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Revenue
₹3,871 Cr
verified against source
Revenue YoY
28.3%
reported change
EBITDA
₹1,991.2 Cr
latest reported figure
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What the record says.
Varun Beverages delivered a strong Q2 CY2024 with consolidated revenue of ₹7,197 crore (+28.3% YoY) and EBITDA of ₹1,991 crore (+31.8% YoY), driven by 22.9% volume growth in India and gross margin expansion of 222bps to 54.7%. The Indian summer boosted CSD and juice sales, while international markets were flat due to portfolio transition in Zimbabwe. Management reiterated double-digit growth guidance for H2, supported by new capacities in India and Africa. The DRC plant commenced production in July, and snack food expansion in Zimbabwe, Zambia, and Morocco offers a new growth vector. Risks include integration challenges at BevCo (South Africa) and potential weather disruptions in India.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects continued double-digit volume growth in India and consolidated for the second half of the calendar year.
- Net capitalization CapEx for 2024 remains at ₹3,600 crore, primarily for greenfield and brownfield expansions.
- Planned capitalization of ₹2,500-2,600 crore for the 2025 season, mainly for greenfield facilities in India and snack food manufacturing in Africa.
- Management expects snack food business in Zimbabwe, Zambia, and Morocco to generate close to $100 million in revenue within the next couple of years.
Risks flagged
- BevCo's lower realization per case and higher working capital days are dragging consolidated margins; turnaround may take several quarters.
- Excessive rains or harsh winters could dampen out-of-home consumption and pressure volume growth in H2.
- Currency volatility (e.g., Zimbabwe) and political instability in African markets could impact profitability, though management has managed well historically.
- Mandatory 30% recycled PET content from April 2025 may increase costs if the JV plant is delayed or capacity is insufficient.
Key quotes
- Soft drink is food in Africa, which is very... It's not a luxury, it's a food. Every individual has a soft drink in the afternoon.
- We are one of the lucky ones who have got it initially.
- The other side, we should not, forget, I mean, at so cheap for such a country with five working plants, getting it for INR 1,200 crore, it was a steal.
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