In FY21, Coca-Cola India’s other income also declined 18.2% to ₹57.59 crore.
Beverages major Coca-Cola India’s net profit declined 28.4% year-on-year to ₹ 443.38 crore and its revenue from operations was down 16.2 % to ₹2,297.51 crore in the pandemic-hit FY21, according to regulatory documents.
The cola major had logged a net profit of ₹619.14 crore in FY20, while its revenue from operations in that year had stood at ₹2,741.54 crore.
When contacted, a Coca-Cola India spokesperson told PTI, this was mainly on account of the COVID-19 pandemic and related lockdowns and restrictions.
Coca-Cola India’s total income also declined 16.2 % to ₹2,355.10 crore in the fiscal ended March 2021 as against ₹2,811.99 crore in the preceding financial year, according to the Registrar of Companies filing, shared by market intelligence firm Tofler.
In FY21, Coca-Cola India’s other income also declined 18.2% to ₹57.59 crore as against ₹70.44 crore a year ago.
During the financial year 2020-21, the company’s total expenses were reduced by 11.2% to ₹1,740.92 crore as against ₹1,961.28 crore in the previous year.
“There has been a disruption in demand, especially from the out-of-home channels after the COVID-19 pandemic broke out, leading to people working from home and spending most of their time indoors. “Decline in revenue is on account of the COVID-19 pandemic and related lockdowns and restrictions, especially in the first two quarters of 2020 which was unprecedented and challenging for the industry at large. We continued to invest in our brands, people, community and capabilities to emerge stronger,” said Coca-Cola India spokesperson.
India is an important growth region for the Coca-Cola system globally and continues to be amongst the key markets and is of prime significance to the Coca-Cola Company, he added.
“ In the current year, it is emerging stronger in away-from-home channels with improved mobility and focus on affordability. Brands like Coca-Cola and Thums Up are also growing at the back of effective market activations,” the spokesperson said.
The company, which operates with power brands in Indian markets including —Coca Cola, Thums Up, Limca, Sprite, Maaza and Minute Maid —said it is committed to growth and emerging stronger.
“We believe in the organisation’s growth potential and will continue to focus on building capacity and capability,” he said. India is one of the leading markets for the Atlanta, U.S.-headquartered The Coca-Cola Company.
It falls under Asia Pacific Market Zone, where the global beverage major had reported a 3% unit case volume growth in its latest quarter results announced for the period ending September 2021.
Source: Read Full Article