Varun Beverages Income Statement

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

Millions INR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	2018 - 2014
Period Ending	Jun '24 Jun 30, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	2018 - 2014
Operating Revenue	180,524	160,426	131,731	88,232	64,501	71,296	Upgrade
Revenue	180,524	160,426	131,731	88,232	64,501	71,296	Upgrade
Revenue Growth (YoY)	21.20%	21.78%	49.30%	36.79%	-9.53%	39.65%	Upgrade
Cost of Revenue	80,347	74,049	62,612	40,347	27,639	32,194	Upgrade
Gross Profit	100,177	86,377	69,120	47,886	36,862	39,102	Upgrade
Selling, General & Admin	19,421	17,529	14,411	12,147	10,822	10,127	Upgrade
Other Operating Expenses	36,210	31,012	26,131	18,875	13,698	13,544	Upgrade
Operating Expenses	63,299	55,350	46,239	36,335	29,807	28,497	Upgrade
Operating Income	36,877	31,027	22,881	11,551	7,055	10,604	Upgrade
Interest Expense	-3,576	-2,666	-1,844	-1,832	-2,790	-3,072	Upgrade
Interest & Investment Income	238	238	228.29	145.16	88.86	59.76	Upgrade
Earnings From Equity Investments	-9.1	-4.79	-0.06	-	-	43.61	Upgrade
Currency Exchange Gain (Loss)	-574.92	-574.92	-64.74	387.22	-89.64	-823.98	Upgrade
Other Non Operating Income (Expenses)	221.59	215.17	129.77	73.28	40.66	-23.96	Upgrade
EBT Excluding Unusual Items	33,177	28,234	21,330	10,324	4,305	6,787	Upgrade
Gain (Loss) on Sale of Investments	3.51	3.51	3.67	0.7	-	1.38	Upgrade
Gain (Loss) on Sale of Assets	-842.27	-842.27	-569.25	-170.4	-4.48	16.05	Upgrade
Asset Writedown	-1.37	-1.37	-528.25	-88.31	-675.16	-	Upgrade
Other Unusual Items	-	-	-	-	-	158.11	Upgrade
Pretax Income	32,337	27,394	20,236	10,066	3,625	6,963	Upgrade
Income Tax Expense	7,661	6,375	4,735	2,606	52.34	2,241	Upgrade
Earnings From Continuing Operations	24,676	21,018	15,501	7,461	3,573	4,722	Upgrade
Minority Interest in Earnings	-447.22	-458.91	-526.81	-520	-282.76	-32.3	Upgrade
Net Income	24,229	20,559	14,974	6,941	3,290	4,690	Upgrade
Net Income to Common	24,229	20,559	14,974	6,941	3,290	4,690	Upgrade
Net Income Growth	28.97%	37.30%	115.75%	110.96%	-29.85%	60.15%	Upgrade
Shares Outstanding (Basic)	1,299	1,299	1,299	1,299	1,299	1,254	Upgrade
Shares Outstanding (Diluted)	1,300	1,300	1,299	1,299	1,299	1,254	Upgrade
Shares Change (YoY)	0.01%	0.02%	0.03%	-	3.61%	1.70%	Upgrade
EPS (Basic)	18.65	15.83	11.53	5.34	2.53	3.74	Upgrade
EPS (Diluted)	18.64	15.82	11.52	5.34	2.53	3.74	Upgrade
EPS Growth	28.95%	37.33%	115.63%	110.96%	-32.29%	57.44%	Upgrade
Free Cash Flow	-9,355	-8,733	-109.63	3,966	4,523	5,540	Upgrade
Free Cash Flow Per Share	-7.20	-6.72	-0.08	3.05	3.48	4.42	Upgrade
Dividend Per Share	2.500	2.500	1.750	0.833	0.555	0.556	Upgrade
Dividend Growth	42.86%	42.86%	110.01%	50.01%	-0.02%	50.00%	Upgrade
Gross Margin	55.49%	53.84%	52.47%	54.27%	57.15%	54.84%	Upgrade
Operating Margin	20.43%	19.34%	17.37%	13.09%	10.94%	14.87%	Upgrade
Profit Margin	13.42%	12.82%	11.37%	7.87%	5.10%	6.58%	Upgrade
Free Cash Flow Margin	-5.18%	-5.44%	-0.08%	4.50%	7.01%	7.77%	Upgrade
EBITDA	44,177	37,467	28,269	16,617	12,110	15,459	Upgrade
EBITDA Margin	24.47%	23.35%	21.46%	18.83%	18.77%	21.68%	Upgrade
D&A For EBITDA	7,299	6,441	5,388	5,066	5,054	4,855	Upgrade
EBIT	36,877	31,027	22,881	11,551	7,055	10,604	Upgrade
EBIT Margin	20.43%	19.34%	17.37%	13.09%	10.94%	14.87%	Upgrade
Effective Tax Rate	23.69%	23.27%	23.40%	25.88%	1.44%	32.18%	Upgrade
Revenue as Reported	184,804	164,004	134,294	90,262	65,928	72,910	Upgrade
Advertising Expenses	-	1,964	1,398	1,249	1,165	1,221	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.