Pernod Ricard has emerged as India’s largest spirits maker by revenue, surpassing Diageo-owned United Spirits Ltd (USL) to claim the top spot. According to regulatory filings, Pernod Ricard India Pvt Ltd (PRI) reported consolidated sales revenue of ₹26,773.22 crore for FY24, edging out USL, which recorded ₹26,018 crore in revenue from operations for the fiscal year ending March 31, 2024.
PRI demonstrated robust growth, with a 6.9% increase in revenue from operations and a notable 20.9% rise in profit, reaching ₹1,620.58 crore, as per data from the Registrar of Companies accessed via the business intelligence platform Tofler. Additionally, the company’s total income grew by 7.09% to ₹26,936.51 crore during the financial year.
USL reported a total income of Rs 26.243 crore for FY24.
Pernod Ricard India, the company behind renowned brands such as Absolut, Chivas Regal, and Glenlivet, operates as a fully owned subsidiary of Pernod Ricard South Asia, itself a step-down unit of the French spirits giant. In addition to its international lineup, the company boasts a strong Indian-made foreign liquor (IMFL) portfolio, including market favorites like Royal Stag, Blenders Pride, and Imperial Blue.
The fiscal year 2023-24 saw Pernod Ricard India making significant contributions to state revenues, with excise duty payments rising 8.35% to ₹14,208.22 crore. In addition, the company paid ₹363.92 crore in cess and other taxes. Its total tax expenses for the year surged by 22.33% to ₹563.42 crore, compared to ₹460.55 crore in FY23.
Meanwhile, rival United Spirits Ltd (USL), owned by British multinational Diageo plc, reported a decline of 6.5% in its revenue from operations, amounting to ₹26,018 crore in FY24, down from ₹27,816 crore the previous year. This downturn is largely attributed to USL’s strategic divestment of 32 brands to Singapore-based Inbrew Beverages in FY23, as part of its focus on premiumization. Despite this shift, USL continues to hold a prominent position in the market with iconic labels such as Johnnie Walker, Signature, McDowell’s, Smirnoff, and Black & White.
Pernod Ricard’s growth trajectory in India has been remarkable. Earlier this year, Jean Touboul, the Managing Director of Pernod Ricard India, highlighted that the Indian market has become the company’s largest by volume and second-largest by value globally. Touboul described India as a “growth engine” for the French spirits maker, underscoring its critical role in the company’s global strategy.
An inquiry sent to Pernod Ricard regarding these developments remained unanswered at the time of publishing. However, the financial data clearly reflects the company’s robust performance and increasing dominance in India’s dynamic alcoholic beverage market.
Similarly, its advertising promotional expenses were 1.2 per cent higher at Rs 845.14 crore in FY24. Its total expenses in FY24 were Rs 24,767.1 crore, up 6.04 per cent. Pernod Ricard is investing euro 200 million to build its biggest Asian distillery in Nagpur, Maharashtra would boost its exports, especially Longitude 77, the first Indian single malt whiskey from the French spirits maker.
