If you enjoy having a tipple every now and again, then you’ll definitely have had a dram of Pernod Ricard or two in your day. The Indian unit of the distillers has now recorded a 14% increase in sales in the financial year ending June 2018, even outpacing Diageo’s numbers for that year which grew at 9%.
Last year, thanks to demonetisation and the liquor ban, the company had stagnated with only a 1% growth in the year ending 2017. However, it looks as though things are taking a turn for the better in this year, helped on by a favorable base.
“India saw a strong performance across portfolio, enhanced by favourable basis of comparison, in improving environment. We maintained market leadership, with over 45% value market share (bottled in India premium and western style spirits whiskies,” Alexandre Ricard, chairman of Pernod Ricard said in an investors call.
Pernod Ricard is expecting to carry on with the favorable growth in the first quarter of this year, and are hoping to cash in on a low comparison base. “There was a significant improvement of Seagram’s Indian whiskies with 13% compared to.3% in FY17,” added Ricard.
India is Pernod Ricard’s second largest market globally, which is even larger than the distiller’s home country of France. With premium brands gaining popularity in the subcontinent, the French distillers only have room to grow.