In the first half of FY24, Pernod Ricard sales in the Indian market increased by 4%

During the first half of the current fiscal year, sales in the Indian market increased by four times for Pernod Ricard, a French spirit manufacturer.

The business’s recent financial statement from Pernod Ricard states that it has seen a “strong market demand for spirits” in India. The company operates on a July to June fiscal year.

Additionally, “strong growth” is anticipated from India in the second half (January to June 24), which is Pernod Ricard’s second-largest worldwide market after the US.
According to the corporation, its global brands Jameson, Absolut, and The Glenlivet had “very strong growth” in the Indian market during that time.

Pernod Ricard said that Seagram’s Indian whiskey portfolio, which includes IMFL (Indian-made foreign liquor) names including Blenders Pride, Imperial Blue, and Royal Stag, also had a sales increase of more than 4%.

The results announcement said that there was a “acceleration in Q2 net sales against easing comparables” for the firm.

Pernod Ricard’s revenues fell 7% globally in the first half of FY24, coming in at 6.59 billion euros. Sales of organic products decreased by 3%.

In the first half of FY24, the India market generated 11% of Pernod Ricard’s worldwide net sales, making it the second-largest contributor after the US, which contributed 19%.

All areas were seeing high single-digit pricing due to Pernod Ricard’s premium portfolio, but this was countered by decreased volumes and an unfavorable market mix.

More than 200 premium brands, including Absolut, 100 Pipers, Chivas Regal, The Glenlivet, Havana Club, and Jacob’s Creek, are part of Pernod Ricard’s worldwide portfolio.

It also owns IMFL brands, including Royal Stag, Imperial Blue, and Blenders Pride.

The local Pernod Ricard company in India has already surpassed the Rs 25,000 crore sales threshold. During its activities, Pernod Ricard India reported a consolidated revenue of Rs 25,039.47 crore for the fiscal year that concluded on March 31, 2023.

In a December interview, its MD for India, Jean Touboul, said that he anticipates India will overtake the US market as a leader in the next ten to fifteen years due to the country’s domestic market’s quicker growth than that of other markets.

According to Touboul, the business anticipates that the Indian market will quadruple its sales during the next ten years, driven by macroeconomic tailwinds, a very favorable demographic dividend, and increased premiumization of imported brands and IMFL.

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