New Delhi, July 12 As India strives to achieve the trillion-dollar economy sooner than expected, Ramon Laguarta, Chairman and CEO of PepsiCo, has said that the country is a big growth space for them and "is an investment area for sure".
Speaking to analysts after posting quarterly results where the company delivered net revenue growth, strong gross and operating margin expansion and double-digit EPS (earnings per share) growth, Laguarta said the opportunity is massive in India "if you take a decade perspective".
"We're putting infrastructure on the ground, investing in the brands to make sure that we build the scale to capture what is going to be a high-demand market for many, many years," said Laguarta.
PepsiCo reported double-digit growth in its beverages and convenience foods units in India for the second quarter of 2024.
Laguarta said that the company has been accelerating the profitable growth delivery of the business and it should continue in the second half.
"We're investing in advertising and marketing even more in the platforms that are growing and that's what overall you put it all together, we feel good about the second half of the year and the momentum that we'll start 2025 with that," said PepsiCo CEO.
For 2024, the company now expects approximately 4 per cent organic revenue growth globally.
"For the balance of the year, we will further elevate and accelerate our productivity initiatives and make disciplined commercial investments in the marketplace to stimulate growth," said Laguarta. The company also expects to have a high degree of confidence in delivering at least 8 per cent core constant currency EPS growth for full year 2024.
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