Varun Beverages, one of PepsiCo’s franchisees on Monday reported a 69 per cent year-on-year (YoY) rise in its consolidated profit after tax (PAT) at Rs 429 crore in the quarter ended 31 March 2023, compared to Rs 254 crore the previous year in the same quarter, according to its regulatory filing.
The company’s revenue from operations increased 38 per cent YoY to Rs 3,952.5 crore from Rs 2,867.4 crore in the first quarter of the financial year 2022 (Q4FY22).
Its Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 50.3 per cent to Rs 798.04 crore in the first quarter of CY2023.
The net realisation increased by 10.4 per cent to Rs. 173.7 per case primarily due to a price increase, taken towards the end of the corresponding quarter last year, in selected SKUs and continued improvement in the mix of smaller SKUs (250ml), especially the energy drink, it said.
According to the company, its total sales volumes rose by 24.7 per cent in Q1 CY2023 to 22.4 crore cases compared to 17.9 crore cases in Q1 CY2022, on account of strong demand across regions in India.
Ravi Jaipuria, Chairman, Varun Beverages commented, “It gives me immense pleasure to announce, as approved by shareholders in our annual general body meeting, the final dividend of Re. 1 per share taking the total dividend payout for the full year to level of Rs. 3.5 per share.”
Furthermore, the Board recommended the split of existing equity shares of the Company from one equity share having a face value of Rs. 10 each into Two equity shares having face value of Rs. 5 each. This is subject to the approval of equity shareholders of the Company, he added.
