Coca-Cola records double-digit volume growth in India

The Coca-Cola Company on Monday (29 April) reported a 2% year-on-year decline in net revenues for the first quarter of 2025, bringing in USD 11.1 billion. The drop was primarily attributed to currency headwinds and the impact of refranchising its bottling operations. However, on an organic basis, revenues grew 6%, with a 5% increase in price/mix and a 1% rise in concentrate sales, the company said in its earnings release.

The company’s performance across Asia-Pacific showed mixed results. Operating income in the region declined by 5%, dragged down by unfavorable currency exchange, particularly an 11-point headwind, and items affecting comparability. Excluding these factors, Coca-Cola’s comparable currency-neutral operating income in APAC rose 7%, driven largely by organic revenue growth and strategic timing of marketing investments, the release stated.

In India, Coca-Cola recorded strong momentum, with double-digit volume growth in the first quarter. The surge was led by flagship brand Trademark Coca-Cola and Thums Up, a homegrown favorite. The company noted this performance as a highlight within its broader strategy to harness growth in developing and emerging markets, which account for approximately 80% of the global population.

A key example of this strategy in action was Coca-Cola’s large-scale marketing and distribution push during the Maha Kumbh Mela in India—billed as the world’s largest in-person gathering with an estimated 660 million attendees this year. The company rolled out a historic integrated activation for the event, featuring hundreds of refreshment zones, around 1,400 mobile stations, and a record-setting 100 cooler-door wall. These efforts led to more than 180 million servings being consumed during the gathering, the release stated.

“To capitalize on the vast opportunities in developing and emerging markets, the company is focusing on continuously improving its marketing, innovation, revenue growth management and integrated execution capabilities with system partners across local markets,” said the release.

Commenting on the overall performance, James Quincey, Chairman and CEO of The Coca-Cola Company, said, “Our performance this quarter once again demonstrates the effectiveness of our all-weather strategy. Despite some pressure in key developed markets, the power of our global footprint allowed us to successfully navigate a complex external environment. By remaining true to our purpose and staying close to the consumer, we are confident in our ability to create enduring long-term value.”

Despite macroeconomic challenges and regional volatility, Coca-Cola reiterated its commitment to driving sustainable growth, underpinned by brand strength, local execution, and continued innovation across its portfolio.