Varun Beverages on November 6 reported a consolidated net profit of Rs 514.05 crore for the September quarter of FY24, registering a growth of 29.98 percent from Rs 395.48 crore in the year-ago period.
Total revenue for the third quarter came in at Rs 3,937.75 crore, up 21.22 percent from Rs 3,248.3 crore in the year-ago period, led by double-digit growth in both Indian and International markets. Net realization increased by 5.6 percent to Rs. 176.3 per case, driven by an increase in realization per case primarily in international markets.
Varun Beverages, which is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world outside the US, follows the January-December financial year.
Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 883 crore growing by 48 percent. EBIDTA margin was at 22.4 percent compared to 18.4 percent in the year ago period. This was driven by higher gross margins and operational efficiencies.
"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." said Ravi Jaipuria, Chairman, Varun Beverages Limited.
The board of directors also approved the incorporation of a subsidiary company in Mozambique to carry on the business of distribution of Beverages. It will help the company to expand its business operations in Mozambique.
Following the earnings, shares of Varun beverages were trading at 0.15 percent lower at Rs 950.45 on NSE at 12:14 pm.
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