India: Pernod Ricard becomes India’s largest spirit maker in FY24

Pernod Ricard has become the largest Indian spirit maker in India in terms of revenue, with a consolidated sales revenue of Rs 26,773.22 crore in FY24, pushing its rival Diagio-owned United Spirits to the second spot, according to a regulatory filing. United Spirits Ltd (USL) reported Rs 26,018 crore in revenue from operations for the fiscal ended on March 31, 2024, as per the regulatory filings on stock exchanges, ET Retail reported on November 13.

Pernod Ricard India Pvt Ltd (PRI) has reported an overall 6.9 per cent increase in its revenue from operations for FY24, and its profit rose 20.9 per cent to Rs 1,620.58 crore, according to the Registrar of Companies data accessed by business intelligence platform Tofler.

The total income of PRI surged 7.09 per cent to Rs 26,936.51 crore for the financial year ended March 2024.

USL reported a total income of Rs 26,243 crore for FY24.

Pernod Ricard India, which owns popular brands like Absolute, Chivas Regal, and Glenlivet, is a fully-owned subsidiary of Pernod Ricard South Asia, a step-down unit of the French spirits maker.

Besides, it also owns an IMFL portfolio of Royal Stag, Blenders Pride and Imperial Blue.

The total excise duty paid by Pernod Ricard India to the state governments in FY24 increased 8.35 per cent to Rs 14,208.22 crore. The company paid Rs 363.92 crore in cess and other taxes.

USL, which is owned by British multinational alcoholic beverage company Diageo plc, had reported a decline of 6.5 per cent in its revenue from operations to Rs 26,018 crore. It had reported Rs 27,816 crore as its revenue from operations in FY23.

According to industry observers, USL sold 32 brands to Inbrew Beverages in FY23 to Singapore-based Inbrew Beverages, as per its strategy to focus on premiumisation. This has led to a decline of USL, which operates in the market, with brands like Johnnie Walker, Signature, McDowell, Smirnoff, Black & White etc.

Earlier this year, its India MD Jean Touboul told PTI that India is now the largest market by volume and the second largest by value globally for the French spirit maker Pernod Ricard.

The India market has now become a "growth engine" for Pernod Ricard, he added.

In FY24, PRI's total tax expenses were 22.33 per cent higher at Rs 563.42 crore against Rs 460.55 crore a year ago.

Similarly, its advertising promotional expenses were 1.2 per cent higher at Rs 845.14 crore in FY24.

Its total expenses in FY24 were Rs 24,767.1 crore, up 6.04 per cent.

Pernod Ricard is investing euro 200 million to build its biggest Asian distillery in Nagpur, Maharashtra would boost its exports, especially Longitude 77, the first Indian single malt whiskey from the French spirits maker.

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