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Varun Beverages (VBL) investor relations material

Varun Beverages Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Delivered resilient Q2 2025 performance despite early monsoon rains in India, maintaining realizations per case and EBITDA margins; international growth, especially in Africa, and strong currency supported positive PAT despite a 3% sales volume decline.

  • Commenced commercial production of Cheetos in Morocco, diversifying revenue streams and expanding into snacks.

  • Enhanced capacity in South Africa and increased stake in Zambia and South Africa subsidiaries.

  • Board approved a second interim dividend of ₹0.50 per share (25% of face value), totaling approximately ₹1,691 million.

  • Appointed new CFO and approved a 50:50 joint venture for visi-cooler manufacturing.

Financial highlights

  • Q2 2025 revenue from operations was ₹70,173–71,630 million, down 2.5% year-over-year due to a 3% decline in consolidated sales volume.

  • H1 2025 revenue grew 9.3% to ₹125,008–128,430 million; H1 EBITDA increased 9.5% to ₹32,627 million; PAT rose 13.6% to ₹20,568 million.

  • Q2 2025 PAT increased to ₹13,255 million; EBITDA margin improved to 28.5% year-over-year.

  • International volumes grew 15.1% in Q2, led by 16.1% growth in South Africa; India volumes declined 7.1%.

  • Net rate realization per case improved, with per case realization up 6.6% in international markets.

Outlook and guidance

  • Confident in capturing demand recovery with enhanced capacity, diversified portfolio, and expanded distribution.

  • Strategic initiatives and operational discipline expected to drive consistent growth and long-term value.

  • Ongoing investments in visi-coolers, retail touchpoints, and solar power for captive consumption.

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Frequently asked questions

Varun Beverages Limited is an India-based company engaged in the manufacturing, bottling, and distribution of beverages. The company is one of the largest franchisees of PepsiCo and produces a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water under PepsiCo’s licensed brands. Varun Beverages operates bottling plants and distribution networks across India and select international markets. The company is headquartered in Gurugram, India, and its shares are listed on the NSE.

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