NEW DELHI :
Beverage and snacking company PepsiCo, Inc., said its India snacks and beverages unit volumes grew double digits in the 12-week period ended September 4, 2021
The third quarter 2021 results reflect earnings for the months of June, July and August for its international markets.
In the period—in the AMESA (Africa, Middle East and South Asia) region, snacks unit volume grew 5%, primarily reflecting double-digit growth in India, the Middle East, and Pakistan. Beverage unit volume grew 19% in the region, primarily reflecting double-digit growth in India, the company said on Tuesday.
India’s second covid-19 wave though severe, led to a less strict lockdown in the country. Consumption and mobility have been quick to bounce back with several companies reporting an uptick in out of home consumption over the last two months.
For the 36-week period—the company’s snacking unit volume grew 64% in the AMESA region.
This, it said, was on account of a “61-percentage-point impact of our Pioneer Foods acquisition, which included the impact of an extra month of unit volume as we aligned Pioneer Foods’ reporting calendar with that of our AMESA division, double-digit growth in India and Pakistan and mid-single-digit growth in the Middle East, partially offset by a low-single-digit decline in South Africa (excluding our Pioneer Foods acquisition)."
In the same period, beverage unit volumes grew 23% in the AMESA region, primarily reflecting double-digit growth in India and Pakistan, it said in its earnings statement.
The company’s top management, in their prepared management remarks, said the company's third quarter international business featured double-digit organic revenue growth in Mexico, Brazil, Russia, India, Egypt, and China, high-single-digit growth in South Africa, Australia, and Spain, and mid-single-digit growth in the UK.
Chairman and CEO Ramon Laguarta said the maker of Quaker Oats and Frito-Lay chips is “pleased" with the results for the third quarter.
“…we delivered very strong net revenue growth while carefully navigating a dynamic and volatile supply chain and cost environment. Given our year-to-date performance, we now expect our full-year organic revenue to increase approximately 8 percent and core constant currency earnings per share to increase at least 11 percent," he said
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PepsiCo's India business reports volume growth in beverages and snacks - Mint
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