Sales rose 54% to ₹1,163 crore during the year to March 2023, compared to ₹756 crore in FY22. Net losses increased to ₹299.7 crore last fiscal against ₹262.3 crore a year ago, as per latest filing with the Registrar of Companies.
In FY21, it had net sales of ₹531 crore on net loss of ₹201 crore.
In its annual filing, the company said it is on a consumer-insights-led journey to strengthen its core business from the House of Suntory building growth momentum in the premium segments of whisky category in India.
“The company has outlined a long-term strategic vision and is transforming people capability and building exceptional excellence to strengthen its brand portfolio. This vision is well supported with investments and performance measurement in place across its brands, people, processes, IT capability and expansion of bottling capacity. The company enjoys strong support and confidence from the ultimate parent company and is strengthening its corporate governance by taking various measures,” the filing added.Over the past three years, Beam has launched India-made whisky Oaksmith, Japanese whiskies The Yamazaki and Hibiki, Japanese gin Roku, as well as Toki Whisky. Parent Beam Suntory, the world’s third largest spirits firm after Diageo and Pernod Ricard, has a global target to reach $1 billion in annual revenues in India by 2030. Teacher’s is the fifth largest scotch brand in the country, while the company behind Jim Beam controls more than a third of the American whisky category and dominates the entire Japanese whisky segment with over 95% share.”US whisky has been a bridgehead subcategory for both Brown-Forman, with Jack Daniel’s, and Beam Suntory, with Jim Beam. These two brands accounted for about 1,500 nine-litre cases of 2022 US whisky volumes,” said a IWSR report.