Varun Beverages Income Statement

Financials in millions INR. Fiscal year is January - December.

Millions INR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	216,854	200,077	160,426	131,731	88,232
Revenue	216,854	200,077	160,426	131,731	88,232
Revenue Growth (YoY)	8.38%	24.72%	21.78%	49.30%	36.79%
Cost of Revenue	97,154	89,047	74,049	62,612	40,347
Gross Profit	119,700	111,029	86,377	69,120	47,886
Selling, General & Admin	22,007	22,988	17,529	14,411	12,147
Other Operating Expenses	43,675	38,764	30,784	26,131	18,875
Operating Expenses	77,847	71,225	55,121	46,239	36,335
Operating Income	41,853	39,804	31,256	22,881	11,551
Interest Expense	-1,696	-4,485	-2,666	-1,844	-1,832
Interest & Investment Income	-	419	238	228.29	145.16
Earnings From Equity Investments	-60.27	-14.78	-4.79	-0.06	-
Currency Exchange Gain (Loss)	-	-634.02	-574.92	-64.74	387.22
Other Non Operating Income (Expenses)	-	-18.36	-13.74	129.77	73.28
EBT Excluding Unusual Items	40,096	35,070	28,234	21,330	10,324
Gain (Loss) on Sale of Investments	-	22.47	3.51	3.67	0.7
Gain (Loss) on Sale of Assets	-	-728.7	-842.27	-569.25	-170.4
Asset Writedown	-	-33.26	-1.37	-528.25	-88.31
Pretax Income	40,096	34,331	27,394	20,236	10,066
Income Tax Expense	9,476	7,988	6,375	4,735	2,606
Earnings From Continuing Operations	30,620	26,343	21,018	15,501	7,461
Minority Interest in Earnings	-255.53	-396.52	-458.91	-526.81	-520
Net Income	30,365	25,946	20,559	14,974	6,941
Net Income to Common	30,365	25,946	20,559	14,974	6,941
Net Income Growth	17.03%	26.20%	37.30%	115.75%	110.96%
Shares Outstanding (Basic)	3,381	3,264	3,248	3,248	3,248
Shares Outstanding (Diluted)	3,381	3,266	3,249	3,249	3,248
Shares Change (YoY)	3.54%	0.51%	0.02%	0.03%	-
EPS (Basic)	8.98	7.95	6.33	4.61	2.14
EPS (Diluted)	8.98	7.94	6.33	4.61	2.14
EPS Growth	13.10%	25.43%	37.37%	115.63%	110.96%
Free Cash Flow	7,702	-3,979	-8,733	-109.63	3,966
Free Cash Flow Per Share	2.28	-1.22	-2.69	-0.03	1.22
Dividend Per Share	1.500	1.000	1.000	0.700	0.333
Dividend Growth	50.00%	-	42.86%	110.02%	50.00%
Gross Margin	55.20%	55.49%	53.84%	52.47%	54.27%
Operating Margin	19.30%	19.89%	19.48%	17.37%	13.09%
Profit Margin	14.00%	12.97%	12.81%	11.37%	7.87%
Free Cash Flow Margin	3.55%	-1.99%	-5.44%	-0.08%	4.50%
EBITDA	54,017	48,437	37,696	28,269	16,617
EBITDA Margin	24.91%	24.21%	23.50%	21.46%	18.83%
D&A For EBITDA	12,165	8,633	6,441	5,388	5,066
EBIT	41,853	39,804	31,256	22,881	11,551
EBIT Margin	19.30%	19.89%	19.48%	17.37%	13.09%
Effective Tax Rate	23.63%	23.27%	23.27%	23.40%	25.89%
Revenue as Reported	225,779	206,026	164,004	134,294	90,262
Advertising Expenses	-	2,521	1,964	1,398	1,249

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.