Varun Beverages incorporates visi-cooler manufacturing JV with Everest International; Check details

Varun Beverages on Thursday, September 4, announced the incorporation of a joint venture (JV) with Everest International Holdings for manufacturing visi-coolers and other refrigeration equipment.

Varun Beverages holds 50% paid-up capital, and Everest International Holdings holds the other 50% in the newly incorporated White Peak Refrigeration Pvt Ltd, it said in a regulatory filing.

PepsiCo bottler has invested ₹21.25 crore in the JV and holds 2.13 crore (or 2,12,50,000) equity shares with a face value of ₹10 each in it. Since it's a 50:50 JV, Everest International holds the same number of shares in the visi-cooler manufacturing company.

White Peak Refrigeration’s total paid-up share capital stands at ₹42.5 crore.

“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,” Ravi Jaipuria, the Chairman of Varun Beverages, had said while commenting on the company’s Q2 and H1 performance for the calendar year 2025.

Varun Beverages Q2 CY25 results

The company reported a 5% year-on-year (YoY) surge in its standalone net profit to ₹1,325.4 crore in the second quarter of the 2025 calendar year (Q2CY25), compared to ₹1,261.8 crore in the same period last year.

The largest bottler of PepsiCo outside the United States follows the January to December period as its fiscal year.

The beverage firm’s revenue from operations, however, fell 2.5% YoY to ₹7,017.3 crore during the quarter under review, as against ₹7,196.8 crore in the same quarter of CY 2024.

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹1,998.77 crore, registering a modest 0.4% YoY growth.

Its EBITDA margin stood at 28.5% during Q2CY25, expanding by 82 basis points (bps) from 27.7% in the second quarter of CY24.

Varun Beverages' stock performance

Shares of Varun Beverages closed 2.87% lower at ₹490.75 apiece on the National Stock Exchange (NSE) on Thursday. However, the announcement was made after the market closed.

The company’s stocks fell as much as 3.39% to an intra-day low of ₹3,463.40 per equity share on September 4, following the GST rejigs that were announced by the GST Council on Wednesday night.

The panel approved the hike in the tax rate on carbonated beverages, along with fruit juice, to 40% from 28%, effective September 22.