Why Did Piccadily Agro's Q4 Profit Drop by 7.5%?
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Synopsis
Piccadily Agro Industries, the distiller of 'Indri' whiskey, has reported a noteworthy decline in Q4 FY25 profits and revenue, amidst rising costs. CFO Natwar Aggarwal remains optimistic about growth potential in the premium liquor segment.
Key Takeaways
- Q4 FY25 profit decreased by 7.49%.
- Revenue fell by 4.55% to Rs 271.63 crore.
- Operational costs surged in key areas.
- Global demand for premium brands remains strong.
- Future investments exceeding Rs 500 crore planned.
Mumbai, May 21 (NationPress) The Haryana-based distillery Piccadily Agro Industries, known for its 'Indri' single-malt whiskey, announced a 7.49% year-on-year (YoY) reduction in its net profit, amounting to Rs 39.80 crore in Q4 FY25, down from Rs 43.02 crore in the same quarter last fiscal year (Q4 FY24).
Revenue from operations also saw a decline of 4.55%, reaching Rs 271.63 crore in Q4 FY25, compared to Rs 284.59 crore in Q4 FY24.
The total income for the quarter fell to Rs 273.88 crore, reflecting a 3.97% decrease from Rs 285.20 crore a year earlier.
Total expenses experienced a slight decrease to Rs 220.13 crore, down 2.63% from Rs 226.08 crore in the corresponding quarter of the previous fiscal year.
Interestingly, despite the overall revenue contraction, the company noted significant increases in several key cost areas.
The cost of materials consumed soared by 33.94% to Rs 236.39 crore. Finance costs more than doubled, surging 113.74% to Rs 9.02 crore.
Employee benefits expenses climbed by 30.07% to Rs 15.31 crore, and depreciation and amortisation expenses rose by 23.02% to Rs 4.97 crore.
Other expenses also saw a slight increase of 0.30% to Rs 67.94 crore.
Despite these financial challenges, the company credited its performance to the rising global demand for its premium liquor brands — Indri single malt whisky and Camikara, India’s first pure cane juice rum.
Piccadily Agro stated, "Both brands have transformed the perception of Indian spirits globally, garnering accolades and establishing a robust following across various continents."
CFO Natwar Aggarwal expressed confidence about the company's prospects, highlighting that the premium IMFL (Indian Made Foreign Liquor) segment has been instrumental in enhancing EBITDA margins — increasing from 18.4% to 21.4%.
"We are very optimistic about the long-term potential of this segment. We are also making substantial investments, with over Rs 500 crore already allocated for capacity expansion at Indri and a new project in Chhattisgarh, expected to start operations within FY26," he added.
On Wednesday, shares of Piccadily Agro Industries traded at Rs 567.2, down Rs 35.10 or 5.83% on the Bombay Stock Exchange (BSE).
Point of View
Piccadily Agro Industries' recent financial results highlight the volatility in the liquor market and the challenges posed by rising operational costs. However, the continued demand for premium spirits suggests a resilient market segment. As long as companies like Piccadily can innovate and adapt, they may very well thrive despite temporary setbacks.
NationPress
10/09/2025
Frequently Asked Questions
What caused Piccadily Agro's profit decline?
The decline in profit was driven by increased operational costs, including raw materials and finance costs, despite a rise in global demand for its products.
How has the company's revenue changed?
Piccadily Agro's revenue from operations fell by 4.55% in Q4 FY25 compared to Q4 FY24.
What are the future plans for Piccadily Agro?
The company plans to invest over Rs 500 crore in capacity expansion and a new project in Chhattisgarh, expected to be operational by FY26.
