Coca-Cola India, a prominent player in the beverage industry, experienced a remarkable 57.15% increase in consolidated profits, reaching INR 722.44 crore during the fiscal year 2022-23. This significant growth was accompanied by a substantial 45% surge in revenue from operations, totaling INR 4,521.31 crore, as per financial data sourced from the business intelligence platform, Tofler. Notably, the company’s expenses for advertising and sales promotion also exhibited a robust rise, climbing by 52.05% to INR 1,122.11 crore during the financial year ending on March 31, 2023, compared to INR 737.97 crore in the preceding year.
The major cola company recorded a profit of INR 459.69 crore for the financial year ending on March 31, 2022, with its revenue from operations standing at INR 3,121.29 crore during that period.
Its supplementary income also witnessed a 23% increase, reaching INR 87.19 crore for the fiscal year concluding on March 31, 2023.
Coca-Cola India’s overall expenditures surged by 42.09% to INR 3,620.92 crore in FY23, compared to INR 2,548.19 crore in FY22.
On a consolidated basis, Coca-Cola India’s total earnings amounted to INR 4,608.51 crore in FY23, reflecting a robust increase of 44.36%. In the previous fiscal year, the total income stood at INR 3,192.17 crore.
The company, which boasts a portfolio of prominent brands in the Indian market, including Coca-Cola, Thums Up, Limca, Sprite, Maaza, and Minute Maid, is under the ownership of The Coca-Cola Company, a major U.S. beverages corporation headquartered in Atlanta.
When contacted, the company said, “This was driven by both volume growth and price-mix, and an overall increase in sales, primarily backed by affordable price points and demand across rural regions.”
The company strategically prioritized expanding its presence within the general trade channel, placing a significant emphasis on reaching out to rural markets.
“Our products are now available Now available in 4.5 million outlets up from 2.8 million outlets pre covid times,” the company stated.
The company maintains its commitment to connecting consumer passions with consumption occasions in order to foster stronger brand connections. This is achieved through digital storytelling and consumer engagement initiatives such as Sprite Joke in Bottle and Thums Up Stump Cam, among others.
“The Company increased advertising and marketing spending to ensure strong demand in the festive season and drive greater consumer engagement. The company has been driving the most significant marketing transformation in our history, focusing on digital-first engagement with consumers,” it said.
During the earnings call for the September quarter, The Coca-Cola Company’s CEO, James Quincy, announced that the company had achieved double-digit volume and top-line growth in India. This impressive performance has translated into value share gains over the past three years.
India is the fifth largest market for the Coca-Cola Company.
Besides, Coca-Cola also has a bottling unit – Hindustan Coca-Cola Beverages (HCCB) Private Ltd, which operates 16 plants.