New Research Reports

PepsiCo and the market leader Coca-Cola form 80.0%+ of the carbonated drinks market in India. VBL, as the ~90% contributor to PepsiCo’s India beverage sales, will benefit from the industry tailwinds such as rising income and discretionary spending levels, a large youth population, growing urbanization, and availability of reliable electricity and cooling equipment in rural India.

For Q2FY24, BRIT’s revenue grew by 1.2% YoY/ 10.5% QoQ to INR 44,329 Mn. On a 2 year CAGR basis, growth was at 23.0% for the quarter. The growth in volumes and no. of packets was flattish on a YoY basis. The growth was impacted due to the rural slowdown, the high base of last year, and competition from regional players in the first 1.5 months of the quarter.

Quarterly Update Q2FY24

For Q2FY24, GCPL’s revenue grew by 6.2% YoY/ 4.4% QoQ to INR 36,020 Mn. Volume/ constant currency revenue growth was 10.0%/ 16.0% YoY, respectively. On an organic basis, volume/ INR revenue/ constant currency revenue growth was 6.0%/ 2.0%/ 12.0% YoY, respectively.

Double-digit revenue growth trajectory continues as Prestige and Above (P&A) continued to outperform primarily led by higher realisations (driven by premiumisation) as volumes growth trajectory decelerates to 4% YoY (vs ~10% over last two quarters). This is likely due to shift in festive season and BIO normalisation benefits getting over.