Maaza, India's home-grown drink, joined the billion-dollar club, becoming the third brand from global beverage giant Coca-Cola's Indian stable to achieve this coveted status. In 2021 and 2022, respectively, Thums Up and Sprite became members of the club.
Ramesh Chauhan of Parle Products founded Maaza in the 1970s, and the US soft drink company purchased it in 1993.
Refranchising its bottling operations in the United States resulted in net gains of $13 million for the US major during the December quarter. For the entire year, net gains from refranchising totaled $303 million in the country.
In the December quarter, the company's unit case volume increased 2%, "led by China, Brazil, and the United States." "For the full year, unit case volume increased by 1%, led by Brazil, India, and Mexico," it stated in an earnings release.
"During the quarter, our business in India improved and increased volume. During a post-results interaction with investors, James Quincey, chairman and CEO of The Coca-Cola Company, stated that Maaza will be the company's 30th billion-dollar brand by 2024.
When asked about the bottling divestment and subsequent sale of a 40% stake in Hindustan Coca-Cola Holdings to the Jubilant Bhartia Group in December, John Murphy, the company's president and chief financial officer, stated, "We were looking for a partner as ambitious as we are to capture opportunities and has the ability to build capacities over time."
Jubilant will make a significant contribution to Coca-Cola, he stated, adding that the Indian market "has a tremendous amount of runway ahead of it and a vibrant environment."
