Coca-Cola India net profit rises 57% to Rs 722 crore in FY23, sales up 45%

Coca Cola India, the subsidiary of global fizzy-drink maker Coca Cola Company, reported a net profit of Rs 722.44 crore in FY23, said financial data accessed by business intelligence platform Tofler.

This is a 56.9 per cent jump from the reported net profit of Rs 460.35 crore in FY22.

The company also achieved net sales of Rs 4,521 crore for the financial year ended 31 March 2023, a 44.9 per cent jump from sales of Rs 3,121 crore in the previous financial year.

“This double-digit surge in revenue was driven by both volume growth and price-mix, and an overall increase in sales, primarily backed by affordable price points and demand across rural regions,” stated the company.

The company said that it is strategically focused on ramping up distribution in the general trade channel with a strong focus on rural markets.

“Our products are now available in 4.5 million outlets, up from 2.8 million outlets in pre-Covid times,” it added.

The company added that it had increased advertising and marketing spends to ensure strong demand in the festive season and drive greater consumer engagements.

This trend has continued in FY24, as the maker of Thums Up, Limca and Sprite is banking on the ICC Men’s Cricket World Cup coinciding with the festival season, to drive greater consumer demand.

Meanwhile, The Coca Cola Company witnessed robust growth in India in the third quarter ended 29 September.

The company follows the January-December financial year.

"In India, we delivered double-digit volume and top-line growth, which has resulted in value share gains in the past three years," James Quincy, chief executive officer of Coca Cola Company, had told investors after announcing its third-quarter results last month.