In its third-quarter global earnings announcement, PepsiCo reported double-digit volume growth in its beverages business in India for the three months ended September 3, 2022.According to Ramon Laguarta, chairman of PepsiCo, their global business momentum remains strong and they expect full-year organic revenue to increase 12% (previously 10%).
“Beverage unit volume grew 11%, primarily reflecting double-digit growth in India,” PepsiCo said. PepsiCo said for the quarter ended September 3, 2022, its convenience foods unit volume grew 5%, primarily reflecting double-digit growth in the Middle East, India and Pakistan. In the same period, beverage unit volume grew 17%, primarily reflecting double-digit growth in India.
The maker of Lay’s chips and Pepsi Cola said net revenue increased 4% year-on-year during the three months. The company reported that its convenience foods unit volume declined 2% in the Africa, Middle East and South Asia zone, primarily reflecting a high-single-digit decline in South Africa, which was partially offset by double-digit growth in the Middle East and Pakistan and mid-single-digit growth in India.
During the quarter, PepsiCo launched a premium range of chips under the Lay’s gourmet brand in India. It said during the quarter that many of its developing and emerging markets remained resilient, including China, South Africa, India, and Egypt, each of which delivered double-digit organic revenue growth.