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Revenue
₹7,197 Cr
verified against source
Revenue YoY
28.9%
reported change
EBITDA
₹1,263.96 Cr
latest reported figure
Source
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record provenance
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What the record says.
Varun Beverages delivered a strong Q1 CY2025, with consolidated revenue growing 28.9% YoY to INR 5,567 crore and PAT up 33.5% YoY to INR 731 crore. Volume growth of 30.1% was driven by 15.5% organic growth in India and contributions from South Africa and DRC. India EBITDA margins improved 111bps, but consolidated margins dipped 20bps to 22.7% due to lower-margin South Africa operations (14.4% margin). Management reiterated double-digit volume growth guidance for the year, backed by new plant commissioning (Bihar, Meghalaya) and backward integration. Key risks include competitive intensity from new entrants (Campa, Reliance) and slower-than-expected margin recovery in South Africa.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to continue double-digit volume growth for the full year, supported by capacity expansion and market penetration.
- Management maintains that India EBITDA margins will be at least 21%, with potential improvement from backward integration and new plants.
- Total capex for the year is guided at INR 3,100 crore, with INR 900 crore yet to be spent.
- Management aims to maintain South Africa EBITDA margins at around 14% for the full year, up from 10.8% at acquisition.
Risks flagged
- New competitors like Campa and Reliance are expanding aggressively, potentially impacting market share and pricing.
- South Africa margins are lower than India and may take longer to improve due to high own-brand mix and need for backward integration.
- The planned acquisitions in Tanzania and Ghana are on hold due to regulatory clearance issues, limiting near-term expansion in Africa.
- While packaging costs are stable, sugar prices have increased slightly, which could pressure margins if sustained.
Key quotes
- We have immense headroom for growth in India's beverage market, supported by rising per capita incomes, accelerating urbanization, expanding electrification, and improving cold chain infrastructure.
- Our Pepsi brand sales are going up from 15%. It's close to 20% now. All the products are growing. Even our homegrown brands are growing, and PepsiCo is growing faster.
- We have given the guidance of INR 3,100 crore for this year, and we are on track. Maybe INR 900 crore out of which is yet to be spent.
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