Varun Beverages Ltd. · NSE:VBL
Varun Beverages — Q2 & H1 CY2025 Earnings Presentation
22 slides from Varun Beverages's earnings presentation, Jul 29, 2025
Slide 1: Exchange filing cover letter
July 29, 2025 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Block G, C/1, Bandra Kurla Phiroze Jeejeebhoy Towers Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Email: cmlist@nse.co.in Email: corp.relations@bseindia.com Symbol: VBL Security Code: 540180 S
Slide 2: Q2 & H1 CY2025 Results Presentation
July 29, 2025 (a PepsiCo franchisee) Varun Beverages Limited Q2 & H1 CY2025 Results Presentation
Slide 3: Disclaimer
Disclaimer (a PepsiCo franchisee) This communication contains certain forward-looking statements relating to the business, financial performance, strategy and results of Varun Beverages Limited (“VBL” or the “Company”) and/ or the industry in which it operates. Such forward-looking statements involv
Slide 4: Table of Contents
Table of Contents Company Overview Chairman’s Message Q2 & H1 CY2025 Results Overview Performance Highlights Sustainability Initiatives 3
Slide 5: Company Snapshot
Company Snapshot Key player in the global beverage industry and the second largest franchisee of PepsiCo in the world (outside US) with operations spanning across 10 countries with franchise rights and additional 4 countries with distribution rights. Total Sales Volumes (mn Cases*) 2019-2024: Sales
Slide 6: Complete Brand Portfolio
Complete Brand Portfolio Brands licensed by PepsiCo: Own Brands^: Carbonated Soft Drinks Club Soda Carbonated Soft Drinks Fruit Pulp / Juice Based Drinks Energy Drink Energy Drink Sports Drink Carbonated Juice Ice Tea Packaged Water Packaged Water Based Drinks Snacks# Dairy Based Beverages* # Manufa
Slide 7: Symbiotic Relationship with PepsiCo
Symbiotic Relationship with PepsiCo Demand Delivery Demand Creation • Production Facilities 33+ • Trademarks • Sales & Distribution – Years of Association • Formulation through (agreement in India valid till April, 2039) GTM & Logistics Concentrate • In-outlet Management – Visi-Coolers 90%+ • Produc
Slide 8: Key Player in the Beverage Industry – Business Model
Key Player in the Beverage Industry – Business Model MANUFACTURING ▪ 50 state-of-the-art production facilities SOLID INRASTRUCTURE VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN Concentrate Other Raw Bottling ▪ 38 in India & 12 in International territories (PepsiCo) Materials ▪ 130+ depots ▪ 2,800+ pr
Slide 9: Chairman's Message
Chairman’s Message (a PepsiCo franchisee) Commenting on the performance for Q2 & H1 CY2025, Mr. Ravi Jaipuria, Chairman – Varun Beverages Limited said: “We delivered a resilient performance during the quarter. In-spite of unusually early onset of monsoon rains in the peak summer months in India, we
Slide 10: Key Developments
Key Developments (a PepsiCo franchisee) 1. Commencement of Commercial Production facilities : ▪ We have commissioned new production facilities at ; • Prayagraj (UP) - 4 CSD Lines, 1 JBD Line , and 1 Water Line • Damtal (HP) - 2 CSD Lines, and 1 JBD Line • Buxar (Bihar) - 2 CSD Lines, 2 JBD Lines, an
Slide 11: Results Overview
Results Overview (a PepsiCo franchisee) Revenue EBITDA PAT 13.6% 9.5% 20,569 9.3% 5.0% 18,098 Rs. mn 125,843 32,627 Rs. mn Rs. mn 115,142 0.4% 29,800 12,618 13,255 -2.5% 71,969 70,174 19,912 19,988 27.7% 28.5% 25.9% 25.9% Q2 2024 Q2 2025 H1 2024 H1 2025 Q2 2024 Q2 2025 H1 2024 H1 2025 Q2 2024 Q2 202
Slide 12: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement (a PepsiCo franchisee) Particulars (Rs. million) Q2 2025 Q2 2024 YoY(%) H1 2025 H1 2024 YoY (%) 1.Income (a) Revenue from operations 71,630.21 73,336.72 -2.3% 128,430.47 117,316.52 9.5% (b) Excise Duty 1,456.50 1,368.10 6.5% 2,587.41 2,174.77 19.0% Net Revenues 7
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet (a PepsiCo franchisee) Particulars (Rs million) 30-Jun-25 30-Jun-24 Particulars (Rs million) 30-Jun-25 30-Jun-24 Equity and liabilities Assets Equity Non-current assets (a) Equity share capital 6,763.83 6,497.20 (a) Property, plant and equipment 127,692.83 96,294.01 (b) Ot
Slide 14: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance (a PepsiCo franchisee) Sales Volumes / Net Revenues • Consolidated sales volume declined by 3.0% to 389.7 million cases in Q2 CY2025 from 401.6 million cases in Q2 CY2024, primarily due to abnormally high unseasonal rainfall through out the quarter i
Slide 15: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance (a PepsiCo franchisee) Debt • Company remained net debt free in the current quarter with free cash of Rs. 5,149 mn, which has helped in strengthening the Company’s balance sheet and remain prepared for growth opportunities. • Company’s long-term rati
Slide 16: Performance Highlights (CY2019 – CY2024 & H1 CY2025)
Performance Highlights (CY2019 – CY2024 & H1 CY2025) (a PepsiCo franchisee) REVENUE EBITDA EBITDA EBITDA Margins (%) CAGR (2019-24) – 22.9% CAGR (2019-24) – 26.6% 200 55.00 25.9% 30% 160 22.5% 23.5% 45.00 20.3% 21.2% 25% 132 126 18.6% 18.8% 35.00 20% 88 71 65 25.00 47 15% 15.00 36 33 10% 28 Rs. bn R
Slide 17: SUSTAINABILITY – Being Water Positive
SUSTAINABILITY – Being Water Positive (CDP water rating: A-) Increase ground water level 2x Reduce water usage (WUR) WRR -26% by 2025 Water consumed Per liter of beverage produced * Steady state WUR was 1.54 times in 2023 and 1.50 times in 2024, the differential is on account of stabilization of 2 n
Slide 18: SUSTAINABILITY – Reducing Carbon Footprint
SUSTAINABILITY – Reducing Carbon Footprint (CDP climate rating: A) 30% Net Zero Increase Renewable Energy by 2030 GHG Emissions by 2050 Solar (Rooftop + Captive Power Solution) & Windmill GHG Emissions in million tons of CO2e per liter RE Mix % & kWh million units 125 79 58 (16%) 21 (13%) 18 (6%) (7
Slide 19: SUSTAINABILITY – Circular Economy
(CDP Supplier Engagement SUSTAINABILITY – Circular Economy Assessment rating A) Increase Plastic Waste Recycle Reduce Plastic Usage Ahead of EPR Regulations Packaging rationalization 100% • Removal of pads (20k MT of paper 86% 88% saving, equivalent to 400k trees) 70% 80% • Shrink film and label rat
Slide 20: Conference Call Details
Conference Call Details (a PepsiCo franchisee) Varun Beverages Limited Q2 & H1 CY2025 Earnings Conference Call Time • Tuesday, July 29, 2025 at 2:30 PM IST Conference dial-in Primary number • +91 22 6280 1141 / +91 22 7115 8042 International Toll Free Number • Hong Kong: 800 964 448 • Singapore: 800
Slide 21: About Us
About Us (a PepsiCo franchisee) Varun Beverages Limited (“VBL” or the “Company”) is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). The Company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large select
Slide 22: Thank You!
Thank You!
Varun Beverages — Q2 & H1 CY2025 Earnings Presentation on 6ix