Pepsico logs double-digit beverage growth in India in July-Sept
PepsiCo on Tuesday said its Indian business delivered a «double-digit growth» in beverage unit volumes in the third quarter of 2023. However, its «convenient foods business» had a «mid-single-digit» decline in unit volume in the September quarter, according to a global earnings statement from the food and beverages major.
PepsiCo's net revenue in Africa, the Middle East, South Asia (AMESA) division, including India, declined 6.43 per cent to USD 1.61 billion as against USD 1.73 billion, «driven primarily by the weakening of the Egyptian pound, and a net organic volume decline, partially offset by effective net pricing».
In AMESA, Pepsico's «beverage unit volume grew 3 per cent, primarily reflecting double-digit growth in India and mid-single-digit growth in the Middle East...» it said.
Its «convenient foods unit volume declined 3 per cent, primarily reflecting mid-single-digit declines in South Africa and India, partially offset by low-single-digit growth in the Middle East and Pakistan.»
Moreover, the operating profit of PepsiCo's AMESA division declined 11 per cent.
PepsiCo follows a January to December fiscal.
This primarily reflects the «impact of higher commodity costs, primarily packaging materials, sweeteners and grains, largely driven by transaction-related foreign exchange,» it added.
PepsiCo, which owns popular brands such as Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew and Quaker, posted a 6.7 per cent increase in net revenue to USD 23.45 billion for the third quarter.
