Indian spirits group Radico Khaitan has reported a 22% jump in third-quarter profits.

The distiller said today (30 January) that it saw net profit for the three months to 31 December reach INR390.6m (US$8.9m). Turnover leapt 31% to INR1.1bn, Indian newspaper The Economic Times said.

Radico Khaitan chairman and MD Lalit Khaitan said the company to launch a new brand "shortly" alongside UK drinks giant Diageo. The two companies joined forces last year with the formation of a venture to develop Indian Made Foreign Liquor (IMFL) brands.

Radico Khaitan is also eyeing a possible acquisition of the liquor assets of South India-based Amruth Group.

The Jagdale family-promoted group is planning to off-load three brands - Old Port Rum, Bejois Brandy and Prestige Whisky - and its distillery in the Indian state of Kerala.