PEP PepsiCo Inc

   By P.R. Venkat 
 

Varun Beverages Ltd.'s third-quarter net profit nearly doubled, as easing Covid-19 restrictions led to an uptick in demand for products.

Net profit rose to 1.62 billion rupees ($21.7 million) from INR811.2 million a year earlier, while revenue increased 3.6% to INR18.03 billion, the company said Tuesday.

"As the country moved into the unlock phase, we witnessed healthy recovery in demand in the second half of the quarter, especially from rural & semi-urban areas," Chairman Ravi Jaipuria said.

Varun Beverages is one of the largest franchisees of PepsiCo Inc. outside the U.S. The company produces and distributes carbonated soft drinks and noncarbonated beverages such as Pepsi, Diet Pepsi and Gatorade.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

November 03, 2020 02:13 ET (07:13 GMT)

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