VBL · Fast Moving Consumer Goods
Varun Beverages Ltd. reported revenue of ₹4,317 cr for January to March 2024, — on the year and +61.8% on the quarter.
Operating profit (EBITDA) was ₹989 cr, a margin of 22.9%, — on the year and +724 bps on the quarter.
Net profit was ₹548 cr, — on the year and +280.6% on the quarter, with earnings per share of ₹1.65.
On earnings per share of ₹6.66 over the last four quarters, the stock at ₹435.00 trades at 65.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,668 cr | ₹4,317 cr | ₹7,197 cr | ₹4,805 cr | ₹3,689 cr | ₹5,567 cr | ₹7,017 cr | ₹4,961 cr | ₹4,204 cr | ₹6,574 cr | ₹8,545 cr | ₹6,608 cr |
| YoY | — | — | +28% | +24% | +38% | +29% | −3% | +3% | +14% | +18% | +22% | +33% |
| EBITDA margin | 15.7% | 22.9% | 27.7% | 24.0% | 15.7% | 22.7% | 28.5% | 23.0% | 15.2% | 23.2% | 27.2% | 21.5% |
| Other income, % of PBT | 5% | 1% | 3% | 3% | 18% | 3% | 4% | 16% | 28% | 4% | 5% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 23% | 24% | 21% | 23% | 25% | 23% | 21% | 28% | 24% | 23% | 21% |
| Net profit | ₹144 cr | ₹548 cr | ₹1,262 cr | ₹629 cr | ₹196 cr | ₹731 cr | ₹1,325 cr | ₹732 cr | ₹260 cr | ₹879 cr | ₹1,510 cr | ₹831 cr |
| YoY | — | — | +26% | +22% | +36% | +33% | +5% | +16% | +33% | +20% | +14% | +14% |
| Core profit YoY | — | — | +28% | +20% | +17% | +34% | +2% | +0% | +24% | +18% | +12% | +20% |
| EPS | ₹0.41 | ₹1.65 | ₹3.86 | ₹1.91 | ₹0.55 | ₹2.15 | ₹3.89 | ₹2.15 | ₹0.74 | ₹2.58 | ₹4.45 | ₹2.45 |
| Flags | · | · | ✓ | ✓ | 2 | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Varun Beverages Ltd. reported revenue of ₹4,317 cr (— on the year) and net profit of ₹548 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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