SectionE Group5 FMCG Beverages

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    Table of Contents Table of Contents .......................................................................................... ............ . 2

    Executive Summary .................................................................................................... 3Market Overview ......................................................................................................... 3

    Hot Drinks ................................................................................................................ 3

    Alcoholic Drinks ....................................................................................................... 4

    Soft Drinks ............................................................................................................... 4

    Major Players ........................................................................................... ................... 4

    PepsiCo India ........................................................................................................... 4

    Coca-Cola India ........................................................................................................ 5

    United Breweries .................................................................................. ................... 5SABMiller India ......................................................................................................... 5

    Impact of Government policy on Giant Players in the beverage market ........ ..... ..... .. 6

    Coke in India ........................................................................................................... 6

    Pepsi in India ........................................................................................................... 6

    Indian Regulatory Environment .................................................................................. 7

    Centre for Science and Environment ........................................................... ............ 7

    Impact of Economic reform on Beverage Industry .................................................... .. 8

    Impact of Union budget on FMCG Sector .................................................................... 8

    Measures ................................................................................................................. 8

    Impact ..................................................................................................................... 8

    Implication of International treaties such as WTO/ Free trade agreements for thesector ..................................................................................................... ............ ........ 9

    Innovative products entering the market: ................................................................ 10

    Key drivers of cost /profitability/growth ............................................................. ....... 10

    Key events in the recent past ................................................................................... 11

    The key Management Personnel ............................................................................... 12

    United Breweries -India ......................................................................................... 12

    SABMiller India ....................................................................................................... 12

    Promoters .............................................................................................................. 13

    Listed or Not Listed ................................................................................................ 13

    Market Capitalisation .......................................................................................... ... 13

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    References and Data Sources .................................................................................. . 13

    Financial Overview of Pepsi Foods and Coca-cola ................................................. 13

    Sales overview of soft drinks ................................................................................. 15

    Sales overview of carbonates ................................................................................ 17

    Executive SummaryIndias economy is set to continue its growth, with GDP growth expected to keep increasing in

    the coming fiscal year. This means that more people will obtain higher buying power which can

    drive the beverages sales in the country. As a result a number of beverage manufacturers seek to

    take advantage of the opportunities presented by India's sustained economic growth.

    BMI recently published India Food and Drink Report for Q310. As per that report,

    approximately 120 billion liters of beverages are consumed by Indians every year, but only 5%

    represent store-bought packaged beverages. The majority of Indian consumers (75%) still

    consume non-alcoholic store-bought beverages less than once a day, highlighting a large

    untapped market opportunity, particularly in the carbonated drinks and juice or juice-based

    categories (estimated to be worth $1.5 Billion and $.25 billion respectively). In order to increase

    consumption and penetration of such beverages, manufacturers will have to address the two

    primary reasons why some Indians abstain entirely, that is, health concerns and undesirable taste.

    Market Overview

    Hot DrinksIndias hot drinks sector is fairly mature. The countrys tea industry has a growth forecast of only

    9.7% to INR 53.14bn in 2014. Faced with a saturated domestic market, Indias leading tea

    manufactures, such as Tata Tea and Apeejay are looking outside India for better opportunities.

    Contrary to tea, the opportunities for Indias coffee industry look very bright. A sales growth of

    64.6% to INR 107.3bn in 2014 is forecast. The coffee sector has attracted significant investment

    in recent months. Local players like Coffee Day have also entered the high-growth coffee sector.

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    Coca-Cola IndiaCoca-Cola India, the local subsidiary of US soft drinks giant The Coca-Cola Company, is the

    market leader in Indias soft drink industry, with a 60% share of the soft drinks. It operates

    across all soft drinks sectors in the country including CSDs (Carbonated Soft Drinks), fruit

    juices, energy drinks and bottled water.

    The company has revamped its marketing and distribution to improve its competitiveness. Coca-

    Cola will now improve its focus on the high-growth non-carbonates sector and contemplate an

    enhanced waters partnership with Tata Tea. However, it also plans to establish a number of small

    local sales teams. In December 2008, the company unveiled its new Parivarthan programme,

    which will see Coca-Cola target around 6,000 small retail outlets in second- and third-tier towns,

    training shopkeepers on product display and stock-keeping best practices.

    United BreweriesUB is the main brewer of alcoholic drinks major UB Group. The company is the local market

    leader with a share of just over 50%, obtained primarily through its flagship Kingfisher brand.

    Despite its market leadership, UB is closely pursued by SABMiller; as such it focuses heavily on

    branding and expansion investments. Domestically it pursues a strategy of constant innovation,

    both creating new products, such as premium lagers, and creating value-added offerings for its

    existing range, ex, party kegs of Kingfisher. Internationally, the company entered into

    partnership with S&N to distribute S&Ns brands in India and UBs brands globally using

    S&Ns superior distribution network, while a distribution deal with Heineken has also been

    reached. With two greenfield breweries under construction and a further INR920.5mn

    (US$19.2mn) from a first quarter share rights issue pegged for investment, UB looks to record

    further strong results. In the financial year ending March 2010 the brewer sold over 100mn cases

    of beer representing an increase of 20% compared to volume sales in the previous financial year.

    The brewer expects to sell 120mn cases of beer in FY11 as a result of its new marketing

    arrangement with Heineken.

    SABMiller IndiaAnglo-South African brewer SABMiller is one of the worlds largest brewers with brewing

    interests or distribution agreements in over 60 countries. It entered the Indian market in 2000

    through a JV and its later acquisition of the Narag breweries, and has subsequently made several

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    more acquisitions, most notably its 2001 purchase of the Mysore Breweries and its Knock Out

    brand, followed by the 2003 acquisition of Shaw Wallaces beer brands Royal Challenge and

    Haywards. Having established its presence in India and holding around 38% of the beer market,

    SABMiller is now looking to extend its current market share through further investment.

    SABMiller India is structured into three core operational regions, with this decentralized

    organizational model allowing it to tailor its operations to the specifications of each region. It has

    also sought to diversify its product range, introducing mass-market and premium brands to

    support its economy products. In October 2008, it nationally launched Indus Pride, which was

    created with the objective of expanding the mild beer segment in the country and is soon to be

    sold in export markets as well. SABMiller also plans to launch its global Miller beer brand in the

    Indian market. Recent reports suggest that SABMiller is reconsidering its emerging market

    priorities with ongoing regulatory frustrations in India appearing to have pushed the company to

    prioritize investments in Latin America, China and, in particular, Africa.

    Impact of Government policy on Giant Players in the beverage market

    Coke in IndiaCoca-Cola was the leading soft drink brand in India until 1977 when it left rather than reveals its

    formula to the government and reduces its equity stake as required under the FERA Act which

    governed the operations of foreign companies in India. After 16 year absence, Coco Cola

    returned to India in 1993, cementing its presence with a deal that gave Coca- cola ownership of

    the nations top soft drink brands and bottling network.

    Pepsi in IndiaThe post liberalization period in India saw the comeback of cola but Pepsi had already beaten

    Coca-Cola to the punch, creatively entering the market in the 1980s in advance of liberalization

    by way of a joint venture. As early as 1985, Pepsi tried to gain entry into India and finally

    succeeded with the Pepsi Foods Limited Project in 1988, as a JV of PepsiCo Punjab government-

    owned Punjab Agro Industrial Corporation (PAIC), and Voltas India Limited. Pepsi was

    marketed and sold as Lehar Pepsi until 1991 when the use of foreign brands was allowed under

    the new economic policy and Pepsi ultimately bought out its partners, becoming a fully-owned

    subsidiary and ending the JV relationship in 1994.

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    Indian Regulatory EnvironmentThe main law governing food safety in India was the 1954 Prevention of Food Alteration Act

    (PFA) which contained a rule regulating pesticides in foods but did not include beverages. The

    Food Processing Order (1955) required that the main ingredient used in soft drinks be potable

    water but the Bureau of Indian Standards (BIS) had no prescribed standards for pesticides in

    water. One BIS directive stated that pesticides must be absent and set a limit of 0.001 parts per

    million but the Health Secretary admitted, There are lapses in PFA regarding carbonated

    drinks.

    Indian law enforcement was minimal with virtually no conviction under PFA. In the absence of

    national standards, NGOs such as the CSE turned to the United States and the European Union

    for international norms. Under EU food laws for example, milk, fruit, and basic staples such as

    rice and wheat would need to be imported into India to satisfy safety standards.

    Centre for Science and EnvironmentThe CSE, an NGO, was established in India in 1980 by a group of engineers, scientists

    journalists and environmentalists to catalyze the growth of public awareness on vital issue in

    science, technology, environment, and development. Led by Sumita Narain, a former

    schoolmate of Coke India CEO Gupta, the CSEs efforts included communication for awareness,

    research and advocacy, education and training, documentation, and pollution monitoring.

    CSEs August 2003 report claimed that soft drinks were extremely dangerous to Indian citizens

    based on tests conducted at the Pollution Monitoring Laboratory (PML). All samples contained

    residues of lindane, DDT, Malathion, and chlorpyrifos, toxic pesticides and insecticides known

    to cause serious long term health issues. Total pesticides in all Coca-Cola brands averaged

    0.0150 mg/l, 30 times higher than the European Economic Commission (EEC) limit. PML also

    tested samples of Coke and Pepsi products sold in the United States to see if they contained

    pesticides and they did not.

    Regulations on soft drinks were weak in India, even compared to bottled water, as neither the

    Prevention of Food Alteration Act (PFA) nor the Fruit Products Order (FPO), aimed at

    regulating food standards in India, addressed pesticides in soft drinks, and there were no

    standards to define clean or potable water. The report called on the government to put in

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    place legally enforceable water standards and chastised the multi-nationals for taking advantage

    of the situation at the expense of consumer health and well-being.

    Impact of Economic reform on Beverage Industry

    Indias one billion people, growing middle class, and low per capita consumption of soft drinksmade it a highly contested prize in the global CSD market in the early twenty-first century. Ten

    percent of the countrys population lived in urban areas or large cities and drank ten bottles of

    soda per year while the vast remainder lived in rural areas, villages, and small towns where

    annual per capita consumption was less than four bottles. Coke and Pepsi dominated the market

    and together had a consolidated market share above 95%. While soft drinks were once

    considered products only for the affluent, by 2003 91% of sales were made to the lower, middle

    and upper middle classes. Soft drink sales in India grew 76% between 1998 and 2002, from

    5,670 million bottles to over 10,000 million and were expected to grow at least 10% per year

    through 2012. In spite of this growth annual per capita consumption was only 6 bottles versus 17

    in Pakistan, 73 in Thailand, 173 in the Philippines and 800 in the United States.

    Impact of Union budget on FMCG Sector

    Measures GST to be implement by April 2011 MAT increased to 18% from 15% Allocation of Rs 40,100 cr under NREGA in 2010-11. Rs 66,100 cr provided for Rural Development. Revision in tax slab Setting up of cold storages exempted from service tax External commercial borrowing will be available for cold storage.

    ImpactIncreased allocation under various rural development and employment scheme will raise income

    level in rural area, thereby will boost rural demand. Further, the readjustment of tax slabs will

    raise disposable income, thereby will boost demand. Hike in excise duty on cigarettes and

    tobacco will have marginal negative impact on cigarette manufacturers like ITC, VST and

    Godfrey Phillips. Roadmap for rollout of Goods and Service tax (GST) by April 1, 2011 is a key

    positive for the industry. Implementation of GST will lead to reduction of retail consumer prices

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    which may result in higher volumes. Further, consolidation of supply chain will result in cost

    savings.

    Implication of International treaties such as WTO/ Free trade agreements for

    the sectorIndian markets were vehemently protected from outside competition till 1990s through various

    trade barriers and tariffs. It was after the liberalisation that many big FMCG companies were

    attracted towards India. Many of these companies started with a joint venture with an Indian

    partner but later matured and started their own operations. While some Indian FMCG companies

    with inefficient operation died, the efficient companies actually improved their processes further

    and were not only able to compete with the MNCs but actually outperform them.

    India was a founding member of GATT, the General Agreement on Tariffs and Trade so whenthe Uruguay Round and the WTO came into existence in 1995 India was one of the signatories.

    This further lowered the trade barriers and more and more companies were attracted towards

    Indian markets. After this there have been free trade agreements with more and more countries

    like Srilanka and Thailand. With the advent of free trade movement there has been a lot of

    pressure on Indian government on not to dilute the ROR. Rules of origin define the minimum

    local content or value addition for manufactured goods to enjoy the duty benefits of a free trade

    agreement. Government wants to dilute the ROR to attract more foreign investment but Indian

    FMCG companies are opposing it as this could harm their bottom line.

    It is increasingly seen that the FMCG companies are becoming more responsive to health and

    environmental concerns. This is due to increased consumer awareness and strict government

    regulation. The Food Safety and Standards Authority of India (FSSAI) has imposed strict

    regulations to fix ingredient levels and caffeine content, as well as deal with other risk factors

    and deliver appropriate regulation of the products. In cognizance of these regulations carbonated

    beverage majors like Coca Cola and Pepsi Co. have put strict standards for water being use in

    their plants. Pepsi Co. has even gone a step further and has taken various initiatives to replenish

    the ground water resources. The FMCG companies like HUL and P&G are taking their CSR

    initiatives to new levels and are also using these as tool for marketing their products.

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    Innovative products entering the market: Nimbooz by 7-Up (PepsiCo India) targeted local Indian taste with lime flavour and this has

    helped the company retain its leading position in terms of off-trade value sales.

    Carbonates:

    o Parle Agro Pvt Ltd launched a new product in carbonates named Grappo Fizz.

    o Coca cola launched Fanta Apple nationally.

    o Aqua Montana has launched diet carbonated energy drink Explode.

    There was also experimentation with green tea in soft drinks: Tata Teas T!ON and Nestl

    Indias Nestea Iced Premix Mint Flavour with Green Tea were launched in 2009. Dabur India Ltd launched Real Burrst in mango, apple, orange and mixed fruit flavours.

    Coca cola has ventured into dairy segment launching Maaza Milky Delite.

    Key drivers of cost /profitability/growth As the beverage industry looks to the future, India is the country that offers the greatest

    potential, even more so than China. Right now, India accounts for approximately 10% of

    global beverage consumption. That makes beverage consumption in India the third largest in

    the world, after the United States and China. And when it comes to carbonated soft drinks,

    the market has not even been properly tapped. The situation is similar in the case of bottled

    and packaged juices and water and PET packaging. Given its size, the Indian market is still in

    its infancy. Volatile costs for the raw materials used to make drinks - such as the corn

    syrup used as a sweetener, the aluminum used in cans, and the plastic used in bottles is

    always a key factor for beverage industry. Also constant price wars with rival Coca-Cola put

    a strain on profit margins of PepsiCo. India scores well in terms of country structure limits,

    with market immaturity, a huge population the worlds second largest and a sound long-

    term economic structure all helping to offset the exceptionally low level of GDP per capita.

    The countrys drink market limits drag the score down. The majority rural populations per

    capita food and beverage consumption levels being so low, is affecting the growth of beverage industry in rural India.

    Owing to Indias complicated state-by-state taxation and distribution laws, generally high

    taxes and minimum control over retail pricing, Beverages strong market share has not

    translated into strong profitability. Coca-Cola has revamped its marketing and distribution

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    strategies in order to offset its recent profitability losses in India and to improve its

    competitiveness. It will now improve its focus on the high-growth non-carbonates sector:

    investing more in promoting its Kinley bottled water and Georgia tea and coffee ranges;

    launching a number of new products in the noncarbonated sector namely Minute Maid fruit

    juice, ready-to-drink wellness tea range and Burn energy drink; and contemplating an

    enhanced waters partnership with Tata Tea.

    The division between the urban rich and the rural poor is as great as ever, meaning drink

    manufacturers do not have access to the entire population in fact, not even the majority of

    it. Rising commodity costs are a threat to beverage processors, pushing up operating costs

    and undermining profits in an environment in which it is hard to pass costs on to consumers.

    Rising raw ingredient and distribution costs threaten to undermine HULs efforts to keep

    consumer prices low, with the firm recently announcing a drop in profits, despite rising sales.

    Despite an extensive nationwide sales network, undeveloped supply chain infrastructure

    continues to make distribution costly for beverage industry.

    Key events in the recent past In mid-April 2010, US beverage behemoth PepsiCo announced it is to form a soft drinks

    joint venture (JV) with local major Tata Tea Limited (TTL).

    In mid-February 2010, Goldwin Healthcare, the manufacturer of Cloud 9 energy drinks,announced plans to enter the soft drinks, juices, and mineral water and soda sectors in India.

    In late January 2010, India's largest consumer products company Hindustan Unilever Limited

    (HUL) announced the launch of its vitamin loaded tea brand Brooke Bond Sehatmand in

    Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand and Chhattisgarh.

    In January 2010, Coca-Cola India, the local subsidiary of US soft drinks giant The Coca-Cola

    Company (TCCC), launched its non-carbonated lemon juice drink Nimbu Fresh in India. Through the launch of the Nimbu Fresh brand, the company aims to challenge PepsiCo

    Indias Nimbooz brand, which was launched in 2009.

    In early January 2010, bottled water major Bisleri launched its new premium water brand

    Vedica in India.

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    Coca-Cola India launched its global energy drink brand Burn in India on December 1 2009.

    In early November 2009, US beverage and snack food giant PepsiCo announced that it would

    invest a further US$200mn into its Indian operations.

    In early November 2009, leading Indian biscuit producer Britannia Industries announced the

    launch of its milk-based health drink Actimind.

    The key Management PersonnelThe data about UB and SABMiller India are given below:

    United Breweries -IndiaDr. Vijay Mallya Group chairman

    Mr. S.R Gupta Executive Vice chairman

    Mr. V.K Rekhi - President, spirits division

    Mr. Kalyan Ganguly President, breweries division

    Mr. Ravi Nedungadi President and CFO

    Mr. Deepak Anand President, Fertilizer division

    Mr. Sammy D.Lalla joint President, spirits division

    Mr. P.A Murali Deputy President, Finance USL

    SABMiller IndiaPaolo LanzarottiManaging Director

    Shalabh SethDirector - Supply Chain

    Martin Lehmacher Director Technical

    Hari KrishnaDirector - Human Resources

    Kevin HeydenrychDirector Finance

    Sundeep Kumar Director - Corporate Affairs & Communication

    http://www.sabmiller.in/Paolo-Lanzarotti.htmlhttp://www.sabmiller.in/shalabh_seth.htmlhttp://www.sabmiller.in/martin_lehmacher.htmlhttp://www.sabmiller.in/hari_krishna.htmlhttp://www.sabmiller.in/kevin_heydenrych.htmlhttp://www.sabmiller.in/sundeep_kumar.htmlhttp://www.sabmiller.in/Paolo-Lanzarotti.htmlhttp://www.sabmiller.in/shalabh_seth.htmlhttp://www.sabmiller.in/shalabh_seth.htmlhttp://www.sabmiller.in/martin_lehmacher.htmlhttp://www.sabmiller.in/martin_lehmacher.htmlhttp://www.sabmiller.in/hari_krishna.htmlhttp://www.sabmiller.in/hari_krishna.htmlhttp://www.sabmiller.in/kevin_heydenrych.htmlhttp://www.sabmiller.in/kevin_heydenrych.htmlhttp://www.sabmiller.in/sundeep_kumar.htmlhttp://www.sabmiller.in/sundeep_kumar.htmlhttp://www.sabmiller.in/Paolo-Lanzarotti.html
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    T. J. VenkateshwaranDirector- Sales

    Derek JonesDirector- Marketing

    PromotersThe promoters of the various companies are listed below :

    PepsiCo : Britvic Soft Drinks Ltd

    UB : Unites Spirits Limited (USL)

    SABMiller : Mohan Meakins beer

    Listed or Not ListedCoca Cola Listed on NYSE and DOW JONES

    PepsiCo - Listed on NYSE

    UB Listed on BSE and NSE

    SABMiller Listed on Ghana stock exchange

    Market CapitalisationPepsico - $ 107.21 Billion

    Coca Cola $ 134.2 Billion

    UB 64.54 billion rupees

    SABMiller - $ 8 billion

    References and Data Sources

    Financial Overview of Pepsi Foods and Coca-cola

    PEPSI FOODS PVT LTDKey Ratios

    2009 2008 2007 2006 2005

    Debt-Equity Ratio 0.01 0 0 0.01 0.01

    Long Term Debt-Equity Ratio 0.01 0 0 0 0Current Ratio 3.69 2.82 2.39 2.67 2.77

    Turnover RatiosFixed Assets Ratio 12.5 6.43 3.7 3.09 3.42

    Inventory Ratio 15.41 13.13 10.52 9.46 12.21

    Debtors Ratio 2.27 3.53 4.06 3.16 2.86

    Interest Cover Ratio 498.2 376.93 0 62.17 107.22

    PBIDTM (%) 19.44 20.22 11.64 4.46 9.19

    http://www.sabmiller.in/t_j.htmlhttp://www.sabmiller.in/d_jones.htmlhttp://www.sabmiller.in/t_j.htmlhttp://www.sabmiller.in/t_j.htmlhttp://www.sabmiller.in/d_jones.html
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    Sales overview of soft drinksBrand Shares of Soft Drinks (RTD) by Total Volume 2006-2009

    Brand Company 2006 2007 2008 2009

    Bisleri Parle Bisleri Ltd 16.1 20.3 22.6 23.9

    Kinley Coca-Cola India Pvt Ltd 13 12.9 13.2 14

    Aquafina PepsiCo India Holdings 7.2 7.5 8.1 8.2

    Pepsi PepsiCo India Holdings 5.7 5.2 4.8 4.5

    Thums Up Coca-Cola India Pvt Ltd 5.6 5.1 4.6 4.4

    Oxyrich Dhariwal Industries Ltd 3.5 3.8 4 4.2

    Sprite Coca-Cola India Pvt Ltd 4 3.9 3.7 3.7Mirinda PepsiCo India Holdings 3.9 3.6 3.2 2.9

    Coca-Cola Coca-Cola India Pvt Ltd 3.5 3.1 2.8 2.6

    Fanta Coca-Cola India Pvt Ltd 3.5 3.2 2.9 2.6

    Limca Coca-Cola India Pvt Ltd 3 2.8 2.4 2.3

    Maaza Coca-Cola India Pvt Ltd 2 2.1 2 2.1

    Frooti Parle Agro Pvt Ltd 1.9 1.9 1.9 1.8

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    Rasna Pioma Industries Ltd 2.2 2 1.8 1.6

    7-Up PepsiCo India Holdings 2 1.8 1.6 1.5

    Bailley Parle Agro Pvt Ltd 1.7 1.2 1.2 1.2

    Mountain Dew PepsiCo India Holdings 1.6 1.4 1.3 1.2

    Evervess PepsiCo India Holdings 1.6 1.4 1.2 1.1

    Slice PepsiCo India Holdings 0.8 0.8 0.8 0.8

    Real Dabur India Ltd - 0.6 0.6 0.7

    Duke's PepsiCo India Holdings 1.1 0.9 0.7 0.6

    Tropicana Tropicana Beverages Co 0.4 0.5 0.5 0.5

    Himalayan Mount Everest Mineral 0.3 0.4 0.5 0.5

    Appy Parle Agro Pvt Ltd 0.3 0.4 0.4 0.4

    Minute Maid Coca-Cola India Pvt Ltd - 0.1 0.2 0.2

    Mother Dairy Mother Dairy Calcutta 0.2 0.2 0.2 0.2

    Lipton Hindustan Unilever Ltd - 0.1 0.1 0.1

    Red Bull Red Bull GmbH 0 0 0.1 0.1

    Evian Danone, Groupe 0.1 0.1 0.1 0.1Rooh Afza Hamdard (Wakf) 0.1 0.1 0.1 0.1

    Kissan Fruit Kick Hindustan Unilever Ltd - 0.1 0.1 0.1

    Diet Pepsi PepsiCo India Holdings 0.1 0.1 0.1 0

    Diet Coke Coca-Cola India Pvt Ltd 0.1 0.1 0 0

    Tang Kraft Jacobs Suchard 0 0 0 0

    Coolers Dabur India Ltd - 0 0 -

    Sunfill Coca-Cola India Pvt Ltd 0 0 - -

    Real Dabur Foods Ltd 0.5 - - -

    Lipton Hindustan Lever Ltd 0.1 - - -

    Kissan Fruit Kick Hindustan Lever Ltd 0.1 - - -Real Twist Dabur Foods Ltd 0 - - -

    Private label Private Label 0.7 0.8 0.8 0.9

    Others 13.1 11.7 11.6 10.7Total 100 100 100 100

    Off-trade Sales of Soft Drinks by Sector: Value 2004-2009(Rs million)

    2004 2005 2006 2007 2008 2009

    Carbonates 35.5 38.7 37.7 39.1 41.2 44.3Fruit/Vegetable Juice 9.7 11.2 13.3 16.1 19.6 24

    Bottled Water 12.3 15.8 18.9 22.7 28.5 35.6Functional Drinks 0.1 0.1 0.2 0.4 0.6 0.9Concentrates 2.4 2.6 2.6 2.7 2.8 2.9

    RTD Tea 0.2 0.2 0.2 0.3 0.3 0.3RTD Coffee - - - - - -

    Asian Speciality Drinks - - - - - -Soft Drinks 60.3 68.6 72.9 81.2 93 108.1

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    Sales overview of carbonatesOff-trade Sales of Carbonates by Subsector: Value 2004-2009(Rs million)

    2004 2005 2006 2007 2008 2009Cola Carbonates 16,452.90 17,021.80 15,780.10 16,105.50 16,813.80 18,169.10

    - Regular Cola Carbonates 16,452.90 16,720.00 15,491.10 15,801.60 16,492.60 17,828.10

    - Low Calorie Cola - 301.9 289 304 321.2 341.1

    Non-Cola Carbonates 19,093.90 21,638.60 21,953.90 22,962.70 24,349.10 26,143.60

    - Lemonade/Lime 8,612.70 10,044.90 10,183.50 10,787.30 11,658.50 12,850.90

    - Orange Carbonates 6,601.90 7,360.70 7,434.90 7,689.60 8,033.70 8,434.40

    - Mixers 2,152.10 2,292.90 2,342.20 2,404.70 2,459.30 2,526.50

    - Other Non-Cola 1,727.30 1,940.10 1,993.30 2,081.10 2,197.60 2,331.70

    Total Carbonates 35,546.80 38,660.50 37,734.00 39,068.20 41,162.90 44,312.70