'Indri' maker Piccadily Agro Q4 profit drops 7.5 pc, revenue slips

Mumbai, May 21 Haryana-based distillery Piccadily Agro Industries, maker of the 'Indri' single-malt whiskey, on Wednesday reported a 7.49 year-on-year (YoY) decline in its net profit to Rs 39.80 crore in Q4 FY25, compared to Rs 43.02 crore in the same period last fiscal (Q4 FY24).

The company's revenue from operations also slipped by 4.55 per cent to Rs 271.63 crore in Q4 FY25, down from Rs 284.59 crore in Q4 FY24.

Total income during the quarter dropped to Rs 273.88 crore, a 3.97 per cent decrease compared to Rs 285.20 crore a year ago.

Total expenses were slightly lower at Rs 220.13 crore, down 2.63 per cent from Rs 226.08 crore in the corresponding quarter last fiscal.

Interestingly, while overall revenue dipped, the company saw a significant rise in several key cost components.

The cost of materials consumed jumped by 33.94 per cent to Rs 236.39 crore. Finance costs more than doubled, increasing by 113.74 per cent to Rs 9.02 crore.

Employee benefits expenses rose by 30.07 per cent to Rs 15.31 crore, and depreciation and amortisation costs climbed by 23.02 per cent to Rs 4.97 crore.

Other expenses also edged up marginally by 0.30 per cent to Rs 67.94 crore.

Despite the financial pressure, the company attributed its performance to growing global demand for its premium liquor brands -- Indri single malt whisky and Camikara, India’s first pure cane juice rum.

"Both brands have redefined how Indian spirits are perceived worldwide, earning accolades and building a strong following across multiple continents," Piccadily Agro said in a statement.

CFO Natwar Aggarwal expressed optimism about the company’s future, noting that the premium IMFL (Indian Made Foreign Liquor) category continues to boost higher EBITDA margins -- rising from 18.4 per cent to 21.4 per cent.

"We are extremely bullish on the long-term potential of this segment. We are also investing aggressively, with over Rs 500 crore already spent on capacity expansion at Indri and a new project in Chhattisgarh, which is expected to be commissioned within FY26," he said.

Shares of Piccadily Agro Industries were trading at Rs 567.2 on Wednesday, down Rs 35.10 or 5.83 per cent on the Bombay Stock Exchange (BSE).

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