Coca-Cola earns $290 mn from India by divesting its bottling operations in Jan-Mar

In the first quarter of 2024, the Coca-Cola company witnessed “growth” in Unit case volume in the India market

New Delhi: Global soft drinks major the Coca-Cola Company has earned $290 million (around Rs 2,420 crore) from India in the March quarter by refranchising its bottling operations to its existing bottlers in three key markets here.

HCCB, Coca-Cola’s bottling arm in India, had in January this year announced to divest company-owned bottling operations in Rajasthan, Bihar, Northeast, and parts of West Bengal to its existing bottlers.

“During the three months ended March 29, 2024, the company recorded net gains of $599 million and $293 million related to the refranchising of our bottling operations in the Philippines and in certain territories in India, respectively,” said Coca-Cola in its earning statement on Tuesday.

India is the fifth largest market of the Atlanta-based company, which operates here with brands as Coca-Cola, Coke, Thums UP, Maaza, Sprite, Fanta, Minute Maid, etc.

Hindustan Coca-Cola Beverages (HCCB) had transferred bottling operations to its existing partners in these three regions — Kandhari Global Beverages, SLMG Beverages and Moon Beverages — respectively.

This was part of Coca-Cola’s plans to divest assets globally by franchising regional operations to local partners.

In the first quarter of 2024, the Coca-Cola company witnessed “growth” in Unit case volume in the India market, it said.

However, in the Asia Pacific market zone, under which India falls, unit case volume has declined 2% in the first quarter on account of decline in water, sports, coffee, and tea.

“Growth in the Philippines, India, Vietnam, and Indonesia was more than offset by a decline in China,” said the statement.

Globally, the Coca-Cola company’s unit case volume grew 1% in 2024.

Unit case volume means the number of unit cases of company beverages directly or indirectly sold by the company and its bottling partners to customers.

The Coca-Cola Company’s net revenue for the March quarter grew 2.9% to $11.3 billion, and organic revenues (non-GAAP) grew 11%.

Coca-Cola Company Chairman and CEO James Quincey said, “We are encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amidst a dynamic backdrop.”

On the outlook, the company said it “expects to deliver organic revenue (non-GAAP) growth of 8-9% , which consists of operating performance at the high end of the company’s long-term growth model and the anticipated pricing impact of a number of markets experiencing intense inflation”.

The post Coca-Cola earns $290 mn from India by divesting its bottling operations in Jan-Mar appeared first on India Retailing.

from India Retailing https://ift.tt/UHXOCJ6
via IFTTT

Comments

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...

Latest Retail Insight, News, Information & Articles from all top sources for the Internet.

Search This Blog