Transcript of Investors & Analysts Conference Call held on April 30, 2025 i.e. post declaration of Unaudited Financial Results of the Company for the Quarter ended March 31, 2025 is enclosed.
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Varun Beverages reported strong Q1 CY2025 results with consolidated sales volume growing 30.1% YoY to 312.4 million cases, driven by 15.5% organic growth in India plus contributions from South Africa and DRC. Revenue from operations (net of excise/GST) rose 28.9% to Rs. 55,669.4 crore, while PAT jumped 33.5% to Rs. 7,313.6 million. India EBITDA margins improved 111 bps, though consolidated margins dipped 20 bps to 14.4% due to lower-margin South Africa mix. South Africa volumes grew 13% on trailing four quarters with margins expanding from ~10% at acquisition to 14.4%, and PepsiCo's brand share rising from 15% to ~20%. The Board declared a Rs. 0.50 per share interim dividend, CRISIL upgraded its rating to AAA/Stable, and CAPEX guidance for the year stands at ~Rs. 3,100 crore. Two new Greenfield plants in Bihar and Meghalaya are set to commence soon.
Strong topline and earnings growth, improving India margins, and an AAA credit rating signal financial strength, though margin pressure from South Africa mix and increased competition (Campa, new entrants) may weigh on consolidated profitability. Double-digit volume growth guidance for CY2025 is positive for shareholders.