PepsiCo reports market share gains in India business in 2022
SYNOPSIS
The company beats earnings led by price hikes it took across its portfolio that helped loft sales
New Delhi: Food and beverage major PepsiCo on Thursday said its India business reported double-digit organic revenue growth for the full-year 2022 ending December 31, 2022.
“Each of our international divisions reported strong organic revenue growth, led by Latin America and AMESA. Both divisions delivered more than 20% organic revenue growth for the full year with Mexico, Brazil, Colombia, Chile, Saudi Arabia, India, Egypt, South Africa, and Pakistan all delivering double-digit organic revenue growth,” the company said announcing its fourth quarter and full-year earnings.
The maker of Pepsi cola and Lay’s chips reported market share gains in both beverages and foods in India.
“For the full year, we gained savory snack share in Brazil, China, the U.K., India, Pakistan, Saudi Arabia, Spain, Turkey, Netherlands, Australia, and Chile, and gained beverage share in Mexico, Brazil, Australia, China, India, Egypt, Pakistan, Saudi Arabia, Vietnam and Nigeria,” it added.
On Thursday the company beat earnings expectations led by price hikes it took across its portfolio that helped lift sales. The company however reported a 2% drop in volumes in its food business as price hikes eroded demand. The company reported fourth-quarter net income of $518 million, down from $1.32 billion, in the year ago period.
“We are pleased with our results for the fourth quarter and the full year as our business remained resilient and delivered another strong year of growth. Our results demonstrate that the investments we have made in our people, brands, portfolio, value chain, and go-to-market systems are working,” Ramon Laguarta, Chairman and CEO, said in the company’s earnings statement.
The company will continue to focus on driving growth and winning in the marketplace while developing advantaged capabilities to fortify businesses for the long-term, he added.
In a year filled with “elevated geopolitical tensions, high inflation, and significant macroeconomic volatility,” PepsiCo delivered more than 14% organic revenue growth, the company said.
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