(Bloomberg) -- Pernod Ricard started its fiscal year with an upbeat tone as demand for premium foreign spirits in China and India soars amid rising incomes. The boon in Asia echoes last week’s strong performance by rival LVMH’s wine and spirits division, which includes Belvedere vodka and Moet & Chandon champagne.

Sales at the world’s second-largest distiller grew by 10.4 percent on an organic basis in the first quarter, the company said Thursday, beating the average analyst forecast for 7.9 percent. While growth in Europe and the Americas was uninspiring, Asia and the rest of the world surged 23 percent, with China and India doing notably well.

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Market Reaction

• Pernod shares have lost 0.8 percent this year including dividends, compared with a 4.9 percent loss for a Stoxx 600 index of food and beverage stocks.

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