French liquor brand Pernod Ricard has announced a 4% increase in sales in the Indian market in the first half of the current financial year. The company has seen huge market demand for spirits in India, with overseas brands like Jameson, Absolut, and The Glenlivet seeing a huge boost in Seagram’s Indian whiskey division, which includes IMFL brands like Blenders Pride, Imperial Blue, and Royal Stag, up more than 4%.
French liquor brand Pernod Ricard said it has recorded a four percent growth in sales in the Indian market in the first half of the current financial year. According to Pernod Ricard’s latest earnings report, the company’s financial year runs from July to June and has seen “strong market demand for spirits” in India
In addition, “strong growth” in the second half (January to June 24) is expected from India, Pernod Ricard’s second-largest market globally in the US.
The company said its global brands, Jameson, Absolut, and The Glenlivet, are experiencing “very strong growth” in the Indian market this season.
Additionally, Pernod Ricard said Seagram’s India whiskey division, which includes IMFL (Indian Made Foreign Liquor) brands such as Blender’s Pride, Imperial Blue, and Royal Stag, saw sales growth of more than 4%.
According to the earnings announcement, the company saw an “acceleration in Q2 net sales against an easing of comparables.”
Pernod Ricard’s global sales fell 7% to 6.59 billion euros in the first half of the financial year. Organic sales fell 3%.
In the first half of FY24, India contributed 11% of Pernod Ricard’s global sales, making it the second largest contributor after the US. background, which accounted for 19%.
Pernod Ricard’s premium division generated single-digit price increases across all markets, although this was offset by declining volumes and poor market mix
Pernod Ricard has more than 200 luxury brands in its global portfolio, including 100 Piper, Chivas Regal, The Glenlivet, Absolut, Havana Club, and Jacobs Creek
It also has several IMFL brands, including Blenders Pride, Imperial Blue, and Royal Stag.
Pernod Ricard’s local unit in India has crossed the Rs 25,000 crore sales mark.
Pernod Ricard India reported a consolidated operating income of Rs 25,039.47 crore for the financial year ending March 31, 2023.
India’s MD, Jean Touboul, said in an interview in December that he expects India to be a leader in the US a market that will replace it in the next 10-15 years, as the domestic market is growing faster than other markets.
Touboul said the company expects a three-fold increase in sales in the Indian market over the next decade, with huge economic headwinds, unusual demographic share, and higher premium in IMFL and products caused by imports
