Varun Beverages Income Statement

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

Millions INR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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	241,265	216,854	200,077	160,426	131,731	88,232
Revenue	241,265	216,854	200,077	160,426	131,731	88,232
Revenue Growth	14.46%	8.38%	24.72%	21.78%	49.30%	36.79%
Cost of Revenue	107,473	97,154	89,047	74,049	62,612	40,347
Gross Profit	133,792	119,700	111,029	86,377	69,120	47,886
Selling, General & Admin	29,783	27,370	22,988	17,529	14,411	12,147
Other Operating Expenses	46,991	41,831	38,889	30,784	26,131	18,875
Operating Expenses	90,810	81,365	71,350	55,121	46,239	36,335
Operating Income	42,982	38,334	39,679	31,256	22,881	11,551
Interest Expense	-1,962	-1,684	-4,485	-2,666	-1,844	-1,832
Interest & Investment Income	317.65	317.65	419	238	228.29	145.16
Earnings From Equity Investments	-124.91	-60.27	-14.78	-4.79	-0.06	-
Currency Exchange Gain (Loss)	2,278	2,278	-634.02	-574.92	-64.74	387.22
Other Non Operating Income (Expenses)	71.49	71.49	106.62	-13.74	129.77	73.28
EBT Excluding Unusual Items	43,563	39,258	35,070	28,234	21,330	10,324
Gain (Loss) on Sale of Investments	806.64	806.64	22.47	3.51	3.67	0.7
Gain (Loss) on Sale of Assets	32.2	32.2	-761.96	-842.27	-569.25	-170.4
Asset Writedown	-	-	-	-1.37	-528.25	-88.31
Pretax Income	44,402	40,096	34,331	27,394	20,236	10,066
Income Tax Expense	10,309	9,476	7,988	6,375	4,735	2,606
Earnings From Continuing Operations	34,093	30,620	26,343	21,018	15,501	7,461
Minority Interest in Earnings	-231.35	-255.53	-396.52	-458.91	-526.81	-520
Net Income	33,861	30,365	25,946	20,559	14,974	6,941
Net Income to Common	33,861	30,365	25,946	20,559	14,974	6,941
Net Income Growth	18.88%	17.03%	26.20%	37.30%	115.75%	110.96%
Shares Outstanding (Basic)	3,380	3,382	3,264	3,248	3,248	3,248
Shares Outstanding (Diluted)	3,384	3,383	3,266	3,249	3,249	3,248
Shares Change	1.52%	3.59%	0.51%	0.02%	0.03%	-
EPS (Basic)	10.02	8.98	7.95	6.33	4.61	2.14
EPS (Diluted)	10.01	8.98	7.94	6.33	4.61	2.14
EPS Growth	17.22%	13.08%	25.43%	37.37%	115.63%	110.96%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Free Cash Flow	12,268	7,702	-3,979	-8,733	-109.63	3,966
Free Cash Flow Per Share	3.63	2.28	-1.22	-2.69	-0.03	1.22
Dividend Per Share	1.500	1.500	1.000	1.000	0.700	0.333
Dividend Growth	0%	50.00%	0%	42.86%	110.02%	50.00%
Gross Margin	55.45%	55.20%	55.49%	53.84%	52.47%	54.27%
Operating Margin	17.82%	17.68%	19.83%	19.48%	17.37%	13.09%
Profit Margin	14.04%	14.00%	12.97%	12.81%	11.37%	7.87%
Free Cash Flow Margin	5.08%	3.55%	-1.99%	-5.44%	-0.08%	4.50%
EBITDA	55,819	49,300	48,312	37,696	28,269	16,617
EBITDA Margin	23.14%	22.73%	24.15%	23.50%	21.46%	18.83%
D&A For EBITDA	12,837	10,966	8,633	6,441	5,388	5,066
EBIT	42,982	38,334	39,679	31,256	22,881	11,551
EBIT Margin	17.82%	17.68%	19.83%	19.48%	17.37%	13.09%
Effective Tax Rate	23.22%	23.63%	23.27%	23.27%	23.40%	25.89%
Revenue as Reported	251,497	225,779	206,026	164,004	134,294	90,262
Advertising Expenses	-	3,552	2,521	1,964	1,398	1,249