Coca-Cola sees double-digit volume growth in India in third quarter

Beverage major Coca-Cola on Tuesday said it witnessed double-digit volume and top line growth in India in the third quarter ended September 29.

It reported an 8 per cent Year-on-Year (Y-o-Y) jump in net revenue to $12 million, while the operating income grew 6 per cent to touch $3,270 million in the same period.

“In India, we delivered double-digit volume and top line growth, which resulted in value share gains in the past three years,”  James Quincy, chief executive officer (CEO), Coca-Cola Company told investors after announcing its third-quarter results.

“We are winning in the (India) market by creating 2.6 billion transactions at affordable price points and driving availability across rural regions,” he added.

Unit-based volumes for the Atlanta-based company grew by 2 per cent in the quarter, it said in its earnings release.

“Developed markets grew 2 per cent driven by growth in Mexico and Japan. Developing and emerging markets also grew 2 per cent driven by growth in India and the Philippines,” it added.

However, “in Asia Pacific, growth in India and the Philippines was offset by declines in China and Indonesia,” the release said.

The company gained value share in total Non-Alcoholic Ready to Drink (NARTD) beverages, led by share gains in India, the Philippines, South Korea, and Japan.

Its unit case volume in bottling investments grew 2 per cent, primarily driven by growth in India and the Philippines, partially offset by the impact of refranchising bottling operations.

Rival cola major PepsiCo also announced a double-digit volume growth in the beverages category in India in the third quarter ended September 9.

However, the company reported a mid-single-digit volume decline for its convenient food category.

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