New Delhi: The Coca-Cola Company reported that heavy monsoons in various states in India affected its sales volume during the July-September quarter. But in states that experienced average rainfall, there was a mid-single-digit increase in volume, according to James Quincey, Chairman and CEO of Coca-Cola, during an earnings call. In India, states affected by above-average monsoons experienced a decrease in volume. In regions that were not impacted, volume experienced a mid-single digit increase," he revealed.
Nevertheless, Quincey remained hopeful, describing it as a "temporary issue," and anticipated India bouncing back to growth in the coming year. "... strong monsoons are often a reliable indicator of crop production, leading to higher yields in the following year," he explained. Several other companies in the FMCG sector, specifically in food and beverage, have experienced a decrease in volume during the September quarter due to unexpected heavy rainfall affecting the market. Coca-Cola ranks fifth among the top markets in India. The brands it owns are Sprite, Thumps-up, Kinley, Limca, Fanta, and Maaza. The beverage major based in Atlanta saw a decrease of 1 per cent in its net revenues to USD 11.9 billion in the September quarter. The global unit case volume saw a 1 pc decrease during the quarter.
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Unit case volume refers to the quantity of unit cases of company beverages that are sold by the company and its bottling partners to customers, either directly or indirectly. In January of this year, HCCB, which is Coca-Cola's bottling branch in India, sold some company-owned bottling plants in three regions to its current bottling partners. Coca-Cola reported a $290 million net gain from refranchising bottling operations in specific areas of India, plus post-closing adjustments, for the nine months ending September 27, 2024.
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