The company’s board has approved the appointment of Pankaj Madan as the Chief Financial Officer (CFO), effective 30 July 2025
Registering a healthy improvement in its performance, Varun Beverages, a franchisee of PepsiCo, has seen its net profit rise to Rs 1,325.49 crore in the second quarter of the current calendar year (Q2CY25) from Rs 1,261.83 crore in Q2CY24. The net profit marked an uptick of 5 per cent year-on-year (YoY).
The financial results of the company revealed that the revenue from operations dipped to Rs 7,163 crore in Q2CY25 from Rs 7,333 crore in the corresponding period of the previous fiscal year. Consolidated sales volume declined by 3 per cent to 389.7 million cases in Q2CY25 from 401.6 million cases in Q2CY24, primarily due to abnormally high unseasonal rainfall throughout the quarter in India.
“We delivered a resilient performance during the quarter. In spite of unusually early onset of monsoon rains in the peak summer months in India, we could keep our realisations per case and EBITDA margins intact. Due to growth in international markets supported by strong positive currency movement in Africa territories, the company ended the quarter with a positive pat, in spite of a 3 per cent decline in consolidated sales volumes,” stated Ravi Jaipuria, Chairman, Varun Beverages.
India volumes declined by 7.1 per cent, while international volumes grew by 15.1 per cent, partially offsetting the overall decline. The earnings before interest, tax, depreciation and amortisation (EBITDA) of the company rose to Rs 1,998.77 crore in Q2CY25 from Rs 1,991.2 crore in Q2CY24, clocking a 0.4 per cent growth.
The EBITDA margin improved by 82 bps to 28.5 per cent in Q2CY25, in spite of increase in fixed overheads due to new capacity being commissioned at four greenfield plants in India which all are yet to yield incremental volumes, the company said in an exchange filing.
New Chief Financial Officer
The company’s board has approved the appointment of Pankaj Madan as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective 30 July 2025. Rajesh Chawla will continue in a defined role in finance function, the company said.
With a rich experience spanning 35 years across multiple sectors namely aviation, hospitality, retail, telecom, and Manufacturing, Madan is a Chartered Accountant (CA), MBA in Technology Management from Deakin University, Australia. He was last associated with Interglobe Enterprises as Group CFO. Prior to that, through his career span, he was CFO of several organisations including IndiGo airlines, Bharti Walmart, Cargill Thailand, Grampian Country Food (Thailand), Telstra Singapore and India.
New Joint Venture In India
The company also highlighted that it will be incorporating a joint venture company in India inter-alia to carry on the business of manufacturing of visi-coolers and other refrigeration equipments. The name of the entity is White Peak Refrigeration. The paid-up share capital will be of Rs 42.5 crore.
Being a joint venture company, Varun Beverages will hold 50 per cent paid-up share capital and Everest International Holdings will hold 50 per cent paid-up share capital in White Peak Refrigeration.
