Piccadily Agro Industries’ Q1 FY 24-25 PAT Rises by 25.3% to ₹14.3 Crore

Piccadily Agro Industries Limited (PAIL) has announced its financial results for the first quarter of FY 2024-25, highlighting both challenges and growth within the company.

On a standalone basis, PAIL reported a total income of ₹209 crore, reflecting an 8.7% decline from ₹229 crore in the corresponding quarter of the previous fiscal year. Despite the dip in total income, the company demonstrated strong profitability, with Profit After Tax (PAT) increasing by 25.3% to ₹14.3 crore from ₹11.4 crore in Q1 FY 2023-24.

The company’s distillery vertical played a significant role in driving this profitability, with substantial growth observed in its alcoholic beverage (alcobev) brands, particularly the Indri Single Malt Whisky. Premium alcobev brands saw a remarkable 36% increase in sales volume compared to the same quarter last year. Indri, in particular, experienced outstanding growth, with sales volume skyrocketing by 236% year-on-year, reaching 24,733 cases (9-litre cases) in Q1 FY 2024-25, up from 7,371 cases in Q1 FY 2023-24.

PAIL also made strategic moves in the market by launching 2 collectible expressions of Indri – ‘House of Black’ and ‘House of Green’, in collaboration with Warner Bros. Discovery Global Consumer Products. These new products draw inspiration from the popular HBO Original Series ‘House of the Dragon,’ reflecting the company’s innovative approach to brand expansion.

However, not all segments of the business performed as strongly. The sugar vertical witnessed a decline in sales, attributed to the seasonal nature of the industry and dependence on the department’s quota releases. Despite this, the robust performance of the distillery vertical has positioned PAIL for continued growth in the premium alcobev market.

Speaking on the performance, Harvinder Chopra, Managing Director, Piccadily Agro Industries Limited, said, “We are very happy with the overall performance of the company. Despite the challenges faced by our sugar division, including lower sales due to the seasonal nature of the industry and reliance on the Department’s quotation releases, the exceptional growth in our premium alco-bev brands, particularly Indri single malt, demonstrates the strength of our strategy, and we are confident that our continued focus on the premium alcobev space will drive sustained growth and profitability going forward.”

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