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Varun Beverages Results: Latest Quarterly Results & Analysis

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Varun Beverages Ltd. 29 Oct 2025 13:42 PM
Result PDF

Q3CY25 Quarterly Result Announced for Varun Beverages Ltd.

Food & Beverages company Varun Beverages announced Q3CY25 results

  • Revenue from operations (net of excise / GST) increased by 1.9% YoY to Rs 48,966.5 million in Q3CY25 as compared to Rs 48,046.8 million in Q3CY24.
  • EBITDA decreased by 0.3% in Q3CY25 to Rs 11,473.8 million from Rs 11,511.2 million in Q3CY24.
  • PAT increased by 18.5% to Rs 7,451.9 million in Q3CY25 from Rs 6,288.3 million in Q3CY24 driven by lower finance cost and higher other income which includes interest on deposits in India and favorable currency movement in the international territories.

Ravi Jaipuria, Chairman, Varun Beverages, said: “We have delivered a steady performance during the quarter, with consolidated sales volumes rising by 2.4%, supported by healthy traction in international markets. While domestic volumes remained subdued due to prolonged rainfall across India, international operations grew by 9%.

Performance in International territories continued to be healthy, with South Africa delivering another quarter of strong growth. In South Africa, we see significant potential to further strengthen our market position, and we continue to put in place the building blocks to support sustained growth in the region. Our ongoing backward integration initiatives across key locations are driving higher efficiency and operational resilience.

Further, in line with our growth strategy, we are incorporating a wholly-owned subsidiary in Kenya under Varun Beverages Limited to carry on the business of manufacturing, distribution and selling of beverages. We are also diversifying our product offerings and certain African subsidiaries of VBL shall test market beer in their territories through an exclusive Distribution Agreement with Carlsberg Breweries A/S for their Carlsberg brand. These developments collectively reflect our continued commitment to broadening our product base and strengthening our presence across key growth markets.

Meanwhile, our snacks facility in Morocco has ramped up to full-scale operations, and the upcoming Zimbabwe plant is progressing towards commissioning, marking continued progress in diversifying our portfolio beyond beverages.

While the extended monsoon season impacted consumption trends in India, we remain confident in the significant long-term potential of the domestic beverage industry. With low per capita consumption and rising penetration in semi-urban and rural markets, the opportunity for growth continues to be immense. Our ongoing investments in capacity expansion, distribution reach, and cold-chain infrastructure are further strengthening on-ground execution, ensuring we are well-prepared to capture demand recovery in the upcoming season and deliver sustainable growth for all stakeholders.”

Result PDF

Result PDF

Food & Beverages company Varun Beverages announced Q2CY25 results

  • Revenue from operations (net of excise / GST) decreased by 2.5% YoY to Rs 70,173.7 million in Q2CY25 as compared to Rs 71,968.6 million in Q2CY24.
  • Consolidated sales volume declined by 3.0% to 389.7 million cases in Q2CY25 from 401.6 million cases in Q2CY24, primarily due to abnormally high unseasonal rainfall throughout the quarter in India.
  • India volumes declined by 7.1%, while international volumes grew by 15.1% (South Africa growing at 16.1%), partially offsetting the overall decline.
  • Net realisation per case at the consolidated level improved by 0.5%, driven by 6.6% improvement in the International markets.
  • EBITDA increased by 0.4% in Q2CY25 to Rs 19,987.7 million from Rs 19,912.2 million in Q2CY24.
  • Gross margins remained steady at 54.5% in Q2CY25.
  • EBITDA margins increased by 82 bps in Q2CY25 to 28.5% from 27.7% in Q2CY24, in-spite of increase in fixed overheads due to new capacity being commissioned at four greenfield plants in India which all are yet to yield incremental volumes.
  • PAT increased by 5.0% to Rs 13,254.9 million in Q2CY25 from Rs 12,618.3 million in Q2CY24 driven by operational efficiencies and lower finance cost.

Commenting on the performance for Q2CY25 Ravi Jaipuria, Chairman, Varun Beverages, said, “We delivered a resilient performance during the quarter. In-spite of unusually early onset of monsoon rains in the peak summer months in India, we could keep our realizations per case and EBITDA margins intact. Due to growth in international markets supported by strong positive currency movement in Africa territories, Company ended the quarter with a positive PAT, in-spite of 3% decline in consolidated sales volumes.

In International markets, Varun Beverages Morocco has commenced commercial production of PepsiCo’s snacks product ‘Cheetos’. This marks another milestone in strengthening our presence in the high-potential snack category, complementing our beverage portfolio and diversifying our revenue streams.

We continue to focus on growth opportunities in South Africa market. We have enhanced capacity by setting up a can line in Durban, one of our existing production facilities. We are awaiting approval from Competition Commission of South Africa for land parcel purchase adjoining to our production facility in Boksburg to further enhance capacity & backward integration. These are few starting steps in our series of initiatives.

Strong currency and our efforts in implementing backward integration last year have resulted in enhanced profitability in all our African territories. We have further strengthened Zambia, DRC and South Africa subsidiary balance sheets and through in-process equity infusion raising our stake in Zambia from 90% to 95%.

In line with our dividend policy, the Board of Directors has approved a second interim dividend of 25% of face value, i.e., Rs 0.50 per share, resulting in a total cash outflow of approximately Rs 1,691 million.

Although unseasonal rains have impacted performance during the quarter, we have successfully navigated such challenges in the past and emerged stronger. We continue to strengthen our on-ground execution by adding more visi-coolers and ensuring wider product availability across retail touchpoints. With robust capacities now operational, an expanding product portfolio, and a sharply focused distribution network, we are well-positioned to capture emerging opportunities and drive sustainable, long-term value creation for all stakeholders.”

Result PDF

Food & Beverages company Varun Beverages announced Q1CY25 results

Financial Highlights:

  • Revenue from operations (net of excise / GST) grew by 28.9% YoY to Rs 55,669.4 million in Q1CY25 as compared to Rs 43,173.1 million in Q1CY24.
    • Consolidated sales volume grew by 30.1% to 312.4 million cases in Q1CY25 from 240.2 million cases in Q1CY24 driven by strong organic volume growth of 15.5% in India and in-organic volume contributions from South Africa and DRC.
    • Net realization per case increased by 1.8% in India and remained flat in international markets (ex. South Africa). There is a decline of 0.9% in net realization per case at the consolidated level because of lower realization in own brands in the South African market. South Africa achieved 141 million cases in the trailing four quarters, reflecting ~13% growth over the same period last year.
  • Due to relatively lower margin profile of owned brands in the South African market and the higher mix of CSD in India, Gross margins stood at 54.6%, a decline of 171 basis points as compared to Q1CY24.
    • CSD constituted 75%, NCB 7% and Packaged Drinking Water 18% in Q1CY25.
    • In Q1CY25, the mix of Low sugar / No sugar products increased to ~ 59% of consolidated sales volumes.
  • EBITDA increased by 27.8% in Q1CY25 to Rs 12,639.6 million from Rs 9,887.6 million in Q1CY24 in-line with Net Revenue growth.
    • EBITDA margins in India improved by 111 bps on account of operational efficiencies from robust volume growth.
    • EBITDA margins marginally declined at the consolidated level by 20 bps because of the lower profitability in South Africa market @ 14.4% and its higher mix in the Q1CY25..
  • PAT increased by 33.5% to Rs 7,313.6 million in Q1CY25 from Rs 5,479.8 million in Q1CY24 driven by robust volume growth and lower finance cost.
    • Depreciation increased by 45.3% on account of commissioning of new plants of last year (Supa, Gorakhpur and Khordha) which were not present in the base quarter and consolidation of SA & DRC in the current quarter.
    • Post repayment of debt through QIP proceeds, finance cost in India is negligible and there is interest income of Rs 108 million during the quarter..
    • Interest cost in international markets is primarily in South Africa which also includes the lease rentals under Ind AS 116 of Rs 86 million as the manufacturing facilities in South Africa are on lease.

Ravi Jaipuria, Chairman, Varun Beverages, said: "We are pleased to report a strong operational and financial performance in the first quarter of CY25. Consolidated sales volumes grew by 30.1% YoY, driven by healthy organic volume growth of 15.5% in India.

The integration of the SA territory has progressed well, with focused efforts on strengthening on-ground infrastructure, streamlining operations, and enhancing execution across the market. We achieved 141 million cases in SA over the trailing four quarters, marking a growth of ~13% over the same period last year. Historically, net realizations in SA are lower due to a higher mix of own brands; however, we are actively working to scale PepsiCo’s portfolio, which is expected to support improvements in realizations and margins going forward.

We recently commenced operations at our new greenfield production facilities in Kangra (Himachal Pradesh) and Prayagraj (Uttar Pradesh), significantly enhancing capacity concurrently with the peak summer season. The implementation of other two greenfield production facilities scheduled for 2025 season in Bihar and Meghalaya is on track and shall commence the commercial production very soon. Additionally, we have established backward integration facilities at Prayagraj and DRC, further strengthening our operational backbone and supply chain efficiency.

Building on our nascent presence in the snack food segment, we have initiated the distribution and sale of PepsiCo’s snack products in Zimbabwe and Zambia. These markets present a significant growth opportunity within the packaged foods category, supporting our focus on portfolio expansion across high-potential regions.

In-line with our dividend policy, the Board of Directors has approved an interim dividend of 25% of face value, i.e., Rs 0.50 per share, resulting in a total cash outflow of approximately Rs 1,691 million.

Looking ahead, we see immense headroom for growth in India’s beverage market, supported by rising per capita incomes, accelerating urbanisation, expanding electrification, and improving cold-chain infrastructure. With adequate capacities in place, a diversified product portfolio, and a strengthened distribution network, we remain well-positioned to capitalise on these opportunities and deliver sustainable value to all stakeholders.”

Result PDF

Food & Beverages company Varun Beverages announced Q4CY24 results

  • Revenue from operations (net of excise / GST) grew by 38.3% YoY to Rs 36,887.9 million.
  • EBITDA increased by 38.7% to Rs 5,799.7 million from Rs 4,182.9 million.
  • PAT increased by 36.1% to Rs 1,956.4 million from Rs 1,437.6 million in Q4CY23 driven by volume growth & improved margins.

Commenting on the performance for Q4 & CY2024, Ravi Jaipuria, Chairman, Varun Beverages, said: "We are pleased to conclude CY24 on a strong note through adding geographical presence into new territories of South Africa along with distribution rights in Namibia, Botswana, Mozambique and Madagascar. We also started greenfield operations into a new country of Democratic Republic of Congo (DRC). The growth has been driven by organic volume growth and improved product mix.

India volumes grew 11.4%, reflecting the strength of our distribution network and operational execution. Consolidated volumes increased by 23.2%, largely led by new territories resulting in consolidated revenues increase by 24.7%, EBITDA growth of 30.5%, and PAT growth of 25.3% for the year.

We are progressing well in South Africa as we grew the sales volumes by 12.5% in the very first year of operations. We are consciously reducing our reliance on modern trade channel and enhancing our distribution network in general trade. As an enabler, we have placed more visi-coolers in the SA market in a single year than what was cumulatively placed till date by previous operators. We are working on plans for backward integration in the territory.

We also entered into share purchase agreement to acquire PepsiCo’s business in Tanzania and Ghana, pending regulatory and other approvals. Integration of these acquisitions, along with our operations in South Africa, shall strengthen our presence in key international markets. This, coupled with the commissioning of new greenfield facilities in India and DRC, shall enhance our manufacturing and distribution capabilities, ensuring we are well-positioned to cater to growing consumer demand. Additionally, our foray into the snacks business with PepsiCo in Morocco, Zimbabwe and Zambia marks an important step in enriching our portfolio and leveraging synergies with our existing infrastructure.

In a significant development during the quarter, we successfully raised Rs 75,000 million through a Qualified Institutional Placement (QIP). We appreciate the confidence and trust placed by leading domestic and foreign institutional investors, in our long-term strategy, business fundamentals, and execution capabilities. This capital raise strengthens our financial position, providing the flexibility to pursue strategic expansion opportunities, enhance our operational capabilities, and reinforce our balance sheet. Further, in line with our commitment to delivering value to shareholders, we are pleased to share that the Board has recommended a final dividend of Rs 0.50 per equity share, subject to shareholders’ approval.

Looking ahead, we remain focused on sustaining healthy growth in both Indian and international markets through deeper market penetration, strategic capacity expansion, and continued investments in technology and sustainability. Our focused efforts in strengthening last-mile distribution and deploying Visi Coolers in under-penetrated regions will enable us to reach a broader consumer base. With a strong foundation in place, we are confident in our ability to drive long-term value creation for all stakeholders in the years to come.”

Result PDF

Non-alcoholic Beverages company Varun Beverages announced Q3CY24 results

Financial Highlights:

  • Sales Volumes / Net Revenues
    • Consolidated sales volume grew by 21.9% to 267.5 million cases in Q3CY24 from 219.5 million cases in Q3CY23. This includes ~34 million cases from BevCo and DRC during the current quarter.
    • Heavy rains through out the quarter led to India volumes growing in mid single digits i.e. 5.7% and International volumes grew by 7.9% organically.
    • Net Revenue from operations grew by 24.1% YoY in Q3CY24 to Rs 48,046.8 million from Rs 38,705.2 million in Q3CY23 inline with the volume growth. Net realization per case increased by 1.9% to Rs 179.6 in Q3CY24.
    • CSD constituted 75%, JBD 4% and Packaged Drinking Water 21% in Q3CY24 at a consolidated level.
    • Non-carbonated beverage portfolio (juice based drinks, value added dairy beverages, sports drinks) in India has grown by 23.9% in 9M CY24 YoY. Mix on consolidated level has come down post consolidation of SA & DRC markets which have primarily CSD in sales mix.
  • Gross Margins / EBITDA
    • Gross margins increased by 22 bps to 55.5% in Q3CY24, compared to 55.3% in Q3CY23.
    •  ~ 49% of our consolidated sales volumes come from Low sugar / No sugar products in 9M CY24.
    • EBITDA increased by 30.5% to Rs 11,511.2 mn and EBITDA margin improved by 117 bps to 24.0% in Q3CY24, driven by operational efficiencies.
  • PAT
    • PAT increased by 22.3% to Rs 6,288.3 mn in Q3CY24 from Rs 5,140.6 mn in Q3CY23 driven by volume growth & improved margins.
    • Depreciation increased by 50.2% in Q3CY24 on account of acquisition of BevCo and setting-up of new production facilities in India & DRC.
    • Finance cost increased by 89.7% in Q3CY24 primarily due to new production facilities, acquisition of BevCo as well as increased cost of borrowing.

Ravi Jaipuria, Chairman – Varun Beverages said: “We are pleased to report another strong quarter, despite the challenges posed by excessive rainfall in India. We achieved consolidated revenue growth of 24.1%, including contributions from BevCo, driven by our expanded distribution network, increased product penetration, and favorable demand trends in key markets. Enhanced operating efficiencies led to an improvement of 117 bps in our EBITDA margins, resulting in a robust 30.5% growth in EBITDA, and a healthy 22.3% growth in PAT for the quarter.

On the operational front, we are excited to share the successful commissioning of our greenfield facility in the Democratic Republic of Congo (DRC). In response to strong demand and our limited presence in the region, we have swiftly ramped up the facility to 100% utilization on three shift basis. This performance has encouraged us to move forward with expansion plans including backward integration and a second facility, expected to commence operations in the next calendar year. Furthermore, we are making significant progress on new facilities across India, which are on track to be commissioned before the key season next year. These developments reflect our commitment to capturing high-growth opportunities and enhancing both our domestic and global footprint.

As part of our commitment to long-term growth, the Board of Directors has approved a proposal to raise funds through the issuance of equity shares, with an aggregate amount not exceeding Rs 7,500 crore via QIP, subject to shareholders' approval. This capital will be instrumental in supporting our growth plans, including expansion into new territories, potential strategic acquisitions, and further strengthening of our balance sheet.

Overall, our focus remains on sustaining healthy growth in both Indian and international markets. The Indian market, with its growing consumption class and evolving consumer preferences, continues to offer immense opportunities. Meanwhile, our global operations, particularly in Africa, are positioned to drive further growth as we capitalize on emerging demand trends and enhance our operational capabilities. Our proven execution capabilities have been instrumental in delivering exceptional value to all stakeholders, and we remain committed to sustaining this momentum well into the future.”

Result PDF

Non-Alcoholic Beverages company Varun Beverages announced Q2FY24 & H1FY24 results:

Q2FY24 Financial Highlights:

  • Revenue grew 28.3% YoY to Rs 71,968.6 million
  • EBITDA higher by 31.8% YoY to Rs 19,912.2 million
  • PAT higher by 25.5% YoY to Rs 12,618.3 million

H1FY24 Financial Highlights:

  • Revenue grew 21.1% YoY to Rs 1,15,141.8 million
  • EBITDA higher by 29.1% YoY to Rs 29,799.8 million
  • PAT increased by 25.3% to Rs 18,098.2 million

Commenting on the performance for Q2CY24 Ravi Jaipuria, Chairman, Varun Beverages said, “We are pleased to report robust performance for the second quarter of CY2024, achieving a consolidated sales volume growth of 28.1%, which includes volumes from BevCo. The impressive volume growth of 22.9% in India primarily contributed to this outstanding performance, supported by our expanded capacities, enhanced distribution network, and a strong summer season. Meanwhile, our international markets remained relatively flat, moreover it was a seasonally weak quarter for African market.

We are excited to announce further expansion in our partnership with PepsiCo, having entered into an Exclusive Snacks Franchising Appointment to manufacture, distribute, and sell "Simba Munchiez" in Zimbabwe by October 2025 and in Zambia by April 2026. This follows our recent announcement to manufacture and package Cheetos in Morocco by May 2025. These agreements complement our existing distribution of PepsiCo’s portfolio, marking another significant step forward in our strong, symbiotic partnership.

Additionally, we are pleased to share that we have commenced commercial production of carbonated soft drinks and packaged drinking water at our Greenfield facility in DRC. With the region representing an untapped market for PepsiCo, this expansion offers a huge growth opportunity for us.

In line with our dividend policy, the Board of Directors has approved an interim dividend of 25% of the face value, i.e., Rs 1.25 per share. Additionally, the Board has considered and recommended the subdivision/split of existing equity shares of the Company from 1 equity share with a face value of Rs 5 each fully paid-up into such number of equity shares having face value of Rs 2 each fully paid-up. This is subject to the approval of equity shareholders of the Company. This is intended for wider retail participation.

With strong performance in a key quarter, we are on track to deliver healthy double-digit growth in this calendar year. India remains a high-demand market with massive growth potential, driven by a growing consuming class and a young population. To capitalize on this demand, we are focused on further strengthening our infrastructure, distribution network, and product portfolio. With a focus on strategic growth and leveraging new opportunities in both India and international markets, we are confident in our ability to deliver sustainable value to all stakeholders.”

Result PDF

Non-Alchoholic Beverages company Varun Beverages announced Q1CY24 results:

  • Revenue from operations (net of excise / GST) grew by 10.9% YoY to Rs 43,173.1 million in Q1CY24 as compared to Rs 38,929.8 million in Q1CY23
  • Total sales volume grew by 7.2% to 240.2 million cases in Q1CY24 from 224.1 million cases in Q1CY23. During the quarter, India territory grew by 4.4% and International markets by 21.9%, in-spite of delay in the holi festival by 17 days resulting in delayed seasonality cycle.
  • Net realization per case increased by 3.5% in Q1CY24 to Rs 179.7 on account of improving product mix in India and higher contribution of international markets which have higher realization per case
  • Gross margins improved by 385 bps to 56.3% from 52.4% during Q1CY24 primarily due to reduced PET prices as well as the focus on reducing sugar content and light-weighting of packaging. Approx. 46% of our consolidated sales volumes come from Low sugar / No sugar products.
  • EBITDA increased by 23.9% to Rs 9,887.6 million YoY and EBITDA margin improved by 240 bps to 22.9% in Q1CY24, led by higher gross margins and increased realization. This improvement is in-spite of rise in fixed costs associated with the acquisition of new territories and commissioning of new greenfield plants for the season.
  • PAT increased by 25% to Rs 5,479.8 million from Rs 4,385.7 million in Q1CY23 driven by volume growth, increase in net realization and improved profit margins

Commenting on the performance for Q1CY24 Ravi Jaipuria, Chairman, Varun Beverages Limited said, "In-spite of delay in the holi festival by 17 days resulting in delayed seasonality cycle, we are pleased to report a reasonably strong overall operational and financial performance in the first quarter of the year. We achieved a consolidated sales revenue growth of 10.9% with a break-up of volume growth of 7.2% and net realization per case growth of 3.5% in Q1, reflecting an improved product mix in India and higher contributions from international markets. Overall, EBITDA increased by 23.9% year on year and PAT increased by 24.9%.

Further, our sustainability efforts, including the focus on reducing sugar content, removal of corrugated pads in packaging, and light-weighting of packaging material have started showing results by increase in gross margins. During last quarter, we also published our sustainability report in accordance with the GRI reporting standards. We are committed to transparency and accountability in our sustainability reporting practices, and we believe that using the GRI Standards allows us to provide comprehensive and comparable information to our stakeholders.

To fulfil our growth commitment in our core market i.e. India, we commenced three new greenfield facilities located in Supa, Maharashtra; Gorakhpur, Uttar Pradesh; and Khordha, Odisha. This expansion is designed to meet the rising demand for beverages in India and support our long-term growth trajectory.

Our greenfield plant at DRC is expected to start by the next quarter.

A significant highlight of the quarter was the successful completion of the strategic acquisition of The Beverage Company (BevCo) in South Africa. This move has notably expanded our footprint and fortified our presence across several dynamic markets in the African region.

Furthermore, Varun Beverages Morocco SA, a wholly-owned subsidiary, has entered into an Exclusive Snacks Appointment Agreement to manufacture and package Cheetos in Morocco, by May 2025. This agreement complements our existing distribution of PepsiCo’s snack portfolio, marking another step forward in our strong symbiotic partnership.

In nutshell, we have fueled three growth engines which shall gradually and consistently contribute to revenue and profitability growth in the Company. First growth engine is the South Africa’s combined territory with Lesotho, Eswatini, Namibia, Botswana, Mozambique and Madagascar. Second growth engine is entry into new territory of DRC where PepsiCo is not present at all as of now, the commercial production here from our new state of the art greenfield plant is expected to start from the next quarter. The third growth engine is entry into snack food production by May 2025 in Morocco.”

Result PDF

Varun Beverages announced Q4CY23 & CY23 results:

Performance Review for CY23 vs. CY22:

  • Revenue from operations (net of excise/GST) showed a YoY growth of 21.8%, reaching Rs 160,425.8 million in CY23, compared to Rs 131,731.4 million in CY22.
    • Consolidated sales volume increased by 13.9% to 912.9 million cases in CY23 from 801.8 million cases in CY22, with double-digit growth in both Indian (12.9% growth) and International (18.0% growth) markets.
    • Net realization per case rose by 7.0% in CY23 to Rs 175.7, driven by an ongoing improvement in the mix of smaller SKUs (250ml) in Indian markets and improved realization per case in International markets.
  • EBITDA saw a growth of 29.5%, reaching Rs 36,094.9 million in CY23, up from Rs 27,881.1 million in CY22.
    • EBITDA margin improved by 133 bps to 22.5% in CY23, driven by increased realization and higher gross margins.
  • PAT increased by 35.6% to Rs 21,018.1 million in CY23 from Rs 15,501.1 million in CY22, fueled by the growth in revenue from operations and improved profit margins.

Performance Review for Q4CY23 vs. Q4CY22:

  • Revenue from operations (net of excise/GST) grew by 20.5% YoY to Rs 26,676.9 million in Q4CY23 from Rs 22,142.4 million in Q4CY22, driven by volume growth in both India and International markets.
  • EBITDA increased by 36.0% to Rs 4,182.9 million in Q4CY23 from Rs 3,075.1 million in Q4CY22, led by increased realization, higher gross margins, and improved operational efficiencies.
  • PAT increased by 76.3% to Rs 1,437.6 million in Q4CY23 from Rs 815.2 million in Q4CY22, driven by growth in revenue from operations and improved profit margins.

Commenting on the performance for Q4 & CY23 Ravi Jaipuria, Chairman, Varun Beverages said, “Despite the abnormally high unseasonal rains in the peak season, we are pleased to conclude CY2023 on a strong note. We witnessed a healthy double-digit volume growth in both Indian and International markets. Our consolidated sales volume increased by 13.9%, and the net realization per case increased by 7.0% in CY2023. Both these together contributed to our remarkable revenue growth of 21.8% and an impressive PAT growth of 35.6%.

In line with our strategic objectives, we have successfully commissioned multiple greenfield and brownfield facilities across key geographies during the year. This expansion not only strengthened our manufacturing capabilities but also extended our market reach. Our distribution network and chilling infrastructure have also seen a substantial growth, further solidifying our presence in the market.

Marking a key milestone in our growth journey, we are delighted to announce the acquisition of The Beverage Company (BevCo) subject to regulatory and other approvals. BevCo holds franchise rights for PepsiCo beverage products in South Africa, Lesotho, and Eswatini, along with distribution rights in Namibia and Botswana. This acquisition, which aligns perfectly with our strategic goals, offers an excellent opportunity to significantly enhance our presence in the African market—a region known for high demand for soft drinks and favorable demographics. The integration of BevCo into VBL's operations is expected to yield substantial synergistic benefits in the future.

As we move forward, our strategy is geared towards sustaining our healthy growth momentum. We will continue to focus on strengthening our market position, both in India and internationally, and place emphasis on product categories that are aligned with evolving consumer preferences. Our journey through CY2023 has set a solid foundation for continued success, and we remain confident in our ability to deliver sustainable growth and value for all our stakeholders in the years to come.”

 

 

Result PDF

Varun Beverages announced Q3CY23 & 9MCY23 results:

1. Financial Performance:
- Revenue grew by 22% YoY to Rs 38,705 million in Q3CY23.
- EBITDA increased by 26% YoY to Rs 8,821 million in Q3CY23.
- PAT higher by 30% YoY to Rs 5,141 million in Q3CY23.
- Consolidated sales volumes grew by 15.4% to 220 million cases in Q3CY23.
- Net realization increased by 5.6% to Rs 176.3 per case in Q3CY23.
- EBITDA margins improved by 79 bps to 22.8% in Q3CY23.
- PAT increased by 33.3% to Rs 19,580.5 million in 9MCY23.

2. Operational Updates:
- Significant investments made to develop greenfield and brownfield manufacturing facilities in India.
- Progress on the greenfield facility in DRC, slated to be commissioned in upcoming months.
- Capacity enhancement for juices and value-added dairy beverages to align with evolving consumer demands.
- Focus on sustainability and environmental stewardship with investments in green energy and PET reuse.

3. Market and Growth Outlook:
- Consolidated sales volumes registered a solid growth of 15% in Q3CY23.
- Both Indian and international markets contributed to sales volume growth.
- Indian beverage market seen as offering a monumental growth opportunity.
- Strategic initiatives aimed at strengthening position in the global beverage industry.

Commenting on the performance for Q3CY23 & 9MCY23 Ravi Jaipuria, Chairman, Varun Beverages said, "We are pleased to report a robust quarter, achieving a top-line growth of 22% and a PAT growth of 30% YoY. Demonstrating remarkable resilience, our consolidated sales volumes registered a solid growth of 15% making a strong comeback following the unseasonal rains in Q2 CY2023 in India. Both our Indian and international markets contributed to this achievement with a healthy double-digit growth.

We have achieved notable progress on the operational front by making significant investments to develop both greenfield and brownfield manufacturing facilities throughout India. In addition, our greenfield facility in DRC is progressing well and is slated to be commissioned in the upcoming months. These strategic efforts are tailored to meet the rising consumption and to capture untapped market opportunities. As part of our commitment to diversifying and enhancing our portfolio, we are also enhancing our capacity for juices and value-added dairy beverages to align with evolving consumer demands.

As part of our long-term vision and in line with PepsiCo’s global PEP objectives, we remain committed to sustainability and environmental stewardship. We are making investments that emphasize using green energy as well as reuse of PET which will be instrumental in mitigating environmental impact. These endeavors are aligned with our pledge to the environment and reflect our ambition to nurture a greener future.

Given India's dynamic demographic landscape, marked by a burgeoning young population and evolving consumption patterns, we believe the Indian beverage market offers a monumental growth opportunity for the decades ahead. As we intensify our foothold in India and expand our reach in Africa, our strategic initiatives are aimed towards strengthening our position in the global beverage industry.”

 

 

Result PDF

Non-alcoholic Beverages company Varun Beverages announced Q2CY23 & H1CY23 results:

  • Q2CY23:
    • Revenue grew 13% YoY to Rs 56,114 million
    • EBITDA increased by 20.8% to Rs 15,110.2 million from Rs.12,506.2 million in Q2CY22
    • PAT increased by 25.4% to Rs 10,054.2 million from Rs 8,020.1 million in Q2CY22
  • H1CY23:
    • Revenue grew 22% YoY to Rs 95,044 million
    • EBITDA higher by 30% YoY to Rs 23,091 million
    • PAT increased by 35% to Rs 14,440 million

Commenting on the performance for Q2CY23 & H1CY23 Ravi Jaipuria, Chairman, Varun Beverages, said, “We have delivered a resilient performance in the quarter, despite facing a soft demand environment in India due to abnormally high unseasonal rains throughout the quarter. Our consolidated revenue grew by 13.3% during the quarter, with our international territories showing strong momentum. Furthermore, sales volume growth and improvement in realization per case, contributed to a 20.8% and 25.4% improvement in our EBITDA and PAT performance during Q2, respectively.

Our newly established greenfield plants and brownfield manufacturing lines have become operational. In line with our commitment to meet the increasing demand, especially for our juices and value-added dairy products, we are currently in the process of establishing greenfield facilities in the States of Uttar Pradesh, Maharashtra, and Odisha. These new facilities, along with the upcoming facility in DRC, are expected to be fully operational before the season next year. Further, we have incorporated a new subsidiary in South Africa to explore the business of manufacturing and distribution of beverages.

We remain firmly committed to minimizing our environmental impact and promoting a greener, more sustainable future. In line with our sustainability mission, we are pleased to share that we recently introduced 100% recycled PET bottles for Pepsi Black in certain sub-territories. As a partner of PepsiCo, we take immense pride in actively participating in this transformative initiative and collaborating to build a greener future for generations to come.

Moreover, we are delighted to share that VBL has recently received the esteemed recognition of "PepsiCo's International Bottler of the Year 2022." This outstanding accomplishment further validates VBL’s commitment to operational excellence, strong governance principles, and sustainability endeavours. We are also pleased to share that in line with our dividend policy, the Board of Directors has approved an interim dividend at 25% of face value i.e. Rs 1.25 per share.

While we witnessed slower-than-anticipated demand due to unseasonal rains, we remain optimistic about our full-year performance, especially considering the lower seasonality in our business following the integration of West and South territories. As we move forward, we will continue to capitalize on our position as a key player in the beverage industry and focus on strengthening our capabilities in line with customer preferences. We are confident this approach will translate into sustainable value for all stakeholders.”

 

 

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