Indri maker seeks to raise ₹1,000 crore following a nearly fourfold profit increase in a year

Piccadily Agro Industries Limited (PAIL), the company behind the popular single malt whisky brand Indri, reported a yearly revenue of Rs. 829 crore, marking a 30% increase for the fiscal year ending March 2024.

The net profit for the full year amounted to Rs. 112.13 crore, nearly 3.5 times the profit of Rs. 24 crore from the previous year. The majority of this growth occurred in the last quarter, with the company’s profit for the January to March 2024 quarter reaching Rs. 43.5 crore, seven times higher than the profit from the same period last year.

To fuel further growth, Piccadily Agro announced plans to raise Rs. 1,000 crore through the issuance of preference shares or the sale of shares to qualified institutional investors (QIP), subject to shareholder approval.

Earlier, on April 12, the company announced that Indri had become the world’s fastest-growing single malt, with sales exceeding 100,000 cases since its launch in November 2021. This success was bolstered by Indri receiving the Best ‘New World’ Whiskey award from VinePair, which contributed to its seven-fold sales growth in the second year. Indri now claims to have captured 30% of India’s whisky demand and aims to become one of the top five selling whisky brands globally.

Piccadily’s closing cash balance rose from Rs. 3 crore in the previous year to over Rs. 13 crore as of March 2024. The company’s shares have surged over 74% in the last month.