INDRI MAKER WANTS TO RAISE ₹1,000 CRORE AFTER PROFIT BULGES BY NEARLY 4 TIMES IN A YEAR
Piccadily Agro Industries Limited (PAIL), the company that makes the popular single malt whisky brand Indri, reported an annual revenue of ₹829 crore, which grew 30%, for the financial year ended March 2024.
Net profit for the full year stood at ₹112.13 crore, about 3.5 times the ₹24 crore profit a year earlier.
Bulk of the growth came in the last three months. The company's profit for the January to March 2024 quarter was ₹43.5 crore, seven times bigger than the net profit at the same time last year.
Piccadily Agro also informed the exchanges that it plans to Board of Directors has approved a plan to raise ₹1,000 crore via issue of preference shares or through sale of shares to qualified institutional investors (QIP).
The proposal will be taken to shareholders for approval.
Earlier on April 12, the company declared that Indri had become the world's fastest-growing single malt ever after the company sold over 100,000 cases of the whisky since its launch in November 2021.
Sales of Indri got a big boost after the brand won the Best ‘New World’ Whiskey award from alco-bev platform VinePair.
Earlier in 2023, Indri got counted among the best at the Whiskies Of The World award ceremony.
After a seven-fold growth in sales in the second year, Indri says it has captured 30% of India's whisky demand, and wants to become the one of the top five selling whisky brands in the world.
The closing cash balance with Piccaddily went from ₹3 crore a year earlier to over ₹13 crore at the end of March 2024.
Shares of Piccadily Agro have gained over 74% in the last one month.
2024-04-23T11:32:32Z dg43tfdfdgfd