Varun Beverages Limited (NSE:VBL)

Varun Beverages Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	210,778	200,077	160,426	131,731	88,232	64,501
Revenue	210,778	200,077	160,426	131,731	88,232	64,501
Revenue Growth (YoY)	16.76%	24.72%	21.78%	49.30%	36.79%	-9.53%
Cost of Revenue	94,768	89,047	74,049	62,612	40,347	27,639
Gross Profit	116,010	111,029	86,377	69,120	47,886	36,862
Selling, General & Admin	24,670	22,988	17,529	14,411	12,147	10,822
Other Operating Expenses	38,832	38,889	31,012	26,131	18,875	13,698
Operating Expenses	74,462	71,350	55,350	46,239	36,335	29,807
Operating Income	41,548	39,679	31,027	22,881	11,551	7,055
Interest Expense	-3,034	-4,485	-2,666	-1,844	-1,832	-2,790
Interest & Investment Income	419	419	238	228.29	145.16	88.86
Earnings From Equity Investments	-25.47	-14.78	-4.79	-0.06	-	-
Currency Exchange Gain (Loss)	-634.02	-634.02	-574.92	-64.74	387.22	-89.64
Other Non Operating Income (Expenses)	106.62	106.62	215.17	129.77	73.28	40.66
EBT Excluding Unusual Items	38,381	35,070	28,234	21,330	10,324	4,305
Gain (Loss) on Sale of Investments	22.47	22.47	3.51	3.67	0.7	-
Gain (Loss) on Sale of Assets	-728.7	-728.7	-842.27	-569.25	-170.4	-4.48
Asset Writedown	-33.26	-33.26	-1.37	-528.25	-88.31	-675.16
Pretax Income	37,641	34,331	27,394	20,236	10,066	3,625
Income Tax Expense	8,828	7,988	6,375	4,735	2,606	52.34
Earnings From Continuing Operations	28,813	26,343	21,018	15,501	7,461	3,573
Minority Interest in Earnings	-330.44	-396.52	-458.91	-526.81	-520	-282.76
Net Income	28,483	25,946	20,559	14,974	6,941	3,290
Net Income to Common	28,483	25,946	20,559	14,974	6,941	3,290
Net Income Growth	17.56%	26.20%	37.30%	115.75%	110.96%	-29.85%
Shares Outstanding (Basic)	3,332	3,264	3,248	3,248	3,248	3,248
Shares Outstanding (Diluted)	3,333	3,266	3,249	3,249	3,248	3,248
Shares Change (YoY)	2.57%	0.51%	0.02%	0.03%	-	3.61%
EPS (Basic)	8.55	7.95	6.33	4.61	2.14	1.01
EPS (Diluted)	8.54	7.94	6.33	4.61	2.14	1.01
EPS Growth	14.54%	25.43%	37.37%	115.63%	110.96%	-32.29%
Free Cash Flow	1,760	-3,979	-8,733	-109.63	3,966	4,523
Free Cash Flow Per Share	0.53	-1.22	-2.69	-0.03	1.22	1.39
Dividend Per Share	1.500	1.000	1.000	0.700	0.333	0.222
Dividend Growth	50.00%	-	42.86%	110.02%	50.00%	-
Gross Margin	55.04%	55.49%	53.84%	52.47%	54.27%	57.15%
Operating Margin	19.71%	19.83%	19.34%	17.37%	13.09%	10.94%
Profit Margin	13.51%	12.97%	12.81%	11.37%	7.87%	5.10%
Free Cash Flow Margin	0.83%	-1.99%	-5.44%	-0.08%	4.50%	7.01%
EBITDA	51,668	48,312	37,467	28,269	16,617	12,110
EBITDA Margin	24.51%	24.15%	23.36%	21.46%	18.83%	18.77%
D&A For EBITDA	10,120	8,633	6,441	5,388	5,066	5,054
EBIT	41,548	39,679	31,027	22,881	11,551	7,055
EBIT Margin	19.71%	19.83%	19.34%	17.37%	13.09%	10.94%
Effective Tax Rate	23.45%	23.27%	23.27%	23.40%	25.89%	1.44%
Revenue as Reported	217,668	206,026	164,004	134,294	90,262	65,928
Advertising Expenses	-	2,521	1,964	1,398	1,249	1,165

Updated Mar 11, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.