Varun Beverages Ltd., one of the largest bottling partners of food and beverage giant PepsiCo Ltd. announced its September quarter results on Wednesday, October 29. This is the third quarter for Varun Beverages as the company reports earnings in a calendar year format.

Consolidated sales volume grew by 2.4% to 273.8 million cases in the third quarter from 267.5 million cases in the same quarter last year, despite heavy rainfall continuing across India throughout the quarter.

India volumes were almost flat, and international volumes grew by 9.0%, led by a strong performance in South Africa.

Gross margins improved by 119 basis points at 56.7% in Q3 due to increased mix of water in international markets. Also, in the international markets, there is a shifting of expenses from purchase of r

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