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PepsiCo reports 5.9% increase in global net revenue for 2023

The company reports mid-single-digit growth in Indian market for the past year

PepsiCo, the global beverage company, announced a "mid-single-digit" expansion in the Indian market during 2023.

Globally, PepsiCo recorded a net revenue of $91.47 billion in 2023, marking a growth of 5.9%, as per the latest earnings report.

Throughout the year, developing and emerging markets such as China and India each contributed to mid-single-digit growth, according to PepsiCo.

However, in the Africa, Middle East, South Asia (AMESA) division, including India, PepsiCo's net revenue amounted to $6.14 billion, reflecting a decrease of 4.64%.

PepsiCo attributed this mainly to a 21% point impact from adverse foreign exchange rates, primarily due to the weakening of the Egyptian pound, coupled with a net organic volume decline, albeit partially offset by effective net pricing adjustments.

Within the region, PepsiCo's beverage unit volumes witnessed a 2% increase, primarily driven by double-digit growth in India and low-single-digit growth in the Middle East.

Conversely, its convenient foods unit volume experienced a 3.5% decline, primarily due to a high-single-digit decrease in South Africa, partly offset by high-single-digit growth in the Middle East and low-single-digit growth in Pakistan. Additionally, India saw a low-single-digit decline.

Despite these fluctuations, PepsiCo's operating profit in AMESA surged by 21%.

For the December quarter, PepsiCo's net revenue in AMESA fell by 3.72% to $1.93 billion.

PepsiCo anticipates at least 4% organic revenue growth in 2024, as stated by Chairman and CEO Ramon Laguarta, who expressed confidence in the company's performance amid evolving market conditions. Laguarta noted that category growth rates are returning to normal as consumer behaviours largely revert to pre-pandemic patterns, and the moderation of net revenue realisation is expected as inflationary pressures ease.

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