Varun Beverages on Tuesday reported a 22.4 percent rise in its consolidated net profit at Rs 628.82 crore in September 2024 quarter. It had reported a profit after tax of Rs 514.06 crore during the July-September quarter of preceding 2023-24 fiscal, the company said in an exchange filing.
This is the third quarter result of the PepsiCo for the 2024 calendar year.
The total revenue from operations of Varun Beverages in the reporting period was Rs 4932.1 crore against Rs 3937.8 crore in the same period a year ago, a rise of 25.2 percent.
The Earnings before interest, taxes, depreciation and amortization (EBITDA) was reported at Rs 1,151 crore against Rs 882 crore YoY, a rise of 30.5 percent.
The company had approved raising Rs 7,500 crore through an Institutional Share Sale (QIP) on October 9 this year, subject to shareholder approval.
Varun Beverages Chairman, Ravi Jaipuria, credited the company's topline growth to the contributions from BevCo, supported by a wider distribution network, greater product reach, and strong demand in key markets. "This strong performance motivates us to proceed with our expansion plans, which include backward integration and setting up a second facility, expected to start operations next year," Jaipuria stated.
Shares of Varun Beverages were trading at Rs 586.80 on the NSE, marking a 1.44 percent rise in today's trade.
"During the quarter ended 30 September 2024, Board of Directors of the Company at their meeting held on 09 October 2024 considered and approved raising of funds by way of issuance of Equity Shares for an aggregate amount not exceeding 75,000 million (Rupees Seventy Five Thousand Million only) through Qualified Institutions Placement (“QIP”), subject to receipt of approval of Equity Shareholders of the Company," the company said in an exchange filing.
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