While beverage and snacks major PepsiCo trimmed its sales forecast for the year after missing estimates, it witnessed double-digit organic revenue growth in India in the third quarter ended September 7.
“For the third quarter, developing and emerging markets such as India, Egypt, Turkey, Poland, and Vietnam each delivered double-digit organic revenue growth. Colombia delivered high single-digit growth, while Brazil, South Africa, and Thailand each delivered mid-single-digit growth, and Mexico delivered low-single-digit growth,” PepsiCo said in its prepared management remarks after announcing its results.
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The company identified several growth regions in its international markets.
“There are pockets of growth and strength in the international market. Southeast Asia and India are markets that are growing nicely,” said Ramon Laguarta, chairman and chief executive officer, PepsiCo, during the post-earnings call with investors.
In the AMESA (Africa, Middle East, South Asia) region, the company’s convenient foods unit volume declined 3 per cent in the 12 weeks ended September 7. This primarily reflected double-digit declines in the Middle East and Pakistan, partially offset by slight growth in South Africa and high single-digit growth in India.
Its beverage unit volume declined 2 per cent, “primarily reflecting a mid-single-digit decline in the Middle East, a double-digit decline in Nigeria, and a low-single-digit decline in Pakistan, partially offset by high single-digit growth in India,” the company said.
Meanwhile, in the 36 weeks ending September 7, the company’s convenient foods unit volume grew slightly, reflecting low single-digit growth in South Africa and double-digit growth in India, while being partially offset by double-digit declines in the Middle East and Pakistan.
Its beverage unit volume grew 0.5 per cent, “primarily reflecting double-digit growth in India, partially offset by high single-digit declines in Pakistan and Nigeria, and a low single-digit decline in the Middle East,” it said.
First Published: Oct 08 2024 | 8:20 PM IST
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