{"id":176200,"date":"2026-01-22T14:01:57","date_gmt":"2026-01-22T19:01:57","guid":{"rendered":"https:\/\/alphastreet.com\/india\/varun-beverages-ltd-vbl-q2-2025-earnings-call-transcript\/"},"modified":"2026-01-22T14:01:57","modified_gmt":"2026-01-22T19:01:57","slug":"varun-beverages-ltd-vbl-q2-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/varun-beverages-ltd-vbl-q2-2025-earnings-call-transcript\/","title":{"rendered":"Varun Beverages Ltd (VBL) Q2 2025 Earnings Call Transcript"},"content":{"rendered":"

Varun Beverages Ltd (NSE: VBL) Q2 2025 Earnings Call dated Oct. 22, 2024<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anoop Poojari<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Ravi Kant Jaipuria<\/strong> \u2014 Promoter and Chairman<\/em><\/p>\n

Raj Pal Gandhi<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Aditya Soman<\/strong> \u2014 Analyst<\/em><\/p>\n

Abneesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Jaykumar Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Devanshu Bansal<\/strong> \u2014 Analyst<\/em><\/p>\n

Anand Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Percy Panthaki<\/strong> \u2014 Analyst<\/em><\/p>\n

Sumant Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Nihal Jham<\/strong> \u2014 Analyst<\/em><\/p>\n

Sanjaya Satapathy<\/strong> \u2014 Analyst<\/em><\/p>\n

Onkar Ghugardare<\/strong> \u2014 Analyst<\/em><\/p>\n

Shirish Pardeshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Vismaya Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to the Varun Beverages Limited Earnings Conference Call. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, sir.<\/p>\n

Anoop Poojari<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you. Good afternoon, everyone, and thank you for joining us on Varun Beverages Q3 CY 2024 earnings conference call.<\/p>\n

We have with us Mr. Ravi Jaipuria, Chairman of the Company; Mr. Varun Jaipuria, Executive Vice Chairman and Whole-Time Director; and Mr. Raj Gandhi, Group CFO and Whole-Time Director of the Company.<\/p>\n

We’ll initiate the call with opening remarks from the management, following which we’ll have the forum open for a question-and-answer session. Before we begin, I would like to point out that some statements made in today’s call may be forward-looking in nature and a disclaimer to this effect has been included in the results presentation shared with you earlier.<\/p>\n

I would now request Mr. Ravi Jaipuria to make his opening remarks.<\/p>\n

Ravi Kant Jaipuria<\/strong> \u2014 Promoter and Chairman<\/em><\/p>\n

Good afternoon, everyone, and thank you for joining us on our earnings conference call. I hope all of you had the opportunity to go through our results presentation that provides details of our operational and financial performance for the third quarter and nine months ended 30th September 2024. We are pleased to report another strong quarter despite the challenges posed by excessive rainfall in India. We achieved consolidated revenue growth of 24.1%, including contribution from BevCo, driven by our expanded distribution network, increased product penetration, and favorable demand trends in markets — in key markets. Enhanced operation efficiencies led to an improvement of 117 basis points in our EBITDA margins, resulting in a robust 30.5% growth in EBITDA and a healthy 22.3% growth in PAT for the quarter.<\/p>\n

On the operational front, we are excited to share the successful commissioning of our greenfield facility in the Democratic Republic of Congo, DRC, in response to strong demand and our limited presence in this region. We have swiftly ramped up the facility to 100% utilization on three shift basis. This performance has encouraged us to move forward with expansion plans, including backward integration, and the second facility expected to commence operations in the next calendar year. Furthermore, we are making significant progress on new facilities across India, which are on track to be commissioned before the key season next year.<\/p>\n

These developments reflect our commitment to capturing high growth opportunities and enhancing both our domestic and global footprint. As part of our commitment to long-term growth, the Board of Directors has approved a proposal to raise funds through the issuance of equity shares with an aggregate amount not exceeding INR7,500 crores via QIP, subject to shareholders’ approval. The capital will be instrumental in supporting our growth plans, including expansion into new territories, potential strategic acquisitions and further strengthening of our balance sheet.<\/p>\n

Overall, our focus remains on sustaining healthy growth in both Indian and international markets. The Indian market with its growing consumption class and evolving consumer preference continues to be — continues to offer immense opportunities. Meanwhile, our global operations, particularly in Africa, are positioned to drive further growth as we capitalize on emerging demand trends and enhance our operational capabilities. Our proven execution capabilities have been instrumental in delivering exceptional value to all stakeholders, and we remain committed to sustain — sustaining this momentum well into the future.<\/p>\n

I would like — I would now like to invite Mr. Gandhi to provide the highlights of our operational and financial performance. Thank you very much.<\/p>\n

Raj Pal Gandhi<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Thank you, Mr. Chairman. Good afternoon, and a warm welcome to everyone joining us today. Let me provide an overview of the financial performance for the third quarter and nine months ending 30th September 2024.<\/p>\n

Revenue from operations adjusted for excise GST grew by 24.1% year-on-year in Q3 calendar year 2024 to the level of INR48,046 million. Consolidated sales volume increased by 21.9% to the level of 261.5 [Phonetic] million cases in Q3 2024, including about approximately 34 million cases from South Africa and DRC markets. The Indian market grew by 5.7%, primarily impacted by heavy rains throughout the quarter, while international markets grew by 7.9%. CSD accounted for 75%, juice accounted for 4%, and packaged drinking water accounted for around 21% of the total sales volume in the quarter three of calendar year 2024. And this is at a consolidated level, non-carbonated beverages portfolio, which includes juice, drinks and value-added dairy beverages, sports drinks, etc., in India, has grown by 23.9% this thing. This is about non-carbonated beverages in the nine months, grown up by 23.9%.<\/p>\n

Our gross margins during the quarter improved marginally by 22 basis points, raising to the level of — rising to the level of 55.5% from the earlier level of 55.3%. This is reflecting our continued focus on cost management. This along with higher operational efficiencies led to a 117 basis point expansion in our EBITDA margins rising to the level of 24% from the earlier level of 22.8%. This is driving a robust 30.5% growth in EBITDA, which has gone to the level of INR11,511 million during the third quarter. Depreciation increased by 50.2%, primarily due to the acquisition of BevCo and the establishment of new production facilities in India and the plant in DRC. Finance costs increased by 89.7%, reflecting the impact of the new capex on these facilities, the BevCo acquisition and higher borrowing costs.<\/p>\n

PAT grew by 22.3% to the level of INR6,288.3 million in the quarter three of calendar year 2024. This is compared to INR5,140.6 million in Q3 of calendar year 2023. This is driven by volume growth and improved margins. The other income in India more than doubled on account of INR310 million dividend received from Sri Lanka. This is a maiden dividend declared by that subsidiary. This is for the first time and is non taxable under the Income Tax Act.<\/p>\n

In conclusion, the Company continues to maintain a solid financial foundation. Our focus on expanding into high potential markets, enhancing our product portfolio and investing in new production facilities positions us well to drive long-term growth in both India, as well as international markets. Following the integration of BevCo, this year, we are also focused on driving our presence in the South African market. With efforts already underway, we are confident that this will provide additional avenues for growth in the near future.<\/p>\n

Additionally, as covered by the Chairman, the Board’s approval for a QIP of an amount not exceeding up to INR7,500 crores, subject to shareholders’ approval, will further support our growth plans. The funds will be raised to enable the Company to repay debt and enhance profitability at PAT level. This will also strengthen the balance sheet and prepare the Company to pursue strategic acquisitions. The net debt was around INR6,000 crores. This was including CWIP on capacity for calendar year ’25 season through implementation of plant at Kangra, Himachal Pradesh, Prayagraj, Uttar Pradesh, and Buxar, Bihar, and Meghalaya.<\/p>\n

On that note, I conclude my opening remarks and would now like to ask the moderator to open the forum for any questions or suggestions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] Our first question is from the line of Aditya Soman from CLSA. Please go ahead.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Hi, good afternoon. Two questions from me. Firstly, on the India volume growth, which has decelerated sharply, is there — are there any sort of regional or brand level nuances given the relatively sharp slowdown? While I understand obviously, rains have been very uneven in the quarter and this quarter is not very large seasonally, I just wanted to understand if there were any differences between different regions, and secondly, just in terms of whether there’s been a recovery in October. And the second question is on competition. Now Tata Consumer in their call indicated that they were impacted by the higher trade margins offered by Campa Cola. Have we seen any effect of this?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Let me answer you. First of all, the third quarter and second quarter normally should be looked combined together, because the rains can shift one month this way or that way, and sometimes, the second quarter becomes heavier rain, sometimes, third quarter becomes heavier rain. So rain affects a big portion of, especially the rural part of the business and which is what has happened this year. And that is one of the main reasons we see, we don’t see any other major challenge in the growth of the market. So as far as competition is concerned, as I’ve always said before, Campa is a formidable competition. They are in the market, but we are improving our go-to-market. So it has not affected us at the moment.<\/p>\n

And going forward, they will take a part of the share of the total market. Who is going to get affected first? I’m not sure. Maybe it will be the smaller B brands. Maybe the people who are stronger in Cola. I don’t know. So I — it’s very difficult to answer, but they are a formidable player and they will take up — but India growth story is so large, that I think there is enough room for everyone to grow. And if we look at it, you’re looking at 12 million outlets in India in FMCG, we only go to close to 4 million outlets. So there’s so much room for everyone. That’s what I can say at the moment. There is enough room for them to grow, for us to grow, for our competitor to grow, everybody has room to grow.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Thank you, Mr. Jaipuria. No, I agree, I think, on the growth opportunity. The question was actually more with regards to sort of trade margins. Was there any — was there any change made by trade margins by us as well in reaction to Campa or…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We’re telling you know, our EBITDA has gone up.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Yes, which is — yeah, which is why the question. Yeah.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Sorry, can’t answer more than that.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Understand. Very clear. I’ll get back in queue.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Abneesh Roy from Nuvama. Please go ahead.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yeah, thanks. I have two questions. First is on the QIP INR7,500 crores. So will it be largely used for acquisitions, and if possible, mostly Africa or will it be for debt reduction, given INR6,000 crore debt is there? Historically, you have been much more focused on the expansion part of the business. So will it be half-half or any clarity if you can give on how you think in terms of use of the QIP?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It will be used for both. It will be for reduction of debt as well as we are looking for acquisitions. We are always open to acquisitions. I’m sure we’ve been getting opportunities. I hope we’ll keep on getting opportunities. We want to have a war chest available with us, so that when the opportunity is available, we don’t have to go back. Secondly, we are also looking at expanding our snack business in Africa, which we have a huge potential. So that will — and plus we are expanding our capacities in India also. So it will be partly used in different, different areas.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Sure. My second question is on the India business. So of course, this quarter almost every beverage company was impacted because of the rain. My question is, would you need some inventory correction? If you see Dabur saw very sharp inventory correction because for them two back to back quarters was on the higher side. Your volume growth in the previous quarter, Q2 was 22% and now 5.7%, and your base is quite high. Your base is almost 19% [Phonetic] in December quarter. So if you could comment on how you see December quarter, no specific guidance, but given La Nina effect and given high base and would you need some inventory correction given the kind of scenario current you have?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, we don’t carry that much inventory, and we can correct our inventories anytime we want in 30 days. So it’s not something that we have to hold for six months or eight months. Sometimes when we see a favorable pricing in a raw material or a category which can be stored, then we pre-buy it and store it. Otherwise, we can correct our inventory anytime. We don’t have a issue.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Sure. And last quick question on Campa Cola. So in terms of INR10 pricing, in how many states would you have that in terms of your key products?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We don’t sell at INR10. We are not selling anything at INR10 except glass bottles.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Given Campa Cola’s entry, at some stage, would you need to shift to INR10 pricing also and from glass to PET, how do you see the customer preference? Because PET bottle, obviously you can carry it, obviously much cleaner option, glass also would have some advantage. So could you share your thoughts?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It depends. Glass sells in restaurants and eateries, all the eateries and they get — make better margins. So they prefer to carry glass and PET sells on-the-go. So we have our products which are differentiated totally from what Campa is selling. And there is enough room for everybody, as I said, they can expand the market, they are putting chillers, which is good enough.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Your PET will be INR15, INR20, right, currently?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Our PET is INR20.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

INR20. Understood. That’s all from my side. Thank you.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Jay Doshi from Kotak. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Hi. Thanks for the opportunity. Could you give us some more color on what’s your, based on the early success, you’ve seen in DRC, roadmap ahead? I know you’ve shared some details in the presentation, but want to broadly understand how big the market is and what is a reasonable market share to have in a market like DRC. So that’s one. And second is, I think in the six months so far, you’ve clogged about 60 million cases, 58 million cases, 60 million cases in South Africa. So what is the seasonality in that market because the next six months will probably be peak season there? And hence what should we expect from the first 12 months from a operating perspective from July to June if you were to think that way?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Two things, one, I think South Africa, the first six months, which was, we were basically correcting our back end and it was low season. It was like our winters here. So now the peak season is starting from this October onwards till March, it is peak season. And we have corrected most of our back end. So we expect reasonable growth. I think we are improving our go-to-market. So I mean, it’s a bit early to say because October has just started, but I definitely believe we should do a reasonably decent job. And as far as DRC is concerned, so we have — the capacities we put are sold out. So we are expanding our capacities and which will be happening by — part of it will be happening in early January, February and the balance will be in July, August.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

So this is doubling down of capacity at the current plant will happen in Jan, Feb and the new plant that you’re opening in the other part — other territory within…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It will be — overall, it will be more than doubling the capacity.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay. And currently it is — nameplate capacity is 25 million cases, right? While you’re operating three shifts, so you may be doing more.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, it is about 35 million cases approximately.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay. Sure. So by this time next year, your capacity for DRC will be 70 million cases or more than doubling is what you indicated?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Should be, would be more.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Sure. And just to follow up there. So in India, typically, the seasonality we see is that this first half tends to be a little over 60% of annual sales. Is that something we should expect in South Africa as well that the next six months should be more than 60%, 65% of annual volumes?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

See, I can’t give you exact detail because this is our first year. So you need to give us little bit time to really — because we are making the changes. We are going — making the changes to enter the markets, which were not entered properly. So hopefully — but the seasonality is 60:40 what you have said.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Right. Understood. And just one question more, if I may ask. Lately, we are seeing this Jeera Masala Soda seems to doing — be doing quite well in many markets and we see it in some small retail outlets as well in Mumbai. What are your thoughts on the opportunity in some product like that and whether there is a case for you to have something…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Hopefully, we should have something next year. We’re asking Pepsi and hopefully, we should have — we have Nimbu Masala Soda already which we are launching back, and hopefully, we should have something with Jeera also. But this depends on Pepsi when they are ready.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

So basically, it will be under PepsiCo portfolio?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Yeah, yeah. See, the Jeera was not allowed by PepsiCo because of the high sodium level. So they are working on it.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood. And how big is the market today?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

For?<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

For Jeera. So I was under impression that Lahori Zeera is very close to…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It’s doing well. Lot of expanding, and it’s doing well. So lot of people are looking at this category and we are also seriously looking at it. And I’m sure we’ll come up with something next year, early next year before the season.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Sure. Thank you so much.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Devanshu Bansal from Emkay Global. Please go ahead.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Yes, sir. Hi. Thanks for the opportunity. First question is on India gross margins, which have dipped about 120 basis points in this current quarter. So wanted to check if this is due to raw material or inferior revenue mix, if you could just highlight?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

The gross margin increase you are saying.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

No, dip, Mr. Gandhi, in India, standalone gross margin.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Yeah. So that is firstly at the gross margin level because of the raw material that the PET prices which from the last year was lower. And second is, the operational efficiency, which further has increased the margin at EBITDA level. And are you referring here the — just one second. Yeah. So here there are two things, Devanshu. One is the water cost, which was earlier taken as the cost at the operating level, has been classified from last quarter into the COGS. So that has made the difference.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

So that 1% has actually shifted upwards from SG&A expenses?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

That’s only a shifting. Yes.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Understood. Understood. And within South Africa, so that seems to be doing pretty well for us. So what are the few initial steps that we’ve taken in the market? That is number one. Secondly, is the existing distributor — distribution network for foods businesses for PepsiCo in that geography also helping us? So just want to check on that geography specifically.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, PepsiCo’s food business is completely separate than our business. We are doing our own, but we have improved our go-to-market and that’s what we are focusing, which we have done in India over the last few years. And that’s what we are focusing there also. And we have corrected the back end. So the cost – the lines which were running inefficiently, we have corrected all of them, and now, all our lines are running reasonably efficiently.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Understood. Last one bookkeeping question. Till June, our CWIP was about INR1,200 crore, what is the number as of September end?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

CWIP today is around INR400 crores. All these assets have been capitalized already.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Okay, Mr. Gandhi. Thank you.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Anand Shah from Axis Capital. Please go ahead.<\/p>\n

Anand Shah<\/strong><\/p>\n

Yeah, hi, sir. Thank you for taking my question. Sir, just on the international margins, basically, I wanted to know they’ve improved actually Q-on-Q and both Y-o-Y. I mean — and if I even look at the realization per case, it’s gone up. So my understanding was South Africa was a slightly lower margin at 12%, 13% when you acquired it and even realizations were much lower than the average international realization margin. So have you already started seeing an improvement there?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, improvement will come. We are already — so if the lines are running at 50% efficiencies, we have already corrected it to run proper efficiencies, which should happen in — which is in our system. So we are making sure the cost efficiencies will start coming, the advantage of bulk buying where we buy totally together as one group, those advantages will start coming. So — and the key issue is the sales have to go up, which is the go-to-market. So we’ve already started doing it. We have seen the improvement in September itself. And we hope now the peak season is starting that we will see this quarter onwards the difference coming. So we are very helpful — hopeful and we are really expecting a reasonable bump in South Africa. And DRC is also, as I said, in the first four weeks, we have been sold out. So that’s a very — we were not expecting that actually and it’s done better than what we had expected.<\/p>\n

Anand Shah<\/strong><\/p>\n

Got it. And on DRC, I mean, can you break up what was the volume between that 34 million cases? I mean how much did DRC do this quarter?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

5 million cases.<\/p>\n

Anand Shah<\/strong><\/p>\n

5 million cases.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We’ve only one month operation, one and a half months operation.<\/p>\n

Anand Shah<\/strong><\/p>\n

Yeah, yeah. Got it. Got it. Perfect. And on the other parts of international business, where Zimbabwe and all, you had that transition of that sugar issue and all, that is now completely behind, you are already back to good growth?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Completely not, but Zimbabwe, that’s why it didn’t show a growth this year. But Zambia is doing a very healthy growth for us. I think it’s growing at what? It’s growing close to 30% for us. Sri Lanka is growing for us. So I think overall international business is doing great for us.<\/p>\n

Anand Shah<\/strong><\/p>\n

Okay. Okay. And one last question for me for the India business, I mean, what would be, let’s say, yours market share overall in the carbonated space? And let’s say, I mean some percentage change, let’s say, over five-year period since you acquired South, West and now. I mean, can you share any market share change that would have happened on a overall basis?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well — but I’m not very sure, but I think we are doing reasonably well.<\/p>\n

Anand Shah<\/strong><\/p>\n

Okay. But be fair to say over the last five years since South, West acquisition, you would have gained decent market share directionally?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We have gained, and I think our presentation also shows that we have gained more than 3% share.<\/p>\n

Anand Shah<\/strong><\/p>\n

3%. Okay. Okay. Perfect. Thanks a lot, sir. Thank you.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Percy Panthaki from IIFL. Please go ahead.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Hi, everyone. Congrats on good set of numbers. My question is a little bit hypothetical, but I guess now we might have to start thinking along those lines. So in a situation where, let’s say, Campa is able to make inroads and is, let’s say, gaining share, what would be our response and what would be our priority? Would we sort of prioritize a sort of market share and therefore try and come lower in the pricing or would we prioritize our margins given that there are other brands also at a lower pricing and we would just probably treat Campa in the same bucket? So what would be the top-down thought process on this?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I think the first thought process would be to expand the market. As we are expanding, we are adding 300,000 outlets to 400,000 outlets every year. And Campa has just entered the market. So for Campa to also reach a large portion of the market, it will take some time, it — like it has taken us. And there is enough room in the market. As I said from 12 million outlets, we are only reaching 4 million outlets. I’m sure, there are enough outlets available for Campa also to go where we are not reaching or Coke is not reaching. But again, they are playing a different play. We have — our products are different, our go-to-market is different, our brands are different. So we have to pursue our go-to-market, and if need be ever, then we’ll make a range which can fight that pricing also.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Sure. Because see, one major difference between a Coke and a Pepsi versus a Campa is that they don’t have to pay any sort of concentrate charges, which is like a form of a royalty. They don’t have that cost. So they save on that.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

That’s not so large my friend. That’s not so large my friend. So that cannot change the pricing.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Okay. Okay. Got it. Sir, nextly, just wanted to understand the South Africa ramp-up. I believe when we took over, the Pepsi market share was low single-digit and they had some private labels and the total market share of that company was I think in low double-digits, if I’m not mistaken. So has there been any ramp-up to those numbers? I know it’s very early, but like in DRC, we saw even in the first month, a very big sort of very material ramp-up. Just wanted to understand, have we seen any kind of ramp-up in South Africa versus the situation when we took over?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Absolutely. We are ramping up. Our Pepsi share is increasing and — but it’s still too early stage. So last quarter, we have grown at 12% already. And if you look at September, we have grown at 20%.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Okay. And this is on a Y-o-Y basis, right?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yeah. So as we are — as we are ramping up our — the system, it will take some time, but September has given us the going — go-forward what it is — what is possible. And we are very happy with the 20% growth which we have seen in September. And this, the season has not even started.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Got it. Got it. Yeah, that’s all from me, sir. Thanks, and all the best.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sumant Kumar from Motilal Oswal. Please go ahead.<\/p>\n

Sumant Kumar<\/strong><\/p>\n

Yeah, hi, sir. So can you talk about the overall, the growth we have seen, 6% volume growth. So how is the Tier 2, Tier 3 cities and rural doing compared to urban?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, see, when there is heavy rains, rural always gets disturbed first. So this quarter has been very unprecedential [Phonetic] rains. So rural has definitely got disturbed this quarter. But similarly, the second quarter, rural grew faster than the urban. So that’s why I said these two quarters have to be taken together and not in isolation, because depending on the rain got, the soft drink business plays a bit of a role in India specifically.<\/p>\n

Sumant Kumar<\/strong><\/p>\n

And when you talk about the margin expansion, the operational efficiency we are talking about, in last couple of quarters, we have seen the benefit of low sugar uses and also the thickness of bottle. So how — currently, we have, say, 49% low sugar and also in bottle side, we are also reducing the weight of bottle. So when — to — we — till what quarter we can see this kind of improvement in margin from these two activities?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

See, you’ll keep on seeing improvements because all our new plants, large plants which are coming up, they are much more efficient than the older plants. Secondly, they are — we have now tried to do a complete backward integration in our bigger plants. So there is a freight savage, we say freight on preforms, on caps. We are not transporting. We don’t transport boxes. So they are minor, minor savings. But when you start adding up, it all starts becoming a large number. So we are trying to do whatever is practical. And — so Mr. Gandhi just gave me, 17 plants of ours are backward integrated. Now that is a big difference to what it used to be. So as we keep on like four more plants are coming up — are coming up now. So all these new plants which are coming up, our cost of production is much lower, our lines — the same lines which used to produce at one time 100 bottles a minute and 200 bottles a minute now are producing 800 bottles a minute and 900 bottles a minute, and the number of people required are the same.<\/p>\n

Sumant Kumar<\/strong><\/p>\n

Okay. And many, many beverage companies, we have seen subdued performance and some companies we have seen beverage industry degrowth also and we have grown 6% volume growth in domestic market. So what differentiation we have seen in our Company and our business model?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I think the main thing is that, one, we — a lot of people may not be putting enough money in the backward integration or putting, expanding plants. So when we open a new plant, our distances come closer. We save on freight. As I said, we don’t transport preforms and caps from other plants. We save on that. And at the same time, there are larger plants, so the production capability is much higher. So we don’t do unnecessarily extra manpower shifts or we are not working on Sundays if we don’t need to. So you don’t pay double wages. So these are all small, small things, but when you start adding up, they are all positive. And then as you’ve said — as I’ve said before, we are adding close to 300,000 outlets to 400,000 outlets every year. So we are expanding our go-to-market and which is the main game in the soft drink industry. If I could reach 8 million outlets instead of 12 million outlets, then my sale would not double, but at least would go up by 50%. So question is, how fast and how fast I can ramp up the system.<\/p>\n

Sumant Kumar<\/strong><\/p>\n

And lastly, the rPET size, the industry, it is a mandatory to use 30% rPET. So how — what is the status on that?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We are under full construction. We — our plant — first plant will be under production by second quarter of next year. And we will be producing enough rPET ourselves what we require for the government mandatory.<\/p>\n

Sumant Kumar<\/strong><\/p>\n

Thank you so much.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nihal Jham from Ambit. Please go ahead.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Yes. Thank you so much and good evening to the management. Sir, I had a couple of questions on the food business. If we look at the food arrangement that we have, say, for Zambia and Zimbabwe, where we both do the manufacturing and distribution, would the business model and the way things work be similar to how the India beverage business operates?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Similarly, yes. It’s a franchise like we pay concentrate, we’ll pay for seasoning for our snacks. So it will be the same thing for Morocco and Zambia, Zimbabwe. Morocco would be the first plant coming up.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Got that. And the second question is, Pepsi’s food portfolio, obviously is present in much lesser number of countries versus beverages. So when we are looking at incremental opportunities as part of the QIP and potential food expansion. Would it primarily be focused only in countries where Pepsi has a food portfolio? We could be entering countries, and Pepsi is not present with foods at this point in time.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, Africa, Pepsi doesn’t produce anywhere except South Africa. So all the other countries are open technically and you cannot transport air. Africa, the distances are too far. So that’s why they’ve decided to give us to manufacture, because it doesn’t work to import or to bring it from one plant to the other. It’s too expensive. So slowly, slowly, wherever we can ramp up, we will try and ramp up.<\/p>\n

Nihal Jham<\/strong><\/p>\n

With the manufacturing and distribution and not maybe only distribution because of the limitation of transporting food.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Only distribution doesn’t work. It’s too expensive. I mean you can do a niche product, you can go to the modern trade and just sell basics and only the rich people can have it, but that doesn’t give you the market.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Understood. This is very clear. Thank you so much.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sanjaya Satapathy from Ampersand Capital. Please go ahead.<\/p>\n

Sanjaya Satapathy<\/strong><\/p>\n

Hi, sir, thanks a lot, and congratulations once again for a great set of result. Sir, a couple of things. One is that this fundraising that you are doing, is it essentially to complete this transaction that is South Africa, that is to fund this transaction? And or the Company is kind of looking at some more transactions or very lastly, like is the Company looking to become a debt-free kind of a Company?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

See, I’ve answered this question. There we are looking at it partly reduction of debt, partly expansion, partly we are always open to new acquisitions if anything comes in our way. So we want to have a war chest ready.<\/p>\n

Sanjaya Satapathy<\/strong><\/p>\n

Got it. And sir, my last question is that, though I understand that Company has done great things in terms of expansion as well as cost rationalization, anything big like Sting which can be expected in next couple of years?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

As soon as it comes out, I’ll let you know. I promise you.<\/p>\n

Sanjaya Satapathy<\/strong><\/p>\n

No, sir, how do you — how do one think about it? Because…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It’s a good thinking. It’s a good thinking. But I promise you, as soon as it comes out, I’ll let you know. We have enough things to play with, enough things to work with and Pepsi is always innovating new things.<\/p>\n

Sanjaya Satapathy<\/strong><\/p>\n

Understood. Understood. Thanks, sir.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Onkar Ghugardare [Phonetic] from Shree [Phonetic] Investments. Please go ahead.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

Yeah, congrats on the good set of results. My question is regarding could be the capex for the next upcoming year?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

We have, during the last call, stated INR2,400 crores, which is primarily for the implementation of our facilities at Kangra, Himachal Pradesh, Prayagraj, Uttar Pradesh, Buxar, Bihar and in Meghalaya.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

I mean now that you have considering — I mean you have approved the fundraising, would that change anything, the capex guidance?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

It’s a little early. We are firstly, waiting the resolution to be through by 8th November, then [Technical Issues] to the market. As Chairman said that we always are — the opportunities we keep on analyzing and let’s see. It’s a little early to predict for next year.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

Okay. And you have mentioned that debt reduction is one of — is one of the things which you will be doing with the QIP proceeds. So at what debt to equity level you are comfortable with? Right now, I believe you are at 0.7 [Phonetic].<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

That’s right. And if there is opportunity emanates, we would like to have max 1 [Phonetic] to 0 [Phonetic], and otherwise to — as the Chairman mentioned, we want to create the war chest, so that if in case anything comes, we can raise that at that point of time instead of carrying the debt when we can pay it.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

Sorry, I missed the number which you just said.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

No, we — I stated that debt equity max in case good opportunity comes, we can go up to 1 [Phonetic]. But in the meantime, proceeds of the QIP shall be used for the reduction of debt as we — so that we are able to create war chest to get the opportunity whenever it comes on our way.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

Okay. And in this presentation, you have not mentioned anything about the food and snacks business. I mean, what — where do we see about — what do we see about that?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I mean, we have said that three plants are going to come next year hopefully, and that is Zimbabwe, Zambia and Morocco. Those are the three snack plants where we have signed. We are looking at more opportunities in that in different — more territories in Africa. But at the moment, only three plants have been agreed and that’s what the next year plans are.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

So the plant would be commercializing the operations next year, right?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Next year, yes.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

All the three plants, right?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yes, that’s what we are planning. I mean, one plant could be a lap over of early ’26, but we are — maybe it will be next year itself. So we are not sure of the third plant.<\/p>\n

Onkar Ghugardare<\/strong><\/p>\n

Okay, thanks, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question…<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Yeah, please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Yes. The next question is from the line of Shirish Pardeshi from Centrum Broking. Please go ahead.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Yeah, hi, good evening Ravi Mr. — and Mr. Gandhi. Just two questions in the beginning. In this past commentary, there is no mention of Sting. So I was more curious if you can break this 5.7% volume growth carbonated soft drink versus non-carbonated, specifically for India. And maybe if you can give a little more color of each segment, how the growth has happened in quarter three?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

In fact, the — incidentally, all the three segments in India, CSD, juices and water, there’s not much difference, has grown equally.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

So largely you’re saying that our growth is similar because we are now expanding our distribution in South and that’s why the growth is normalized?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

That’s right.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Okay.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

So we are just expanding the number of outlets in different areas, not only South, in North also. There’s still a lot of room everywhere. As I said and I have repeated the numbers, 12 million outlets to 4 million outlets is a huge scope everywhere actually. The reason South and East is because the acquisition — before acquisition, they were very lowly penetrated by us. Now of course, we are penetrating — even in Gujarat was very lowly penetrated for us. So those territories, which were not penetrated properly, we are growing faster. But other we are — we are adding outlets everywhere, including North.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

That’s helpful. Actually, you’re pushing me to ask a little different question. This penetration-led growth will last for next four quarter, five quarter, six quarter because I think in India we have enough supply?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It should last for next four years [Phonetic], five years [Phonetic], 10 years [Phonetic], not quarters [Phonetic].<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Okay. Okay. So maybe my second question is…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

The numbers are in front of you. I can only add 300,000 outlets, 400,000 outlets. Whatever I add, the market grows by that many outlets. So I’m still minus 8 million outlets.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

No, the reason why I’m asking because — the reason, why I’m asking for you rather than putting our vehicle on street, the distribution-led model is quite penetrated in the beverage industry, if I go back when we work together in the slurry. So I think there is a good amount of distributorship which is happening because high throughput is happening. So is it that difficult why we cannot grow maybe five times in one year?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, you can’t, because it’s not easy to add so many outlets. You need visi coolers, you need people, you need trucks. It’s a full gambit. It’s not just one thing. You need capability of production. Everything has to be done, know. You can’t go — because to add 400,000 outlets, you’re looking at 3,000 people, 4,000 people being added. Where do you get so many people, train them.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Sure. Okay. My second question is on BevCo. We also had the non-Pepsi products there. So just wanted to understand in the new outfit, how those businesses will get scale up?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

They are scaling up. We are scaling up the whole portfolio. Pepsi is growing faster than our own portfolio, but we are scaling up the whole portfolio.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Okay.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Pepsi, when we have said we have grown — how much in the last quarter? 12%. For Pepsi, we’ve grown 20% last quarter.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Okay.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Mix is 20%.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

And just last question in India, what would be the contribution for Sting as of nine months?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

It’s slightly more than 15%.<\/p>\n

Shirish Pardeshi<\/strong><\/p>\n

Okay. Okay, all right. Thank you, Mr. Gandhi and thank you, Mr. Jaipuria.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vismaya Agarwal from Citi. Please go ahead.<\/p>\n

Vismaya Agarwal<\/strong><\/p>\n

Hi, sir, thank you for taking my question. I had two questions here. So one is more strategic, when you talk about the opportunity of expanding territories and growing and you’ve maintained that as a key growth lever. Now on that front, where do you — which is a bigger priority? Is it expanding new territories into beverages like that you’ve done in Africa or do you think that the India business itself has some white spaces in adjacent categories that you could look at? And I’m mentioning adjacent because again you’ve always maintained that you’re not getting into any category that competes with PepsiCo’s portfolio here, so more separate from beverages. So just your thoughts on that, please.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

So if you look at it, we are expanding as fast as we should in India. I mean, more than this would be really putting more capex and not getting the right return for it. So we have to make sure we keep on getting a return for our investors also in what we are expanding. And similarly, the opportunities you get outside India, Africa is the next horizon where the growth is going to come from. And going forward next 20 years, Africa is looking very bullish. There are some challenges, but that’s why we don’t put all our eggs in one basket. We are going into different, different countries. Each country might represent 2%, 3%, 5% of our turnover. So which does not — so one country has an issue, cannot affect us.<\/p>\n

Vismaya Agarwal<\/strong><\/p>\n

Got it, sir. And if I may follow up on that. So what I understand is India, you’re happy with the portfolio here while, yes, you did mention earlier on the call that Jeera is, say, a subcategory that you could look for, but nothing beyond beverages at the moment in India, right? So it’s predominantly Africa, where…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I’m not saying anything. I’m saying we are — right now we are doing everything which is right. And when the opportunity comes, we might look at it something else. But right now it’s — that’s what our focus is and we will not do any beverage which competes with PepsiCo.<\/p>\n

Vismaya Agarwal<\/strong><\/p>\n

Got it, sir. Understood. Very helpful. And sir, secondly on profitability in India, now the past nine-month margins have been well ahead of something that you’ve done historically well ahead of the guidance that you’ve maintained always. So just a question there, like is it a time where you’d probably look at revising the guidance upwards or do you see some risk in on the RM side like we’ve seen this quarter?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We have never given guidance upward of that. 21%, 22% in soft drink industry is the best you can get. We are trying — we are always trying to improve on ourselves and we’ll keep on doing that, but that would not be our guidance.<\/p>\n

Vismaya Agarwal<\/strong><\/p>\n

Got it. But sir, do you see any risk on the RM side because we just saw this quarter, the gross margins dip a bit in the India business. So is there something that is…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I mean we have not seen any major. I mean I can’t look at the world what is — where it’s going, suddenly the oil prices go up, I can’t answer that to be honest. That is something totally not in our hands. Or you get a fun — complete drought year, where the sugar prices go up. So — but that is also getting covered now as our portfolio is getting reduced from sugar. 49% of our portfolio is low sugar. So I think we are covering ourselves from every side. Minor changes can happen. This is — so that’s why I don’t give you a guideline of more than 21%, 22%.<\/p>\n

Vismaya Agarwal<\/strong><\/p>\n

Thank you. And that’s it from me.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jay Doshi from Kotak. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah, hi, thanks for the opportunity again. The three snacks plants that you’re setting up in Africa, what will be the turnover at full capacity that you expect to do from these three units?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

About USD100 million.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

This is a potential, Jay, going forward. We have, in our presentation, which was put up when this was last agreed, our country wise, the industry size in U.S. dollars, and we have also given data, the investment. And it has in couple of years once these plants are operational, the potential of about USD100 million, where the revenue from these three plants can go up.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Sure. That’s helpful. Second is, can you give us some indicative sense of how would margins in snacks business at optimal scale compare versus beverages? And what about return ratios? Because I assume that asset tons will be much higher in that business. So how would return on capital employed look?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

That’s the only reason Pepsi doesn’t give it to other people. This is less capex, more turnover.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood. So ROCEs will be better, even though margins could be a little lower?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

You can say what you want. That’s what I said. Yes, they are much better.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Sure. All right. Thank you so much and good luck for the coming quarter.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we will take that as a last question. I would now like to hand the conference over to the management for closing comments.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Yeah. Thank you very much. I hope we have been able to answer all your questions satisfactorily. Should you need any further clarifications or would like to know more about the Company, please feel free to contact our Investor Relations team. Thank you once again for your interest and support and for taking the time out to join us on this call. Look forward to interacting with you soon. Thank you very much once again. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Varun Beverages Ltd (NSE: VBL) Q2 2025 Earnings Call dated Oct. 22, 2024 Corporate Participants: Anoop Poojari \u2014 Investor Relations Ravi Kant Jaipuria \u2014 Promoter and Chairman Raj Pal Gandhi \u2014 Whole-Time Director Analysts: Aditya Soman \u2014 Analyst Abneesh Roy \u2014 Analyst Jaykumar Doshi \u2014 Analyst Devanshu Bansal \u2014 Analyst Anand Shah \u2014 Analyst Percy […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-176200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":118013,"url":"https:\/\/alphastreet.com\/india\/varun-beverages-limited-vbl-q4-fy21-earnings-concall\/","url_meta":{"origin":176200,"position":0},"title":"Varun Beverages Limited (VBL) Q4 FY21 Earnings Concall","author":"Sahil Anand","date":"May 3, 2021","format":false,"excerpt":"Varun Beverages Limited (NSE:VBL) Q4 FY21 Earnings Concall dated May 03, 2021","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Varun-Beverages-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Varun-Beverages-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Varun-Beverages-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Varun-Beverages-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Varun-Beverages-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/Varun-Beverages-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":41715,"url":"https:\/\/alphastreet.com\/india\/wipro-limited-wit-q2-2020-earnings-snapshot\/","url_meta":{"origin":176200,"position":1},"title":"Wipro Limited (WIT): Q2 2020 Earnings Snapshot","author":"Toby","date":"October 15, 2019","format":false,"excerpt":"-- Wipro Limited (NYSE: WIT) reported second-quarter 2020 earnings of $0.06 per share, in line with Wall Street projection -- Revenues grew 4% to $2.14 billion, vs. $2.13 billion expected. -- In Q2, IT Services revenue grew 2.5% to $2.05 billion. -- Wipro expects IT Services revenue to be $2.065\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"Earnings Update by AlphaStreet","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":168200,"url":"https:\/\/alphastreet.com\/india\/vbl-q4-call-highlights-margin-gains-volume-growth-and-international-expansion\/","url_meta":{"origin":176200,"position":2},"title":"VBL Q4 Call Highlights: Margin Gains, Volume Growth, and International Expansion!","author":"Praveen","date":"May 1, 2025","format":false,"excerpt":"Varun Beverages Ltd, PepsiCo\u2019s largest bottling partner in India, in its Q4 earnings call highlighting strong double-digit volume growth in energy drinks (Sting) and hydration products (Nimbus), with near 100% growth, while new launches like Sting Gold and lower-priced Gatorade await market feedback. 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