Spirit maker Pernod Richard logged a jump in sales in the Indian market in the first half of the current fiscal year. The French firm, which follows the July to June fiscal year, clocked a growth of 4 per cent in sales of spirits in India, it revealed via an earnings statement.
Providing a positive outlook for the remaining half of the fiscal year, i.e., from January to June 2024, the firm said that it anticipates a strong second half in India. Notably, India accounts for the second largest market for the firm after the US, reported PTI. International brands of the firm like Jameson, Glenlivet, and Absolut clocked a very strong growth in the Indian market during the period under review, on a year-on-year (YoY) basis.
Additionally, the Indian whisky portfolio of the firm, Seagram’s, including IMFL brands like Imperial Blue, Royal Stag, and Blenders Pride, etc, also registered a jump of 4 per cent in sales. During the first half of the 2023-24 fiscal year (FY24), the spirit maker’s sales stood at €6.59 billion, down by 7 per cent. The organic sales of the company slid 3 per cent during the period under review.
The Indian market accounted for 11 per cent of the overall sales for the company in the period under review, after the US market, which contributed 19 per cent to the total sales. The firm credited its premium portfolio for driving high-single-digit pricing across regions, however, it was obstructed by reduced volumes and an adverse market mix.
The company’s global portfolio includes more than 200 premium brands, such as 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Jacob’s Creek, and Havana Club. The firm’s domestic unit in India surpassed the sales mark of Rs 25,000 crore in the year so far, while the revenue of the unit stood at Rs 25,039.47 crore in the fiscal year ended March end, 2023.
In an interview last year, the company’s India MD, Jean Touboul said that he anticipates “India to become a leader in the next 10-15 years, replacing the US market as the domestic market is growing faster here than other markets. The company expects the Indian market to triple its sales by next decade, led by macroeconomic tailwinds, extremely favourable demographic dividend, and growing premiumisation in IMFL and imported brands here.”
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