Outcome of Board meeting
VBL · price
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Varun Beverages (VBL) reported its Q2 and H1 (January–June 2025) unaudited financial results. Consolidated revenue from operations for Q2 stood at ₹71,630 million (down ~2.3% YoY from ₹73,337 million), while H1 revenue grew ~9.5% to ₹1,28,430 million. Consolidated net profit for Q2 rose ~5% YoY to ₹13,255 million, and H1 PAT grew ~13.6% to ₹20,568 million. Consolidated H1 EBITDA margin expanded modestly to ~26.2% from ~25.8% last year. Joint statutory auditors issued an unmodified (clean) limited review opinion. The Board declared a 2nd interim dividend of ₹0.50 per share (record date Aug 2, 2025; payment from Aug 5, 2025). Additionally, Mr. Pankaj Madan was appointed as new CFO effective July 30, 2025, and the Board approved a 50:50 joint venture — White Peak Refrigeration Private Limited — with Everest International Holdings to manufacture visi-coolers and refrigeration equipment in India.
Mixed quarter for shareholders: H1 growth in revenue and profit is steady but not exceptional, and Q2 revenue dipped slightly on a YoY basis, partly reflecting the seasonal nature of the beverage business. The new CFO brings strong cross-sector finance experience, and the visi-cooler JV is a strategic backward-integration move to secure cooling equipment supply. Interim dividend continues shareholder returns.