Pernod Ricard becomes India’s top spirits maker by revenue, surpassing United Spirits
INDIA – Pernod Ricard India (PRI) has claimed the title of India’s leading spirits company by revenue, surpassing its primary competitor, United Spirits Ltd (USL), which is owned by Diageo.
According to regulatory filings, Pernod Ricard recorded consolidated sales revenue of Rs 26,773.22 crore (US$3.17B) for the fiscal year ending March 31, 2024, while United Spirits reported Rs 26,018 crore (US$3.08B) in revenue from operations during the same period.
Pernod Ricard India saw a 6.9 percent increase in its revenue from operations in FY24, with profits rising 20.9 percent to Rs 1,620.58 crore (US$192.04M).
Meanwhile, the company’s total income surged 7.09 percent to reach Rs 26,936.51 crore (US$3.19B).
In contrast, United Spirits experienced a 6.5 percent decline in its revenue from operations compared to FY23, dropping from Rs 27,816 crore (US$3.3B) to Rs 26,018 crore (US$3.08B). United Spirits’ total income for FY24 was reported at Rs 26,243 crore (US$3.11B).
Pernod Ricard India, a subsidiary of Pernod Ricard South Asia and part of the global French spirits conglomerate, boasts well-known brands like Absolut, Chivas Regal, and Glenlivet.
Analysts suggest that United Spirits’ recent brand divestments have influenced its declining revenues. In FY23, United Spirits sold 32 brands to Singapore-based Inbrew Beverages, a strategic move toward premiumization within the company’s portfolio.
Jean Touboul, Managing Director of Pernod Ricard India, highlighted India’s significance within the global market, noting that it is now the company’s largest market by volume and the second largest by value.
Touboul called India a “growth engine” for the company, attributing PRI’s increased market position to strategic investments in the country’s premium spirits sector.
To support its growth in the Indian market, Pernod Ricard is investing €200 million in constructing its largest Asian distillery in Nagpur, Maharashtra.
Set to produce up to 13 million pure alcoholic liters annually, this facility will also serve as a key export hub, particularly for its new Indian single malt whiskey, Longitude 77.
The distillery project forms a central part of Pernod Ricard India’s broader strategy to triple its revenue in the next decade, focusing on premiumization and innovation.
This approach has seen the recent launch of new offerings like Royal Stag Double Dark Peaty Whisky and Blenders Pride Four Elements Premium Whisky in India, positioning the brand for continued success in the country’s expanding spirits market.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
