Global beverage major Coca-Cola witnessed a double digit volume growth in India in the first quarter ended March 31.
The company, which posted a 4 per cent decline in net operating revenue at $10.28 billion for the quarter, also reported a double digit volume growth in the South West Asia market.
Atlanta-headquartered company’s consolidated gross profit declined 5.97 per cent to $6.21 billion during January-March quarter of 2016 as against $6.6 billion in the same quarter of last year.
For the Asia Pacific region, the Coca-Cola Company and Subsidiaries had a net operating revenue of $1.24 billion during the first quarter, down 3.89 per cent as against $1.28 billion of Q1 2015.
“Unit case volume growth in the quarter reflected double—digit growth in both our India & South West Asia and ASEAN business units and 4 per cent growth in Japan, partially offset by a 2 per cent decline in China,” it said.
Commenting on the result, The Coca—Cola Company Chairman and Chief Executive Officer Muhtar Kent said: “Amidst a challenging global macro environment, the continued focus on our five strategic initiatives enabled us to gain global value share in the first quarter and deliver positive top—line growth and strong underlying margin expansion“.
He further said: “Our operating results are driven by our commitment to sustainable growth, and we are confident that we have the right strategies in place to achieve our full—year outlook and drive long—term value for our system and shareowners.”
The company has gained global volume and value share, both in still beverages and sparkling beverage during the period.
“We gained global volume and value share in sparkling beverages in a challenging macro environment. Value share grew ahead of volume share, emphasising our focus on accelerating our revenue growth management strategies. Sparkling beverage volume was even in the quarter,” the company said in its Q1 results.
However, “juice and juice drinks which registered a small decline in the quarter,” it added.
Over the outlook, the Coca-Cola Company said: “The company continues to expect organic revenue to be up 4 per cent to 5 per cent in 2016, in line with our long-term target”.