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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Deven Choksey's research report on Varun Beverages

In Q3CY25, consolidated revenue stood at INR 48,967 Mn., up 1.9% YoY (-30.2% QoQ), sharply below our estimates, as the overall volumes were impacted by early onset of monsoons and erratic rain patterns in India. EBITDA stood flat YoY (-42.6% QoQ) at INR 11.474 Mn., below our estimates, led by subdued volume offtake in domestic business. EBITDA margin contracted by 53 bps YoY (-505bps QoQ) to 23.4%. Net profit stood at INR 7,412 Mn (-43.7% QoQ/+19.6% YoY), in line with our estimates, driven by operational efficiencies, higher other income (+510.4% YoY), and lower interest cost (-61.9% YoY).

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