Pernod Ricard India has surpassed its rival United Spirits to become the largest spirits company in India by revenue. In the financial year 2024 (FY24), the company reported a total revenue of ₹26,773.22 crore, marking a 6.9% increase from the previous year. This growth was driven by strong sales of popular brands like Royal Stag and Blenders Pride, with its profit rising by 20.9% to ₹1,620.58 crore.
In contrast, United Spirits (USL), which is owned by Diageo, saw its revenue decline by 6.5%, reporting ₹26,018 crore in FY24, down from ₹27,816 crore in the previous year. The decline in USL’s performance is attributed to its focus on premiumizing its brand portfolio, which included selling 32 of its brands to Inbrew Beverages.
Pernod Ricard, which owns international brands like Absolut, Chivas Regal, and Glenlivet, along with Indian-made brands such as Royal Stag, Blenders Pride, and Imperial Blue, also reported an 8.35% increase in excise duty payments to state governments, totaling ₹14,208.22 crore for FY24.
The company has been investing heavily in its growth in India, which is now Pernod Ricard’s largest market by volume and second-largest by value globally. Earlier this year, Jean Touboul, Managing Director of Pernod Ricard India, stated that India has become a key growth driver for the company.
Pernod Ricard India is also expanding its footprint with plans for a new distillery in Nagpur, Maharashtra, set to be the largest in Asia. This investment, worth €200 million, will help boost the production of Indian single malt whisky, including its first such offering, Longitude 77.
For FY24, the company’s total tax expenses increased by 22.33% to ₹563.42 crore, and its advertising expenses were up by 1.2% to ₹845.14 crore. Overall, Pernod Ricard’s total expenses for the year amounted to ₹24,767.1 crore, reflecting a 6.04% increase.
With these strong financial results and continued investment in India, Pernod Ricard is firmly establishing itself as the leader in India’s growing spirits market.
