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Snacks and beverage major PepsiCo said its India business recorded double-digit organic revenue growth for the third quarter of CY2024. The company said it witnessed high single-digit growth in India in terms of beverage unit volume and snacks unit volumes in the third quarter of the year.
Responding to a query on international business performance on the Q3 earnings call, Ramon Laguarta , Chairman and CEO, PepsiCo said, “There are pockets of strength in international (business). There are markets like South East Asia and India that are growing nicely.”
In prepared remarks, PepsiCo’s management stated that growth of the international business was led by strong performance within the company’s Europe and AMESA (Africa, Middle East and South Asia) divisions. “For the third quarter, developing and emerging markets such as India, Egypt, Turkey, Poland, and Vietnam each delivered double-digit organic revenue growth,” the company’s management added.
High single-digit growth in India
Talking about AMESA region performance in the third quarter, PepsiCo stated that India reported high single digit growth in terms of beverage unit volume. Also in terms of snacks unit volume growth it recorded, “high-single-digit growth in India.”
“Year-to-date, we held or gained savoury snack share in China, Brazil, India, Australia, South Africa, and Pakistan, and for beverages, we held or gained share in the UK., Australia, South Korea, India, Thailand, Poland, Pakistan, Saudi Arabia, and Vietnam,” the company added.
On its 2024 outlook, the company’s management noted: “We expect consumers to remain choiceful and value conscious as the cumulative effects of inflationary pressures continue to impact budgets and spending patterns. Pockets of elevated geopolitical tension and macroeconomic pressure are also expected to persist in certain international markets.”
Bottled soft drinks segment saw gains in terms of household penetration, and crossed the 40 per cent mark at the national level in the March-May period as per estimates by Kantar. However heavy rainfall and floods during the September quarter adversely impacted the beverage industry in Q2FY25, as per analyst reports.
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