PepsiCo said the beverage segment garnered double-digit volume growth in India in the third quarter. But snack volumes witnessed a decline in the country in the quarter under review. The snacks and beverage major released its global earnings for the third quarter on Tuesday.

Commenting on the performance of the Africa, Middle East and South Asia (AMESA) region in the third quarter, PepsiCo said that the beverage unit volume in the region grew 3 per cent “primarily reflecting double-digit growth in India” and mid-single-digit growth in the Middle East.

Food unit volume

“Convenient foods unit volume declined 3 per cent (in the AMESA region), primarily reflecting mid-single-digit declines in South Africa and India,” the company stated.

However, the company added that it saw share gains in markets like India in the savoury snacks segment. “On a year-to-date basis, we have gained savory snack share in many of our international markets, including China, India, Turkey, Netherlands, South Africa, and Belgium,” the company added.

“We remain optimistic about the long-term potential of our international businesses and will continue to focus on growing our presence and reach to capture growth across categories, occasions, and channels,” the company’s management stated.

Fifth snacks plant

In September, PepsiCo India announced that it is investing ₹778 crore to set up a new greenfield snacks manufacturing facility in Assam. This will be its fifth snacks plant in the country. The company has maintained that India is amongst the fastest growing markets in the AMESA region.

PepsiCo India posted net profit of ₹255.75 crore in FY23, up from ₹27.87 crore in FY22, marking its sixth year of profitable growth. Total revenue was up about 29 per cent to about ₹8,129 crore as per the company’s Registrar of Companies filing.

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