increased to Rs 38,705.2 million in Q2FY24

New Delhi: Varun Beverages Ltd, a leading player in the beverages industry, announced its financial results for the third quarter and nine months ended September 30, 2023, the company announced through an exchange filing.

Highlights of Financial Performance

Performance Review for Q3 CY2023 vs Q3 CY2022

Revenue from operations (net of excise duty/GST) grew 21.8% YoY to Rs. 38,705.2 million. Due to double-digit growth in both the Indian and international markets, consolidated sales volumes increased by 15.4% to 220 million cases in Q3 CY2023 compared to 190 million cases in Q3 CY2022. Net realization increased by 5.6% to Rs. 176.3 per case primarily driven by increase in realizations per case in international markets.

EBITDA grew 26.2% to Rs. Rs 6,989.9 million to Rs 8,821.4 million. Gross margin expanded 163 bps to 55.3% in Q3 CY2023 primarily due to softening of PET chips prices. EBITDA margin improved by 79 bps to 22.8% in Q3 CY2023 due to higher gross margins and operating efficiency.

PAT increased by 30% to Rs. to Rs 5,140.6 million. 3,954.8 million in Q3 2022 due to growth in revenue from operations and improvement in margins.

Performance review for 9M CY2023 vs 9M CY2022

Revenue from operations (net of excise duty/GST) grew 22% YoY to Rs. 133,748.9 million in 9M CY2023 compared to Rs. 109,589.1 million 9M CY2022. EBITDA grew 28.6% to Rs. From Rs 31,912.0 mn in 9M CY2023. ₹24,806.0 million in 9M CY2022. PAT increased by 33.3% to Rs. From Rs 19,580.5 mn in 9M CY2023. 14,685.9 million in 9M CY2022.

Shares of Varun Beverages Limited

At 12:48PM IST on Monday, shares of Varun Beverages Ltd were at Rs 946.90, down 0.52 per cent.