French spirit maker Pernod Ricard has reported a 4% growth in sales in the Indian market during the first half of the current financial year.
The company, which follows July to June fiscal year, has witnessed a "strong market demand for spirits" in India, according to the latest earnings statement from Pernod Ricard.
Moreover, a "strong growth" is expected in the second half (January to June 24) from India, which is the second largest market globally for Pernod Ricard after the U.S.
Its international brands Jameson, Absolut and The Glenlivet reported a "very strong growth" in the Indian market during the period, the company said.
Besides, its Indian whisky portfolio Seagram's which includes Indian-made foreign liquor brands such as Blenders Pride, Imperial Blue and Royal Stag also reported over 4 per cent growth in sales, Pernod Ricard added.
The company had an "acceleration in Q2 net sales against easing comparables," according to the earnings statement.
Globally in the first half of FY24, Pernod Ricard's sales at 6.59 billion euros declined 7%. Its organic sales were down 3 per cent.
The India market contributed 11% of the global net sales of Pernod Ricard in the first half of FY24, becoming the second largest contributor after the U.S. which contributed 19%.
Pernod Ricard's premium portfolio was driving high-single-digit pricing in all regions, which was offset by lower volumes and an adverse market mix.
Pernod Ricard's global portfolio comprises over 200 premium brands, including 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club and Jacob's Creek.
It also owns IMFL brands such as Blenders Pride, Imperial Blue and Royal Stag.
Pernod Ricard's local unit in India has already crossed Rs 25,000 crore sales mark. Pernod Ricard India posted a consolidated revenue of Rs 25,039.47 crore from its operations in the financial year that ended on March 31, 2023.
Its India MD Jean Touboul in an interview last December said he expects India to become a leader in the next 10-15 years, replacing the U.S. market as the domestic market is growing faster here than other markets.
The company expects the Indian market to triple its sales by next decade, led by macroeconomic tailwinds, extremely favourable demographic dividend and growing premiumisation in IMFL and imported brands here, Touboul had said.
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