Varun Beverages Q1 results: Consolidated net profit grows 25% YoY to ₹548 crore, shares rise

The company follows the January to December period as its fiscal year.

The bottling company’s total income for Q1CY24 grew more than 11% to ₹4,406.33 crore, from ₹3,962.72 crore in the corresponding quarter of the previous year. Varun Beverages’ total income for the quarter ending in March of CY24 grew 60.8% from ₹2,740.09 crore in December 2023.

The largest bottler of PepsiCo outside the United States reported a total income of ₹16,400.42 crore for CY23.

Varun Beverages Limited’s EBITDA for Q1CY24 grew by 23.9% to ₹988.76 crore year-on-year from ₹798.03 crore in Q1CY23. The company’s EBITDA for the entire year (CY23) grew by 29.5% to ₹3609.48 crore year-on-year from ₹2788.10 crore in CY22.

The beverage manufacturer’s net profit for CY23 grew by 35.6% to ₹2101.81 crore from ₹1550.11 crore in CY22 on a year-on-year basis. The company’s net profit grew by 24.9% year-on-year to ₹547.98 crore in Q1CY24 from ₹438.57 crore in the corresponding quarter of the preceding fiscal.

Varun Beverages also mentioned in its investor presentation that it has entered into an Exclusive Snacks Appointment Agreement to manufacture and package Cheetos in the territory of Morocco effective May 1, 2025. The company also said that it has commissioned three greenfield production facilities in India located in Maharashtra, Uttar Pradesh and Odisha, with a total capex outlay of ₹2,800 crore.

Varun Beverages Limited is engaged in the production and distribution of carbonated soft drinks and non-carbonated beverages such as packaged drinking water, sold under trademarks owned by PepsiCo.

Shares of Varun Beverages closed at ₹1,474 apiece, up 0.73%, on the NSE.