April 30, 2025

To,

National Stock Exchange of India Ltd. BSE Limited

Exchange Plaza, Block G, C/1, Bandra Kurla Phiroze Jeejeebhoy Towers
Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001
Email: cmlist@nse.co.in Email: corp.relations@bseindia.com
Symbol: VBL Security Code: 540180

Sub: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015: Presentation on Unaudited Financial Results of the
Company for the Quarter ended March 31, 2025

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, please find attached herewith a copy of the Presentation on Unaudited
Financial Results of the Company for the Quarter ended March 31, 2025.

The same is also being uploaded on website of the Company at www.varunbeverages.com.

You are requested to take the above on record.

Yours faithfully,
For Varun Beverages Limited
Digitally signed by

Ravi Batra Ravi Batra

Date: 2025.04.30
11:57:44 +05'30'
Ravi Batra
Chief Risk Officer & Group Company Secretary

Encl.: As above
 April 30, 2025

(a PepsiCo franchisee)

Varun Beverages Limited

Q1 CY2025 Results Presentation
 Disclaimer
(a PepsiCo franchisee)

This communication contains certain forward-looking statements relating to the business, financial performance,
strategy and results of Varun Beverages Limited (“VBL” or the “Company”) and/ or the industry in which it operates.
Such forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual
results or events to differ materially from those expressed or implied by the forward-looking statements. These
include, among other factors, changes in economic, political, regulatory, business or other market conditions.
Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary
undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-
looking statements are free from errors nor does either accept any responsibility for the future accuracy of the
forward-looking statements contained in this presentation or the actual occurrence of the forecasted
developments. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking
statements, on the basis of any subsequent developments, information or events, or otherwise. Given these
uncertainties and other factors, viewers of this communication are cautioned not to place undue reliance on these
forward-looking statements.

2
Table of Contents

Company Overview

Chairman’s Message

Q1 CY2025 Results Overview

Performance Highlights

Sustainability Initiatives

3
Company Snapshot

Key player in the global beverage industry and the second largest franchisee of PepsiCo in the world (outside US) with

operations spanning across 10 countries with franchise rights and additional 4 countries with distribution rights.
Total Sales Volumes (mn Cases*)
2019-2024: Sales Volume CAGR: ~18%
1,124

913 303
802
176
149
569
493
425 115
89
88 821
737
653
404 454
337

2019 2020 2021 2022 2023 2024

India International

Note: *A unit case is equal to 5.678 liters of beverage

4
divided in 24 bottles of ~ 237 ml each
Note: Map not to scale 4
Complete Brand Portfolio

Brands licensed by PepsiCo: Own Brands^:

Carbonated Soft Drinks Club Soda Carbonated Soft Drinks

Fruit Pulp / Juice Based Drinks Energy Drink Energy Drink

Sports Drink Carbonated Juice Ice Tea Packaged Water Packaged Water
Based Drinks

Snacks# Dairy Based Beverages*

# Manufacturing of Cheetos (underway) & Distribution of Frito Lay, Doritos and Cheetos in Morocco; Manufacturing (underway) & Distribution of Simba Munchiez in Zambia and Zimbabwe; Co-manufacturing of
Kurkure Puffcorn in India.
^ Manufacturing & Distribution of own brands is restricted in select territories. 5
* “CreamBell” trademark has been licensed to be used by VBL for ambient temperature value added dairy based beverages.
Symbiotic Relationship with PepsiCo

Demand Delivery Demand Creation

• Production Facilities
33+ • Trademarks

• Sales & Distribution – Years of Association • Formulation through

(agreement in India valid till April, 2039)
GTM & Logistics Concentrate

• In-outlet Management –
Visi-Coolers
90%+ • Product & Packaging
innovation through
of PepsiCo India Sales Volume
investment in R&D
• Consumer Push
Management (BTL) - • Consumer Pull
Market Share Gains Management (ATL) -
Brand Development

6
Key Player in the Beverage Industry – Business Model

MANUFACTURING
▪ 50 state-of-the-art production facilities
SOLID INRASTRUCTURE
VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN

Concentrate Other Raw

Bottling ▪ 38 in India & 12 in International territories
(PepsiCo) Materials

▪ 130+ depots
▪ 2,800+ primary distributors with strong distribution infra of
DISTRIBUTION & ROBUST SUPPLY CHAIN
WAREHOUSING 10,000+ vehicles with 2,000+ EVs
▪ 2,600+ owned vehicles

▪ Installed 1.15 million+ visi-coolers, reaching 4 million+ outlets

CUSTOMER ▪ VBL - local level promotion and in-store activation DEMAND DELIVERY
MANAGEMENT ▪ PepsiCo - brand development & consumer marketing

▪ Experienced sales team of over 3,500+ employees

▪ Responsible for category value/volume growth MARKET SHARE GAINS
IN-MARKET EXECUTION
▪ Path created for reaching out to every 5th person in the world

▪ Production optimization
▪ Backward integration (3 exclusive + 16 integrated plants) MARGIN EXPANSION
COST EFFICIENCIES
▪ Innovation (packaging etc.)

▪ Working capital efficiencies

ROE EXPANSION /
CASH MANAGEMENT ▪ Disciplined capex investment FUTURE GROWTH
▪ Territory acquisition 7
7
Chairman’s Message
(a PepsiCo franchisee)

Commenting on the performance for Q1 CY2025, Mr. Ravi Jaipuria, Chairman – Varun Beverages
Limited said:
“We are pleased to report a strong operational and financial performance in the first quarter of CY2025.
Consolidated sales volumes grew by 30.1% YoY, driven by healthy organic volume growth of 15.5% in India.
The integration of the SA territory has progressed well, with focused efforts on strengthening on-ground
infrastructure, streamlining operations, and enhancing execution across the market. We achieved 141 million
cases in SA over the trailing four quarters, marking a growth of ~13% over the same period last year. Historically,
net realizations in SA are lower due to a higher mix of own brands; however, we are actively working to scale
PepsiCo’s portfolio, which is expected to support improvements in realizations and margins going forward.
We recently commenced operations at our new greenfield production facilities in Kangra (Himachal Pradesh)
and Prayagraj (Uttar Pradesh), significantly enhancing capacity concurrently with the peak summer season. The
implementation of other two greenfield production facilities scheduled for 2025 season in Bihar and Meghalaya is
on track and shall commence the commercial production very soon. Additionally, we have established
backward integration facilities at Prayagraj and DRC, further strengthening our operational backbone and supply
chain efficiency.
Building on our nascent presence in the snack food segment, we have initiated the distribution and sale of
PepsiCo’s snack products in Zimbabwe and Zambia. These markets present a significant growth opportunity
within the packaged foods category, supporting our focus on portfolio expansion across high-potential regions.
In-line with our dividend policy, the Board of Directors has approved an interim dividend of 25% of face value, i.e.,
Rs. 0.50 per share, resulting in a total cash outflow of approximately ~Rs. 1,691 million.
Looking ahead, we see immense headroom for growth in India’s beverage market, supported by rising per
capita incomes, accelerating urbanisation, expanding electrification, and improving cold-chain infrastructure.
With adequate capacities in place, a diversified product portfolio, and a strengthened distribution network, we
remain well-positioned to capitalise on these opportunities and deliver sustainable value to all stakeholders.”
8
Key Developments
(a PepsiCo franchisee)

1. Commencement of Commercial Production at Kangra and Prayagraj :

▪ We have commissioned new production facilities at Kangra (Himachal Pradesh) and Prayagraj (Uttar Pradesh).
▪ Further, we have set-up backward integration facilities at our Prayagraj plant in India, as well as at our DRC plant in the
international region.

2. Agreement to distribute & sell PepsiCo’s snack products in Zimbabwe and Zambia :
▪ Varun Zimbabwe and Varun Zambia (subsidiaries of the Company) started distribution & selling of PepsiCo’s snack products in
the territory of Zimbabwe and Zambia w.e.f. 1 February 2025.

3. Dividend :
▪ Final dividend of Rs. 0.50 (Fifty paise only) per equity share of the face value of Rs. 2 each for the year ended 31 December
2024, was approved by the shareholders at the Annual General Meeting held on 03 April 2025 and subsequently paid in April
2025.
▪ In line with the guidelines of Company’s dividend policy, the Board of Director’s have approved an interim dividend @ 25% of
face value i.e. Rs. 0.50 per share. Total cash outflow would be ~Rs. 1,691 million.

4. Credit Rating Upgrade :

▪ CRISIL (an S&P Global Company) upgraded the companies long-term rating for bank loan facilities to Crisil AAA/Stable from
Crisil AA+/Stable.

9
 Results Overview
(a PepsiCo franchisee)

24.7% PAT 25.3%

Revenue EBITDA 30.5%
200,077 26,343
47,111
160,426 21,018
36,095

Rs. mn
Rs. mn

Rs. mn
28.9% 27.8% 33.5%
23.5%
55,669 12,640 7,314
43,173 9,888 22.5% 5,480

22.9% 22.7%

Q1 2024 Q1 2025 CY 2023 CY 2024 Q1 2024 Q1 2025 CY 2023 CY 2024 Q1 2024 Q1 2025 CY 2023 CY 2024

Quarterly Sales Volumes (Category-wise mn unit cases)

28.1%
402 mn 30.1%
400 314 mn 21.9% 312 mn
267 mn 38.1%
300 220 mn 215 mn 240 mn
200 156 mn
100
-
Q2 2023 Q2 2024 Q3 2023 Q3 2024 Q4 2023 Q4 2024 Q1 2024 Q1 2025

Period Q2 2023 Q2 2024 Q3 2023 Q3 2024 Q4 2023 Q4 2024 Q1 2024 Q1 2025

CSD 232 74% 307 76% 159 72% 200 75% 106 68% 158 73% 169 71% 234 75%

NCB 23 7% 32 8% 11 5% 11 4% 8 5% 8 4% 18 7% 22 7%

Water 59 19% 63 16% 50 23% 56 21% 42 27% 49 23% 53 22% 56 18% 10

Consolidated Profit & Loss Statement
(a PepsiCo franchisee)

Particulars (Rs. million) Q1 2025 Q1 2024 YoY(%) CY 2024 CY 2023 YoY (%)

1.Income
(a) Revenue from operations 56,800.26 43,979.80 29.2% 204,813.28 163,210.63 25.5%
(b) Excise Duty 1,130.91 806.67 40.2% 4,736.78 2,784.82 70.1%
Net Revenues 55,669.35 43,173.13 28.9% 200,076.50 160,425.81 24.7%
(c) Other income 280.58 83.53 235.9% 1212.68 793.59 52.8%
2. Expenses
(a) Cost of materials consumed 26,710.71 19,309.22 38.3% 82,937.43 70,264.61 18.0%
(b) Purchase of stock-in-trade 711.84 2,352.15 -69.7% 6,859.21 4,626.96 48.2%
(c) Changes in inventories of FG, WIP and stock-in-trade (2,131.92) (2,785.88) 23.5% (749.40) (842.69) 11.1%
(d) Employee benefits expense 5,115.02 3,936.72 29.9% 18,850.26 14,465.87 30.3%
(e) Finance costs 411.24 936.87 -56.1% 4,503.86 2,680.99 68.0%
(f) Depreciation and amortisation expense 2,725.13 1,875.16 45.3% 9,473.86 6,809.06 39.1%
(g) Other expenses 12,624.06 10,473.31 20.5% 45,068.29 35,816.21 25.8%
Total expenses 46,166.08 36,097.55 27.9% 166,943.51 133,821.01 24.8%
EBITDA 12,639.64 9,887.61 27.8% 47,110.71 36,094.85 30.5%
3. Profit before share of (loss)/profit of associates and joint venture (1-2) 9,783.85 7,159.11 36.7% 34,345.67 27,398.39 25.4%
4. Share of loss of associates and joint venture (5.77) (1.61) -258.4% (14.78) (4.79) -208.6%
5. Profit before tax (3+4) 9,778.08 7,157.50 36.6% 34,330.89 27,393.60 25.3%
6. Tax expense 2,464.50 1,677.68 46.9% 7,988.04 6,375.47 25.3%
7. Net profit after tax (5-6) 7,313.58 5,479.82 33.5% 26,342.85 21,018.13 25.3%
11
Discussion on Financial & Operational Performance
(a PepsiCo franchisee)

Sales Volumes / Net Revenues

• Consolidated sales volume grew by 30.1% to 312.4 million cases in Q1 CY2025 from 240.2 million cases in Q1 CY2024 driven
by strong organic volume growth of 15.5% in India and in-organic volume contributions from South Africa and DRC.
• Net Revenue from operations grew by 28.9% in Q1 CY2025 to Rs. 55,669.4 million from Rs. 43,173.1 million in Q1 CY2024.
• Realization per case increased by 1.8% in India and remained flat in International markets (ex. South Africa). There is a
decline of 0.9% in net realization per case at the consolidated level because of lower realization in own brands in South
Africa market.
• We have achieved 141 million cases in South Africa in the trailing four quarters which is a ~13% growth over same period
last year.
• CSD constituted 75%, NCB 7% and Packaged Drinking Water 18% in Q1 CY2025

Gross Margins
• Due to relatively lower margin profile of owned brands in the South African market and the higher mix of CSD in India,
Gross margins stood at 54.6%, a decline of 171 basis points as compared to Q1 CY2024.
• In Q1 CY2025, mix of Low sugar / No sugar products has increased to ~ 59% of our consolidated sales volumes.

12
Discussion on Financial & Operational Performance
(a PepsiCo franchisee)

EBITDA
• EBITDA increased by 27.8% in Q1 CY2025 to Rs. 12,639.6 million from Rs. 9,887.6 million in Q1 CY2024 in-line with Net Revenue
growth.
• EBITDA margins improved in India by 111 bps on account of operational efficiencies from the robust volume growth.
• EBITDA margins marginally declined at the consolidated level by 20 bps because of the lower profitability in South Africa
market @ 14.4% and its higher mix in the Q1 CY2025.

PAT
• PAT increased by 33.5% to Rs. 7,313.6 million in Q1 CY2025 from Rs. 5,479.8 million in Q1 CY2024 driven by robust volume
growth and lower finance cost.
• Depreciation increased by 45.3% on account of commissioning of new plants of last year (Supa, Gorakhpur and Khordha)
which were not present in the base quarter and consolidation of SA & DRC in the current quarter.
• Post repayment of debt through QIP proceeds, finance cost in India is negligible and there is interest income of Rs. 108
million during the quarter.
• Interest cost in international markets is primarily in South Africa which also includes the lease rentals under Ind AS 116 of Rs.
86 million as the manufacturing facilities in South Africa are on lease.

13
Performance Highlights (CY2019 – CY2024)
(a PepsiCo franchisee)

REVENUE EBITDA EBITDA EBITDA Margins (%)

CAGR (2019-24) – 22.9% CAGR (2019-24) – 26.6%
200
55.00 30%
160 22.5% 23.5%
45.00 20.3% 21.2% 25%
132 18.6% 18.8%
35.00 20%
88
71 65 25.00 47 15%
15.00 36 10%
28
Rs. bn

Rs. bn
5.00 14 12 17 5%
(5.00) 0%
2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

PAT PAT PAT Margins

NET WORTH Net Worth Net D/E
CAGR (2019-24) – 41.0% CAGR (2019-24) – 37.9%
32.00 13.2% 15.0% 200.00 5.0
13.1% 167
28.50 11.8%
25.00 4.0
150.00
21.50 8.5% 10.0% 3.0
18.00 6.6% 100.00 71
14.50 5.5% 2.0
26 52
11.00 21 36 42
Rs. bn

5.0% 50.00 34

Rs. bn
7.50 16 0.7 1.0
0.8 0.7 0.7
4.00 5 7 1.0 0.0
0.50 4 - 0.0
(3.00) 2019 2020 2021 2022 2023 2024 0.0% 2019 2020 2021 2022 2023 2024
14
 SUSTAINABILITY – Being Water Positive (CDP water rating: A-)

Increase ground water level 2x Reduce water usage (WUR)

WRR -26%
by 2025
Water consumed Per liter of beverage produced

* Steady state WUR was 1.54 times in 2023

and 1.50 times in 2024, the differential is on
account of stabilization of 2 new greenfield
plants in 2023 and 3 new greenfield plants
in 2024.
190+ Water bodies (ponds & check dams) maintained

1.89 1.70 1.57* 1.56* 1.40

2021 2022 2023 2024 2025

Target
Using only half of recharged water for manufacturing

150+ Process Improvements

15
 SUSTAINABILITY – Reducing Carbon Footprint (CDP climate rating: A)

30% Net Zero

Increase Renewable Energy by 2030 GHG Emissions
by 2050

Solar (Rooftop + Captive Power Solution) & Windmill Operational boundaries across different scopes
RE Mix % & kWh million units

125
79
58 (16%)
21 (13%)
18 (6%)
(7%) CY2022 CY2023 CY2024
Scope 3 668.2 626.5 671.0
Scope 2 83.2 73.7 75.9
Scope 1 21.7 17.9 19.0

2021 2022 2023 2024 2025E Note: The increase in GHG emissions is attributed to inorganic acquisitions in CY 2024.

POSITIVE CLIMATE ACTIONS

2,000+ 375K+ Plantations Efficient Visi Coolers – R290
EV in trade (since 2020) (all new coolers starting 2023)
16
for last mile
 SUSTAINABILITY – Robust Packaging & Plastic Recycling

Increase Plastic Waste Recycle Reduce Plastic Usage

Ahead of EPR Regulations

Packaging rationalization
100% • Removal of pads (20k MT of paper
86% 88%
saving, equivalent to 400k trees)
70% 80%
• Shrink film and label rationalization
(1.4 MT of material saving)

Closures by 20-25%
CSD/Juices/Water (2010 to-date)
2021 2022 2023 2024 2025E

rPET
Preforms by 10-20%
Pepsi Zero ~7,000 MT 30% rPET mix in
Sugar and used in packaging by 2025 600ml to 2.25 liters (2010 to-date)
Sting energy 2024 INDORAMA JV
come in rPET
packaging 17
Conference Call Details
(a PepsiCo franchisee)

Varun Beverages Limited Q1 CY2025 Earnings Conference Call

Time • Wednesday, April 30, 2025 at 2:30 PM IST

Conference dial-in Primary number • +91 22 6280 1141 / +91 22 7115 8042

International Toll Free Number • Hong Kong: 800 964 448

• Singapore: 800 101 2045

• UK: 0 808 101 1573

• USA: 1 866 746 2133

18
About Us
(a PepsiCo franchisee)

Varun Beverages Limited (“VBL” or the “Company”) is a key player in beverage industry and one of the largest franchisee of
PepsiCo in the world (outside USA). The Company produces and distributes a wide range of carbonated soft drinks (CSDs), as
well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks
owned by PepsiCo. PepsiCo CSD brands produced and sold by VBL include Pepsi, Pepsi Zero, Mountain Dew, Sting, Seven-Up,
Mirinda, Seven-Up Nimbooz Masala Soda and Evervess. PepsiCo NCB brands produced and sold by the Company include Slice,
Tropicana Juices (100% and Delight), Seven-Up Nimbooz, Gatorade as well as packaged drinking water under the brand
Aquafina.
VBL has been associated with PepsiCo since the 1990s and have over three decades consolidated its business association with
PepsiCo, increasing the number of licensed territories and sub-territories covered by the Company, producing and distributing a
wider range of PepsiCo beverages, introducing various SKUs in the portfolio, and expanding the distribution network. As on date,
VBL has been granted franchises for various PepsiCo products across 26 States and 6 Union Territories in India. India is the largest
market and contributed ~72% of revenues from operations (net) in Fiscal 2024. VBL has also been granted the franchise for
various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, South Africa, Lesotho, Eswatini &
DRC and distribution rights for Namibia, Botswana, Mozambique and Madagascar.

For more information about us, please visit www.varunbeverages.com or contact:

Raj Gandhi / Deepak Dabas / Manjit Singh Chadha Anoop Poojari / Mitesh Jain
Varun Beverages Ltd CDR India
Tel: +91 124 4643100 / +91 9871100000 / +91 9810779979 Tel: +91 9833090434 / +91 9619444691
E-mail: raj.gandhi@rjcorp.in E-mail: anoop@cdr-india.com
deepak.dabas@rjcorp.in mitesh@cdr-india.com
manjit.chadha@rjcorp.in
19
Thank You!