FMCG and beverage giant, Coca-Cola, reported that during Q1, it recorded almost 3 billion transactions in India. The majority of these transactions were driven by affordable single-serve packages and entry-level packs for at-home consumption, as stated in the company’s quarterly results announcement on Monday.
The beverage retailer not only utilized entry-level packs, but also implemented focused promotions on bulk packages to enhance its household penetration, as per available information.
In anticipation of the summer season, Coca-Cola announced that it had widened its reach by adding approximately 300,000 stores and about 40,000 coolers in India, in partnership with its bottling affiliates.
“The company grew its business in the first quarter in India by adding retailers, investing in cold-drink equipment, and offering the right products at the right price points to recruit consumers,” Coca-Cola said in its earnings statement.
In the Asia Pacific region, the FMCG giant observed a 10 percent surge in unit case volume, driven by China, India, and Australia. Nevertheless, the company reported a 15 percent decrease in its operating income in the same region, attributing it to elevated operating expenses.
“We are off to a great start,” said James Quincey, Chairman, and CEO, The Coca-Cola Company in an earnings call adding that while macro environment concerns remain, the company will focus on adapting to consumer needs and adding top-line growth.
The company’s net revenue increased by 5 percent, amounting to USD 11 billion, as reported.