Pernod Ricard India, the renowned spirits maker behind iconic brands like Absolut, Chivas Regal, and Glenlivet, has reported a robust performance in the fiscal year 2022-23, posting a record revenue of over Rs 25,000 crore. Despite the impressive 10% growth in annual revenue, the company faced an 8% decline in profit, settling at Rs 1,340.22 crore, compared to Rs 1,457.98 crore in the previous fiscal year.
According to financial data accessed by business intelligence platform Tofler, Pernod Ricard India’s consolidated revenue from operations in FY23 reached Rs 25,039.47 crore, marking a significant 10.1% increase from Rs 22,741.40 crore in the previous year.
The company disclosed that it paid a total excise duty of Rs 13,112.61 crore in FY23, reflecting an almost 2% rise from Rs 12,857.74 crore in the previous fiscal year. The total tax deposited by Pernod Ricard during the same period amounted to Rs 19,002 crore, constituting approximately 76% of its revenue from operations and going towards taxes and duties for both the Centre and state governments.
Pernod Ricard India’s total income for FY23 stood at Rs 25,152.66 crore, exhibiting a growth of 9.54% compared to Rs 22,960.67 crore in the previous year.
While Pernod Ricard India’s revenue performance is commendable, United Spirits Ltd (USL), controlled by British spirits maker Diageo, maintains its lead in the fast-growing Indian market, reporting revenue from operations of Rs 27,815.4 crore on a consolidated basis for FY23. USL’s total income, including other revenues, reached Rs 27,888.5 crore during the same period.
India, being the second-largest market globally for Pernod Ricard after the US, continues to play a pivotal role in the company’s growth strategy. Pernod Ricard India’s Managing Director, Jean Touboul, anticipates a threefold jump in sales in the country by the next decade. Touboul attributes this growth projection to macroeconomic tailwinds, a favorable demographic dividend, and the increasing trend of premiumization in Indian-Made Foreign Liquor (IMFL) and imported brands.