Varun Beverages Limited has informed the Exchange about Investor Presentation
VBL · price
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Varun Beverages (VBL) reported Q2 CY2025 results where consolidated sales volumes fell 3% to 389.7 million cases, hit by unseasonal early monsoon rains in India (India volumes down 7.1%), but international volumes grew 15.1% led by South Africa. Net revenue declined 2.5% to Rs. 70,174 million, yet EBITDA margins expanded 82 basis points to 28.5% on operational efficiencies and strong African currency, keeping EBITDA nearly flat at Rs. 19,988 million. Profit after tax rose 5% to Rs. 13,255 million, aided by lower finance costs. For H1 CY2025, revenue grew 9.3% to Rs. 125,843 million, EBITDA up 9.5% to Rs. 32,627 million, and PAT up 13.6% to Rs. 20,568 million. The Board declared a second interim dividend of Rs. 0.50 per share (~Rs. 1,691 million outflow). The company is now net debt-free with Rs. 5,149 million free cash and CRISIL AAA/Stable rating reaffirmed.
Despite a volume dip from weather, the company demonstrated margin resilience and balance sheet strength, which should reassure investors. Expansion into snacks (Cheetos in Morocco) and a 50% stake acquisition in Sri Lanka's Everest Industrial point to growth runway, while the net debt-free status and AAA rating strengthen the equity story.