PepsiCo, global food and beverage major, has reported double-digit growth in India in the second quarter, despite the market being severely hit by the second wave of the pandemic.
PepsiCo's net revenue from Africa, Middle East, South Asia (AMESA) division, under which India comes, was at $1.6 billion in the quarter, up 62.97 percent as against $0.98 billion in the year-ago period.
PepsiCo's second-quarter stands for March-April-May.
In the AMESA division, PepsiCo's snacks unit volume reported double-digit growth in India and Pakistan and mid-single-digit growth in the Middle East, partially offset by a high-single-digit decline in South Africa.
PepsiCo said in an earnings statement for Q2, "Beverage unit volume grew 38 percent, primarily reflecting a 4-percentage-point impact of our Pioneer Foods acquisition and double-digit growth in India."
Additionally, the Middle East and Pakistan each experienced double-digit growth, and Nigeria experienced mid-single-digit growth, it added.
The statement further stated, "The recovery from the COVID pandemic contributed to a current-year increase in consumer demand, which had a positive impact on net revenue, unit volume, and operating profit performance."
Overall, PepsiCo's global net revenue growth was up 20.52 percent to $19.21 billion.
PepsiCo said, "As mobility trends improved, our international beverage business accelerated and delivered 22 percent organic revenue growth, while our international snack business delivered 11 percent organic revenue growth."
In the first half (H1), the AMESA region reported net revenue of $2.48 billion as against $1.61 billion.
"Beverage unit volume grew 26 percent, primarily reflecting a 4-percentage-point impact of our Pioneer Foods acquisition and double-digit growth in India and Pakistan," it added.
Over the outlook, PepsiCo said, it expects its international markets to perform well despite an uneven recovery across geographies as vaccination efforts and mobility trends vary.