System: None
User: 
    Consider you are a stock market news analyser. You are given with the parsed text of a pdf of a stock.
    You have to analyse the text given and summarize the text to extract the following information:

    - What is the current capital expenditure of the company?
    - What is the current PAT of the company and what is the projected (potential or proposed) PAT of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the current revenue/topline of the company and what is the projected (potential or proposed) revenue of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the projected/potential/proposed profit and its brief details describing how it can be achieved?
    - What is the CAGR mentioned in the text?
    - What is the Turnover of the company mentioned in the text with timeframe like monthly, quarterly or annual?
    - Mention the time frame like quarterly, monthly or yearly as mentioned in the extracted text.

    The text is:
    vARun beverages umicED
Corporate Off : Plot No.31, Institutional Area, Sec.-44, Gurgaon, Haryana-122002 (India)
Ph.: +91-124-4643100-500 • Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>/04 • E-mail : info@rjcorp.in • Visit us at: www.varunbeverages.com
CIN No. : L74899DL1995PLC069839
October 22, 2024
To,
National Stock Exchange of India Ltd.
Exchange Plaza, Block G, C/l, Bandra Kurla 
Complex, Bandra (E), Mumbai - 400 051 
Email: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Symbol: VBLBSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai - 400 001
Email: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Security Code: 540180
Subject: Outcome of the Board Meeting 8t Disclosure under Regulation 30 of SEBI
(Listing Obligations and Disclosure Reguirements) Regulations, 2015
Dear Sir/Madam,
The Board of Directors at their meeting held today (started at 11:00 A.M. and concluded at 11:35 
A.M.) inter-alia considered and approved the Unaudited Financial Results of the Company 
(Standalone and Consolidated) for the Quarter and Nine Months ended September 30, 2024 (Copy 
of the same along-with Limited Review Report issued by M/s. O P Bagla & Co. LLP and M/s. J C 
Bhalla & Co., Chartered Accountants, Joint Statutory Auditors of the Company, with unmodified 
opinion are attached and the same are being uploaded on website of the Company).
Please note that our Company is following 1st January to 31st December as its financial year in 
terms of Section 2 (41) of the Companies Act, 2013 as approved by the Company Law Board.
You are requested to take the above on record.
Yours faithfully,
run^everages Limited
javi Batra
nief Risk Officer & Group Company Secretary
Encl.: As above
Regd. Office : F-2/7, Okhla Industrial Area Phase-1, New Delhi - 110 020 
Tel. : 011-41706720-25 Fax. 26813665
` in million, except per share data
Particulars Three months 
ended on Three months 
ended on Three months 
ended onNine months 
ended onNine months 
ended onYear ended on
30 September 2024 30 June 2024 30 September 2023 30 September 2024 30 September 2023 31 December 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Income
(a) Revenue from operations 49,320.61                     73,336.72               39,377.56                     166,637.13                   135,900.81                   163,210.63                  
(b) Other income 242.50                          440.26                    185.06                          766.29                          702.43                          793.59                         
Total income 49,563.11                     73,776.98               39,562.62                     167,403.42                   136,603.24                   164,004.22                  
2. Expenses
(a) Cost of materials consumed 17,850.07                     28,723.27               16,347.36                     65,882.56                     58,177.72                     70,264.61                    
(b) Excise duty 1,273.78                       1,368.10                 672.41                          3,448.55                       2,151.89                       2,784.82                      
(c) Purchases of stock-in-trade 1,463.20                       1,600.16                 1,098.10                       5,415.51                       3,605.06                       4,626.96                      
(d) Changes in inventories of finished goods, 
intermediate goods, stock-in-trade and work-in-
progress2,050.67                       2,282.36                 (148.42)                         1,547.15                       697.15                          (842.69)                       
(e) Employee benefits expense 5,130.40                       4,992.91                 3,715.52                       14,060.03                     10,752.78                     14,465.87                    
(f) Finance costs 1,185.35                       1,291.59                 625.00                          3,413.81                       1,944.40                       2,680.99                      
(g) Depreciation and amortisation expense 2,566.11                       2,424.77                 1,708.08                       6,866.04                       5,149.34                       6,809.06                      
(h) Other expenses 10,041.27                     14,457.75               8,871.19                       34,972.33                     28,604.23                     35,816.21                    
Total expenses 41,560.85                     57,140.91               32,889.24                     135,605.98                   111,082.57                   136,605.83                  
3. Profit before share of loss of associates and 
joint venture (1-2)8,002.26                       16,636.07               6,673.38                       31,797.44                     25,520.67                     27,398.39                    
4. Share of loss of associates and joint venture (0.95)                             (5.36)                       (4.21)                             (7.92)                             (6.87)                             (4.79)                           
5. Profit before tax (3+4) 8,001.31                       16,630.71               6,669.17                       31,789.52                     25,513.80                     27,393.60                    
6. Tax expense:
(a) Current tax 1,735.42                       3,967.20                 1,415.76                       7,180.58                       5,795.94                       6,290.81                      
(b) Adjustment of tax relating to earlier periods/year -                                -                          45.76                            -                                45.76                            20.55                           
(c) Deferred tax (credit)/charge (22.36)                           45.17                      67.08                            222.53                          91.59                            64.11                           
Total tax expense 1,713.06                       4,012.37                 1,528.60                       7,403.11                       5,933.29                       6,375.47                      
7. Net profit after tax (5-6) 6,288.25                       12,618.34               5,140.57                       24,386.41                     19,580.51                     21,018.13                    
8. Other comprehensive income
A Items that will not be reclassified to profit or loss 28.23                            (23.09)                     14.60                            65.84                            10.33                            (28.16)                         
B Income tax relating to items that will not be 
reclassified to profit or loss(7.22)                             5.93                        (2.74)                             (16.60)                           (2.75)                             6.98                             
C Items that will be reclassified to profit or loss (217.95)                         (180.85)                   (107.75)                         (243.11)                         128.58                          (58.83)                         
Total other comprehensive (loss)/income (196.94)                         (198.01)                   (95.89)                           (193.87)                         136.16                          (80.01)                         
9. Total comprehensive income for the 
periods/year (7+8)6,091.31                       12,420.33               5,044.68                       24,192.54                     19,716.67                     20,938.12                    
10. Net profit attributable to:
(a) Owners of the Company 6,196.13                       12,526.03               5,010.67                       24,094.87                     19,239.50                     20,559.22                    
(b) Non-controlling interest 92.12                            92.31                      129.90                          291.54                          341.01                          458.91                         
11. Other comprehensive (loss)/income 
attributable to:
(a) Owners of the Company (177.41)                         (193.93)                   (92.42)                           (174.03)                         141.07                          (56.45)                         
(b) Non-controlling interest (19.53)                           (4.08)                       (3.47)                             (19.84)                           (4.91)                             (23.56)                         
12. Total comprehensive income attributable to:
(a) Owners of the Company 6,018.72                       12,332.10               4,918.25                       23,920.84                     19,380.57                     20,502.77                    
(b) Non-controlling interest 72.59                            88.23                      126.43                          271.70                          336.10                          435.35                         
13. Paid-up equity share capital (face value of ` 2 
each)6,497.35                       6,497.20                 6,495.68                       6,497.35                       6,495.68                       6,496.07                      
14. Other equity 62,868.91                    
15. Earnings per share (of ` 2/- each) (not annualised 
for quarters and nine months) 
(Refer Note 5)
(a) Basic 1.91                              3.86                        1.54                              7.42                              5.92                              6.33                             
(b) Diluted 1.91                              3.85                        1.54                              7.41                              5.92                              6.33                             
See accompanying notesStatement of consolidated financial results for the quarter and nine months ended on 30 September 2024VARUN BEVERAGES LIMITED 
Corporate identification number: L74899DL1995PLC069839
Registered office: F-2/7, Okhla Industrial Area, Phase-I, New Delhi-110020
Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana)
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>, Website: www.varunbeverages.com
` in million, except per share data
Particulars Three months 
ended on Three months 
ended on Three months 
ended onNine months 
ended onNine months 
ended onYear ended on
30 September 2024 30 June 2024 30 September 2023 30 September 2024 30 September 2023 31 December 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Income
(a) Revenue from operations 30,868.41                58,015.87               28,923.83                123,345.74              107,865.22              126,328.26             
(b) Other income 1,001.75                  672.49                    310.40                     2,000.36                  950.66                     1,461.42                 
Total income 31,870.16                     58,688.36                    29,234.23                     125,346.10                   108,815.88                   127,789.68                  
2. Expenses
(a) Cost of materials consumed 12,593.41                24,051.26               12,983.35                53,382.99                49,434.45                59,027.80               
(b) Purchase of stock-in-trade 197.19                     355.93                    221.45                     1,321.73                  1,276.16                  1,494.34                 
(c) Changes in inventories of finished goods, 
intermediate goods, stock-in-trade and work-in-
progress1,321.45                  2,745.67                 (334.03)                    2,409.36                  737.11                     (618.15)                   
(d) Employee benefits expense 3,048.38                  3,209.28                 2,612.79                  9,004.46                  7,830.44                  10,367.96               
(e) Finance costs 986.36                     1,031.67                 556.86                     2,857.62                  1,745.42                  2,410.95                 
(f) Depreciation and amortisation expense 1,573.08                  1,668.10                 1,279.77                  4,635.74                  3,930.93                  5,183.28                 
(g) Other expenses 5,698.41                  10,267.84               6,367.96                  23,622.80                21,714.87                26,241.87               
Total expenses 25,418.28                     43,329.75                    23,688.15                     97,234.70                     86,669.38                     104,108.05                  
3. Profit before tax (1-2) 6,451.88                       15,358.61                    5,546.08                       28,111.40                     22,146.50                     23,681.63                    
4. Tax expense
(a) Current tax 1,297.08                  3,813.92                 1,331.94                  6,524.24                  5,589.31                  6,018.71                 
(b) Adjustment of tax relating to earlier year -                           -                          -                           -                           -                           (28.82)                     
(c) Deferred tax charge/(credit) 231.42                     43.33                      58.09                       469.70                     (7.78)                        (59.52)                     
Total tax expense 1,528.50                       3,857.25                      1,390.03                       6,993.94                       5,581.53                       5,930.37                      
5. Net profit after tax (3 - 4) 4,923.38                       11,501.36                    4,156.05                       21,117.46                     16,564.97                     17,751.26                    
6. Other comprehensive income
A. Items that will not be reclassified to profit or 
loss27.00                       (21.27)                     2.14                         67.24                       12.81                       (27.76)                     
B. Income tax relating to items that will not be 
reclassified to profit or loss(6.79)                        5.35                        (0.55)                        (16.92)                      (3.23)                        6.99                        
Total other comprehensive income/(loss) 20.21                            (15.92)                         1.59                              50.32                            9.58                              (20.77)                         
7. Total comprehensive income for the 
periods/year (5+6)4,943.59                       11,485.44                    4,157.64                       21,167.78                     16,574.55                     17,730.49                    
8. Paid-up equity share capital (face value of ` 2 
each)6,497.35                  6,497.20                 6,495.68                  6,497.35                  6,495.68                  6,496.07                 
9. Other equity 64,261.97               
10. Earnings per share (of ` 2/- each) (not 
annualised for quarters and nine months)
(Refer Note 5)
(a) Basic 1.52                         3.54                        1.28                              6.50                              5.10                              5.46                             
(b) Diluted 1.51                         3.54                        1.28                              6.50                              5.10                              5.46                             
See accompanying notesStatement of standalone financial results for the quarter and nine months ended on 30 September 2024VARUN BEVERAGES LIMITED 
Corporate identification number: L74899DL1995PLC069839
Registered office: F-2/7, Okhla Industrial Area, Phase-I, New Delhi-110020
Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana)
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>, Website: www.varunbeverages.com
Notes:
For and on behalf of Board of Directors of
Varun Beverages Limited
Raj Gandhi
Whole Time Director
Place  : Gurugram
Dated : 22 October 20246.On26March2024,theCompanyhadacquiredcontrolofTheBeverageCompany(Proprietary)Limited,SouthAfricaalongwithits
whollyownedsubsidiaries(hereinafterreferredas"Bevco")withashareholdingof95%foraconsiderationamountingto`4,037.26
million and the remaining 5% will be held by ESOT (Trust).
Bevcoisengagedinthebusinessofmanufacturinganddistributionoflicensed(PepsiCoInc.)andown-brandednon-alcoholic
beveragesinSouthAfrica.BevcohasfranchisebottlingrightsfromPepsiCoInc.forSouthAfrica,LesothoandEswatiniand
distribution rights for Namibia, Botswana, Mozambique and Madagascar.
TheCompanyisintheprocessofdeterminingthefairvaluesofacquiredassetsandliabilitiesincludinggoodwillasperthe
requirementofIndAS103"BusinessCombinations".Accordingly,theconsolidationofBevcohasbeendoneonprovisionalbasis
from the date of acquisition.
7.Duringthequarterended30September2024,VarunBeveragesRDCSAS(wholly-ownedsubsidiary)hasstartedproductionof
carbonated soft drinks and packaged drinking water at its production facility at Kinshasa, Democratic Republic of Congo. (` in million, except per share data)
1.Thesestandaloneandconsolidatedfinancialresultsforthequarterandninemonthsperiodendedon30September2024have
beenreviewedandrecommendedforapprovalbytheAudit,RiskManagementandEthicsCommitteeandaccordinglyapprovedby
theBoardofDirectorsofVarunBeveragesLimited(“VBL”or“theCompany”)attheirrespectivemeetingsheldon22October2024.
The Statutory Auditors have conducted a limited review of these financial results.
2.ThesefinancialresultshavebeenpreparedinaccordancewiththerecognitionandmeasurementprinciplesofapplicableIndian
AccountingStandards('IndAS')notifiedundertheCompanies(IndianAccountingStandards)Rules,2015asspecifiedinsection133
oftheCompaniesAct,2013(readwithSEBICircularCIR/CFD/FAC/62/2016dated05July2016andotherrecognisedaccounting
practices and policies).
3. VBL follows calendar year as its financial year as approved by the Company Law Board, New Delhi.
4.ThebusinessactivitiesoftheCompanyanditssubsidiaries(togetherreferredtoasthe"Group")predominantlyfallwithinasingle
primarybusinesssegmentviz.manufacturingandsaleofbeverages.Thereisnoseparatereportablebusinesssegment.TheGroup
operatesintwoprincipalgeographicalareas,i.e.,inIndia,itshomecountry,andinothercountries.Theaforesaidisinlinewith
review of operating results by the chief operating decision maker. The sale of products of the Group is seasonal.
5.Duringthequarterended30September2024,theCompanyon12September2024(“RecordDate”),sub-divided/splitofexisting
EquitySharesoftheCompanyfrom1(One)EquitySharehavingfacevalueof`5/-(RupeesFiveonly)eachfullypaid-up,intosuch
numberofEquityShareshavingfacevalueof`2/-(RupeesTwoonly)eachfullypaid-up.Accordingly,earningspershareof
comparativeperiodspresentedhasbeencalculatedbasedonnumberofsharesoutstandinginrespectiveperiods,asincreasedby
sub-divided/split of shares. 
9.Duringthequarterended30September2024,BoardofDirectorsoftheCompanyattheirmeetingheldon09October2024
consideredandapprovedraisingoffundsbywayofissuanceofEquitySharesforanaggregateamountnotexceeding`75,000 
million(RupeesSeventyFiveThousandMilliononly)throughQualifiedInstitutionsPlacement(“QIP”),subjecttoreceiptofapproval
of Equity Shareholders of the Company.8.Duringthequarterended30September2024,theCompanyhassubscribedthesharecapitalofawhollyownedsubsidiaryi.e.
Varun Foods (Zimbabwe) (Private) Limited for a consideration of ` 0.84 million.
VarunFoods(Zimbabwe)(Private)LimitedandVarunBeverages(Zambia)Limited,subsidiariesoftheCompany,hadenteredinto
exclusiveagreementson15July2024withPremierNutritionTradingLLC,Dubai(subsidiaryofPepsiCoInc.)tomanufacture,
distributeandsellingofsnacks"SimbaMunchiez"intheterritoryofZimbabweandZambia.Theexpecteddatetostartthe
commercialproductionisonorbefore01October2025forVarunFoods(Zimbabwe)(Private)Limitedand01April2026forVarun
Beverages (Zambia) Limited.Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>, Website: www.varunbeverages.com VARUN BEVERAGES LIMITED 
Corporate identification number: L74899DL1995PLC069839
Registered office: F-2/7, Okhla Industrial Area, Phase-I, New Delhi-110020
Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana)
RAJ PAL 
GANDHIDigitally signed by RAJ PAL 
GANDHI Date: 2024.10.22 11:10:06 +05'30' 
 
 
 
 
Independent Auditor’s Review Report on Consolidated Unaudited Quarterly  and Year to Date  Financial Results 
of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 (as amended)  
 
To the Board of Directors of Varun Beverages Limited   
 
1. We have reviewed the accompanying statement of consolidated unaudited financial results  (‘the Statement')  of 
Varun Beverages Limited   (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries 
together referred to as ‘the Group’)  and its associates and joint venture  (refer Annexure 1 for the list of subsidiaries , 
associates and joint venture  included in the Statement) for the quarter ended  30 September 202 4 and the 
consolidated year to date results for the period from 01 January 202 4 to 30 September 202 4 being submitted by 
the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations’) .  
  
2. This Statement, which is the responsibility of the Holding Company’s management and approved by the Holding 
Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles 
laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under section 
133 of the Companies Act, 2013 (‘the Act’)  read with relevant rules issued thereunder , and other accounting 
principles generally accepted in India and is in compliance with the presentation and disclosure requirements of 
Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on 
our re view.  
 
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)  
2410  - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity ”, issued by the 
Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain 
moderate assurance as to whether the Statements are free of material misstatement.  A review of interim financial 
information consists of making inquiries, primarily of persons resp onsible for financial and accounting matters, and 
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted 
in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does 
not enable us to obtain assurance that we would become aware of all significant matters that might be identified 
in an audit. Accordingly, we do not express an audit opinion.  
 
We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 
2019 issued by the SEBI under Regulation 33 (8) of the Listing Regulation, to the extent applicable.  
 
4. Based on our review conducted and procedures performed as stated in paragraph 3 above  and upon consideration 
of the review reports of the other auditors referred to in  paragraph 5 below,  nothing has come to our attention that 
causes us to believe that the accompanying Statement, prepared in accordance with the recognition and 
measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act  read with relevant rules 
issued thereunder , and other accounting principles generally accepted in India, has not disclosed the information 
required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations , including 
the manner in which it is to be disclosed, or that it contains any material misstatement.  
 
5. We did not review the interim financial information  of fourteen  subsidiaries included in the  Statement, whose 
financial information reflects  total revenues of ₹  21,928.99  million  and ₹ 51,707.96 million , total net profit after tax 
of ₹ 1,681.21 million  and ₹ 3,865.51 million  and total comprehensive income of ₹ 1,682.01 million and ₹ 3,864.42 
million for the quarter and year -to-date period ended on 30 September  2024, respectively, as considered in the 
Statement.  Out of the above, interim financial information of one subsidiary included in the Statement whose 
financial information reflects total revenues of  ₹ 390.00  million  and ₹ 1,334.52  million , total net profit after tax of ₹ 
50.11 million  and ₹ 208.56 million, total comprehensive income of ₹ 50.12  million and ₹ 207.91 million for the 
quarter and year -to-date period ended on 30 September  2024, respectively, as considered in the Statement have 
been reviewed by one of the joint auditors, O P Bagla & Co LLP.  The Statement also includes the Group’s share 
of net loss after tax of ₹ 1.19 million and ₹ 7.52 million , total comprehensive loss of ₹ 1.19 million and ₹ 7.52 million 
for the quarter and year -to-date period ended on 3 0 September  2024, respectively, as considered in the statement 
in respect of one joint venture whose interim financial information have been reviewed by one of the joint auditors, 
O P Bagla & Co LLP.  These i nterim financial results have been reviewed by one of the joint auditors, O P Bagla & 
Co LLP and other auditors whose review reports have been furnished to us by the management, and our 
conclusion in so far as it relates to the amounts and disclosures inc luded in respect of these subsidiaries is based 
solely on the review reports of one of the joint auditors, O P Bagla & Co LLP and  other auditors , and the procedures 
performed by us as stated in paragraph 3 above.  
 
 
 
 
 Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results of the 
Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 (as amended)  
 
Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the 
reports of the other auditors  and O P Bagla & Co LLP . 
 
6. The Statement also includes the Group’s share of net profit after tax of ₹ 0.24 million  and net loss after tax of ₹ 
0.40 million , and total comprehensive income of ₹ 0.24 million  and total comprehensive loss of ₹ 0.4 0 million for 
the quarter and year -to-date period ended on 3 0 September  2024, in respect of two associates  is based on their 
financial information, which have not been reviewed by their auditors.  These financial information have been 
furnished to us by the Holding Company’s management.  Our conclusion on the Statement , in so far as it relates 
to the amounts and disclosures included in respect of aforesaid associates is based solely on such unreviewed 
financial information. According to the information and explanations given to us by the management, these financial  
information are not material to the Group.  
Our conclusion  is not modified in respect of this matter with respect to our reliance on the financial information 
certified by the Board of Directors of the associate companies.  
 
For J. C. Bhalla & Co.  
Chartered Accountants  
Firm Reg istratio n No. 001111N  
 
 
 
 
 
 
Akhil Bhalla  
Partner  
Membership No: 505002  
UDIN:  24505002BKBYWA4601  
 
Place: Tokyo  
Date:  22 October  2024  
 
B-5, Sector -6, Noida  
Uttar Pradesh 201301  For O P Bagla & Co LLP  
Chartered Accountants  
Firm Registration No: 000018N/N500091  
 
 
 
 
 
 
Neeraj Kumar Agarwal  
Partner  
Membership No. 094155  
UDIN:  24094155BKEPDO5478  
 
Place: Gurugram  
Date:  22 October  2024  
 
501, 5th Floor, B-225, Okhla Industrial Area,  
Phase 1, New Delhi 110020  
  
 
  
Neeraj 
Kumar 
AgarwalDigitally signed by 
Neeraj Kumar Agarwal Date: 2024.10.22 11:10:39 +05'30'
Akhil 
BhallaDigitally signed 
by Akhil Bhalla 
Date: 2024.10.22 
11:15:29 +05'30'Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results of the 
Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 (as amended)  
 
 
Annexure 1  
 
List of entities included in the Statement.  
 
Holding Company  
 
1. Varun Beverages Limited  
 
Subsidiaries  
  
1. Varun Beverages (Nepal) Private Limited  
2. Varun Beverages (Lanka) Private Limited  
3. Ole Spring Bottlers (Private) Limited  
4. Varun Beverages Morocco SA  
5. Varun Beverages (Zambia) Limited  
6. Varun Beverages (Zimbabwe) (Private) Limited  
7. Lunarmech Technologies Private Limited  
8. Varun Beverages RDC SAS  
9. Varun Beverages International DMCC  
10. Varun Beverages South Africa ( Pty) Ltd 
11. VBL Mozambique , SA 
12. The Beverage Company (Proprietary ) Limited , South Africa  (with effect from 2 6 March 2024)  
13. The Beverage Company Bidco Proprietary Limited  (with effect from 26 March 2024)  
14. Little Green Beverages Proprietary Limited  (with effect from 26 March 2024)  
15. Softbev Proprietary Limited  (with effect from 26 March 2024)   
16. Varun Food s (Zimbabwe) (Private) Limited (with effect from 22 May 2024)  
 
Associate s 
 
1. Clean Max Tav Private Limited  
2. Huoban Energy 7 Private Limited  
 
Joint Venture  
 
1. IDVB Recycling Operations Private Limited  
 Independent  Auditor’s Review Report on the Standalone  Unaudited  Quarterly  and Year to Date  
Financial Results of the Company pursuant to the Regulation 33  of the SEBI (Listing Obligations 
and Disclosure Requirements) Regulations, 2015 (as amended)  
  
To the Board of Directors of Varun Beverages Limited   
 
1. We have reviewed the accompanying statement of standalone unaudited financial results 
of Varun Beverages Limited  (‘the Company’)  for the quarter ended 30 September 202 4 and year 
to date results for the period from 01 January 202 4 to 30 September 202 4 (‘the Statement’) 
attached herewith , being submitted by the Company pursuant to the requirements of Regulation 
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as 
amended)  (‘Listing Regulations’) . 
 
2. The Statement, which is the responsibility of the Company’s management and approved by the 
Company’s Board of Directors, has been prepared in accordance with the recognition and 
measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting 
(‘Ind AS 34’), prescribed under section 133 of the Companies Act, 2013 (‘the Act’)  read with 
relevant rules issued thereunder , and other accounting principles generally accepted in India and 
is in compliance with the presentation and discl osure requirements of  Regulation 33 of the Listing 
Regulations . Our responsibility is to express a conclusion on the Statement based on our review.  
 
3. We conducted our review of the Statement in accordance with the Standard on Review 
Engagements (SRE) 2410  - “Review of Interim Financial Information Performed by the 
Independent Auditor of the Entity ”, issued by the Institute of Chartered Accountants of India. This 
standard requires that we plan and perform the review to obtain moderate assurance as to 
whether the Statements are free of material misstatement. A review of interim financial information 
consists of making inquiries, primarily of persons responsible for financial and accounting matters, 
and applying analytical and other review procedures. A review is substantially less in scope than 
an audi t conducted in accordance with the Standards on Auditing specified under section 143(10) 
of the Act, and consequently, does not enable us to obtain assurance that we would become 
aware of all significant matters that might be identified in an audit. Accord ingly, we do not express 
an audit opinion.  
 
4. Based on our review conducted as above , nothing has come to our attention that causes us to 
believe that the accompanying Statement, prepared in accordance with the recognition and 
measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act  read with 
relevant rules issued thereunder , and other accounting principles generally accepted in India, has 
not disclosed the information required to be disclosed in accordance with the requirements of 
Regulation 33 of the Listing Regulations , including the manner in which it is to be disclosed, or 
that it contains any material misstatement.  
 
 
  
For J. C. Bhalla & Co.  
Chartered Accountants  
Firm Registration  No. 001111N  
 
 
 
 
 
 
Akhil Bhalla  
Partner  
Membership No: 505002  
UDIN:  24505002BKBYVZ2860  
 
Place: Tokyo  
Date:  22 October  2024 
 
B-5, Sector -6, Noida  
Uttar Pradesh 201301  For O P Bagla & Co LLP  
Chartered Accountants  
Firm Registration No: 000018N/N500091  
 
 
 
 
 
 
Neeraj Kumar Agarwal  
Partner  
Membership No. 094155  
UDIN:  24094155BKEPDN2130  
 
Place: Gurugram  
Date:  22 October  2024  
 
501, 5th Floor, B -225, Okhla Industrial Area,  
Phase 1, New Delhi 110020  
 
Neeraj 
Kumar 
AgarwalDigitally signed 
by Neeraj Kumar Agarwal Date: 2024.10.22 11:11:02 +05'30'
Akhil 
BhallaDigitally signed 
by Akhil Bhalla 
Date: 2024.10.22 
11:16:09 +05'30'

    Give the output in markdown format.
    
Assistant: