Press Release
VBL · price
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Varun Beverages reported its Q2 CY2025 (April-June) results, with revenue declining 2.5% year-on-year to Rs. 70,173.7 million mainly because unseasonal rainfall cut India sales volumes by 7.1%, though international volumes grew 15.1% (South Africa +16.1%) to partly offset the dip. Despite a 3% fall in consolidated volumes to 389.7 million cases, EBITDA rose 0.4% to Rs. 19,987.7 million as margins expanded 82 basis points to 28.5%, and profit after tax grew 5% to Rs. 13,254.9 million on lower finance costs. For the first half of CY2025, revenue grew 9.3% to Rs. 125,843.1 million with EBITDA up 9.5% and PAT up 13.6% to Rs. 20,568.5 million. The company also commissioned four new Indian plants, began Cheetos production in Morocco, acquired a 50% stake in a Sri Lankan visi-cooler maker, raised its Zambia stake from 90% to 95%, and declared a Rs. 0.50 per share interim dividend (~Rs. 1,691 million outflow).
Margin expansion of 82 bps despite weak volumes signals pricing power and cost discipline, while international diversification cushioned the India monsoon hit. New capacity coming onstream, Cheetos expansion into snacks, and continued dividend payouts point to a steady growth story, though India demand recovery remains the key swing factor for the stock.