PepsiCo India reports ₹884-crore profit after tax in 2024 after shifting to calendar year

New Delhi: Food and beverage major PepsiCo India reported revenue of ₹8,877 crore and profit after tax of ₹883.4 crore for the 12 months to 31 December 2024. These numbers are not comparable to the previous year’s as the company switched from the financial year (April-March) to the calendar year.

The previous filing was for a nine-month period – April 2023 to December 2024 – during which the company clocked consolidated revenue of  ₹5,954.16 crore and a profit of ₹217.26 crore. 

In India, PepsiCo competes with Coca-Cola, ITC, Bikaji and Haldiram’s. It sells beverages such as Pepsi and Mirinda as well as Lay’s chips and Quaker oats. Its bottling operations are managed by its local bottling partner Varun Beverages. The company’s 2024 financial results reflect sales from its packaged foods business as well as the liquid concentrate sold to its bottling partner.

“Our food and beverage brands continue to thrive, fuelled by dynamic marketing campaigns, flawless marketplace execution, and a steadfast commitment to consumer-centric innovation. As we deepen our investment in India’s growth story, we are expanding our scaled-up capacity to meet rising demand. At the same time, we continue to expand our brands and marketplace infrastructure to drive scale while sustaining healthy margins,” the company said in a statement.

Resilient FMCG market

Jagrut Kotecha, CEO of PepsiCo India & South Asia, said while announcing the company’s annual earnings, “Over the past 12 months, the FMCG industry in India has shown remarkable resilience in the face of a challenging external environment, where it witnessed a slowdown in urban consumption along with inflationary pressures. 

“In this context, PepsiCo India’s strong performance in 2024 across food and beverage categories is a testament to its dynamic marketing, marketplace execution, and consumer-centric innovation. None of this would’ve been possible were it not for the incredible talent and teams that we have worked at building and nurturing, and I am confident that this has set us up to deliver on our bold growth ambition over the next five years.”

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Kaushik Mitra, vice president & CFO, PepsiCo India and South Asia, said, “While these figures are not directly comparable year-on-year due to the shift in our financial reporting calendar, the significant improvement in our profit margins over the last three reporting periods underscores the strength of our business model and our momentum in the market.”

PepsiCo’s India investments

The company’s global management has highlighted India as a top investment market. “We continue to see a lot of growth in many parts of our AMESA (Africa, Middle East and South Asia) region. In particular, India is a big growth space for us and it is an investment area for sure,” Ramon Laguarta, chairman and CEO of PepsiCo, said during an investor call last year.

Last year, PepsiCo India announced an investment of  ₹1,266 crore to establish a flavour manufacturing facility in Ujjain, Madhya Pradesh. The facility it set to begin operations in the first quarter of 2026. The company is also set to open a new plant in Tamil Nadu.

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Last fiscal year, rival Coca-Cola’s consolidated revenue grew 4.24% to ₹4,713 crore, while profit fell 41.82% to ₹420 crore.

India’s packaged foods market is estimated at ₹3.6 trillion, and the market for carbonated soft drinks generated $18.25 billion of revenue in 2022, according to estimates by economic think tank ICRIER.

In calendar year 2024, Varun Beverages’ revenue from operations stood at ₹20,481.328 and net profit at ₹3433 crore. It is PepsiCo’s largest franchisee in the world, with a presence in India, Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, South Africa, Lesotho, Eswatini and the Democratic Republic of the Congo.

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