Mondelez Says India Business Boost Global Revenue
Fuse and Silk Oreo helped Mondelez India post double-digit revenue in July-September
Mondelez International said growth at its India business helped boost the global revenue of the maker of Oreo cookies and Dairy Milk chocolates.
Mondelez India’s revenue rose in double-digits during in the quarter ended September as the company increased its dominance in the domestic market, the confectioner said in a conference call with analysts. The share of its chocolate franchise grew due to ongoing momentum and the launch of Fuse and Silk Oreo.
The chocolate maker’s global sales increased 2.1 percent to $6.53 billion during the quarter, exceeding analysts’ estimate of $6.45 billion.
The global chocolate business grew in mid-single digit due to strong results in India, Mondelez said after announcing the results. The U.S.-based confectioner dominates the Rs 8,500-crore Indian chocolate market with a 65 percent share. Dairy Milk accounts for 41 percent of the pie, the highest market share it has anywhere in the world.
Mondelez India is also looking to deepen its distribution in the rural market in India, the company recently told BloombergQuint in an interview. It gets a fifth of its total revenue from the hinterland.