores so that we can curb other malpractices such as sale of illicit liquor and liquor at high prices," Halappa said.

Talking about the role of these liquor stores in society, Vikash says, "These shops are not for profit, but mainly for sociological reasons. Their main purpose is to ensure that others also sell quality liquor at MRP rates. We are hoping to have four such stores in every taluk."

MSIL hopes to recruit more permanent employees. "Currently, we provide jobs to nearly 3,500 employees. They are mostly outsourced, only 85-95 members are permanent," said Kumar.

MSIL balance sheet in 2021-22

* Beverage operations: Rs 2,399 cr

* Chit fund operations: Rs 308 cr

* Paper and stationery operations: Rs 80 cr

* Solar business: Rs 92 cr

* Pharma operations: Rs 10.81 cr