Coca-Cola India has reported a significant increase in its net profit and net sales for the financial year 2023 (FY23). The company's net profit rose by 56.9% to ₹722.44 crore in FY23, up from ₹460.35 crore in the previous financial year (FY22). This surge was primarily driven by volume growth, price-mix, and sales expansion due to affordable price points and increased demand from rural areas, according to Tofler.
The company's net sales also saw a substantial increase of 44.9%, amounting to ₹4,521 crore in FY23 compared to ₹3,121 crore (INR100 crore = approx. USD12 million) in FY22. Coca-Cola India expanded its distribution in general trade channels and rural markets, raising the number of outlets from 2.8 million during pre-COVID times to a notable 4.5 million.
To boost consumer engagement and demand, Coca-Cola India increased its advertising and marketing expenditure during the festive season. This strategy is set to continue into the next financial year (FY24) with events such as the ICC Men’s Cricket World Cup on the horizon.
James Quincy, CEO of Coca-Cola Company (NYSE:KO), announced that the third quarter witnessed double-digit volume and top-line growth in India, leading to value share gains. The company's product portfolio includes popular beverages like Thums Up, Limca, and Sprite.
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