PepsiCo reported double-digit volume growth in its beverages business in India for the three months ended September 30, 2022, the company said in its third-quarter global earnings announcement on Wednesday. Beverage unit volume grew 11%, primarily reflecting double-digit growth in India.
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Given most of the PepsiCo's operations in India are contributed by Varun Beverages, we believe the company is likely to post similar volume growth during Q2FY23. This would be in continuance of strong volume growth trend from last two quarters. We remain positive on the stock.
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