PepsiCo reports mid-single digit revenue growth in India1 min read . Updated: 15 Apr 2021, 08:50 PM IST
- PepsiCo’s snacking business that includes brand such as Kurkure and Lay’s witnessed a high single-digit growth
Food and snacking major PepsiCo on Thursday reported mid-single digit organic revenue growth in its international markets including India, the company said in its first quarter earnings .
“Our developing and emerging markets remained resilient and delivered mid-single-digit organic revenue growth in the quarter, including double-digit growth in Brazil, Russia and China, mid-single-digit growth in India and low-single-digit growth in Mexico," the company’s management said in their remarks announcing results for the quarter ended March 20, 2021.
The company’s first quarter results incorporate the months of January and February for its business in international markets, it added.
In India its snacking business that includes brand such as Kurkure and Lay’s witnessed a high single-digit growth. Meanwhile, it reported a mid-single-digit decline in its India beverage business.
In the AMEA or the Asia, Middle East and Africa region—its net revenue increased 40%. In the region, its snacks unit volume grew 232%, primarily reflecting a 228-percentage-point impact of its Pioneer Foods acquisition, double-digit growth in Pakistan and high-single-digit growth in India, partially offset by a low-single-digit decline in the Middle East.
Beverage unit volume grew 5.5% in the region, the company said. “…Primarily reflecting a 4-percentage-point impact of our Pioneer Foods acquisition and double-digit growth in Pakistan, partially offset by a mid-single-digit decline in India and a slight decline in the Middle East. Additionally, Nigeria experienced slight growth," it added.
Overall, the food and beverage major’s net revenue grew 6.8% to $14.82 billion during the quarter, the company said.
“We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the U.S.," said chairman and CEO Ramon Laguarta in the company's earnings statement.
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