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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:
     
 
 
 
October 22, 2024  
  
To, 
 
National Stock Exchange of India Ltd.  
Exchange Plaza, Block G, C/1, Bandra Kurla 
Complex, Bandra (E), Mumbai – 400 051  
Email: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
Symbol: VBL  BSE Limited  
Phiroze Jeejeebhoy Towers    
Dalal Street, Mumbai – 400 001  
Email: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>   
Security Code: 540180  
 
Sub:  Regulation 30  of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 : Presentation on Unaudited Financial Results of the 
Company for the Quarter and Nine Months ended September 30, 202 4 
 
Dear Sir/Madam,  
 
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015, please find attached herewith a copy of the Presentation on Unaudited 
Financial Results of the Company for the Quarter and Nine Months ended September 30, 2024. 
 
The same is also being uploaded on website of the Company at www.varunbeverages.com .  
 
You are requested to take the above on record.  
 
Yours faithfully,  
For Varun Beverages Limited  
 
 
 
 
Ravi Batra   
Chief Risk Officer & Group Company Secretary  
 
Encl.: As above  
 Varun Beverages LimitedOctober 22, 2024
Q3 & 9M  CY2024 Results Presentation
(a PepsiCo franchisee)
(a PepsiCo franchisee)Disclaimer
This communication  contains  certain  forward -looking  statements  relating  to the business,  financial  performance,  
strategy  and results  of Varun  Beverages  Limited  (“VBL”  or the “Company”)  and/  or the industry  in which  it operates . 
Such  forward -looking  statements  involve  a number  of risks, uncertainties  and assumptions  which  could  cause  actual  
results  or events  to differ  materially  from  those  expressed  or implied  by the forward -looking  statements . These  
include,  among  other  factors,  changes  in economic,  political,  regulatory,  business  or other  market  conditions . 
Neither  the Company  nor its affiliates  or advisors  or representatives  nor any of its or their  parent  or subsidiary  
undertakings  or any such  person’s  officers  or employees  guarantees  that the assumptions  underlying  such  forward -
looking  statements  are free from  errors  nor does  either  accept  any responsibility  for the future  accuracy  of the 
forward -looking  statements  contained  in this presentation  or the actual  occurrence  of the forecasted  
developments . The Company  assumes  no responsibility  to publicly  amend,  modify  or revise  any forward -looking  
statements,  on the basis  of any subsequent  developments,  information  or events,  or otherwise . Given  these  
uncertainties  and other  factors,  viewers  of this communication  are cautioned  not to place  undue  reliance  on these  
forward -looking  statements .
23Company Overview 
Chairman’s Message
Sustainability InitiativesQ3 & 9M CY2024 Results Overview
Performance Highlights
Table of Contents274404337454653737702
6689
88115149176207
340493
425569802913 909
2018 2019 2020 2021 2022 2023 9M
2024
India International
4
On 27th March, 2024, we consolidated the franchised 
territories of South Africa, Lesotho & Eswatini and 
the territories with distribution rights in Namibia, 
Botswana, Mozambique and Madagascar.Total Sales Volumes ( mn Cases*)
2018 -2023: Sales Volume CAGR: ~21.8%`
Note:  *A unit case is equal to 5.678 liters of beverage 
divided in 24 bottles of ~ 237 ml each  Key player in the global beverage industry and the second largest franchisee of PepsiCo in the world (outside US) with 
operations spanning across 10 countries with franchise rights and additional 4 countries with distribution rights .
Note: Map not to scale9M
2024
4Company Snapshot5
# Manufacturing of Cheetos (underway) & Distribution of Frito Lay, Doritos and Cheetos in Morocco; Manufacturing & Distributi on of Simba Munchiez  (underway) in Zambia and Zimbabwe; Co -manufacturing of 
Kurkure Puffcorn in India.
^ Manufacturing & Distribution of own brands is restricted in select territories.
* “CreamBell ” trademark has been licensed to be used by VBL for ambient temperature value added dairy based beverages.
Carbonated Soft DrinksBrands licensed by PepsiCo: Own Brands^:
Fruit Pulp / Juice Based Drinks
Sports Drink
Snacks#Club Soda
Energy Drink
Packaged Water Ice Tea Carbonated Juice 
Based Drinks
Carbonated Soft Drinks
Energy Drink
Packaged Water
Dairy Based Beverages*
Complete Brand Portfolio
6•Production Facilities
•Sales & Distribution – 
GTM & Logistics 
•In-outlet Management – 
Visi-Coolers
•Consumer Push 
Management  (BTL) - 
Market Share Gains32+ 
Years of Association
(agreement in India valid till April, 2039)
90%+ 
of PepsiCo India Sales VolumeDemand Delivery Demand Creation
•Trademarks
•Formulation through 
Concentrate
•Product & Packaging 
innovation through 
investment in R&D 
•Consumer Pull 
Management (ATL)  - 
Brand Development
Symbiotic Relationship with PepsiCo7
VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN▪130+ depots
▪2,500+ primary distributors
▪2,500+ owned vehicles
▪Installed 1.02 million + visi-coolers, reaching 4 million + outlets
▪VBL - local level promotion and in -store activation 
▪PepsiCo - brand development & consumer marketing
▪Experienced region -specific sales team of over 3,500+ employees
▪Responsible for category value/volume growth
▪Path created for reaching out to every 5th person in the world
▪Production optimization
▪Backward integration (3 exclusive + 14 integrated plants)
▪Innovation (packaging etc.)
▪Working capital efficiencies
▪Disciplined capex investment
▪Territory acquisition▪48 state -of-the-art production  facilities  
▪36 in India  & 12 in International  territories
DISTRIBUTION & 
WAREHOUSING
CUSTOMER 
MANAGEMENT
IN-MARKET EXECUTION
COST EFFICIENCIES
CASH MANAGEMENTMANUFACTURING
Other Raw 
Materials
Bottling
Concentrate 
(PepsiCo)SOLID INRASTRUCTURE
ROBUST SUPPLY CHAIN
DEMAND DELIVERY
MARKET SHARE GAINS
MARGIN EXPANSION
ROE EXPANSION / 
FUTURE GROWTH Key Player in the Beverage Industry – Business Model
7(a PepsiCo franchisee)Chairman’s Message 
Commenting  on the performance  for Q3 & 9M CY2024 , Mr. Ravi Jaipuria,  Chairman  – Varun  
Beverages  Limited  said:
8
“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  contributions  from  BevCo , driven  by our expanded  
distribution  network,  increased  product  penetration,  and favorable  demand  trends  in key markets . Enhanced  
operating  efficiencies  led to an improvement  of 117 bps in our EBITDA  margins,  resulting  in a robust  30.5% growth  
in EBITDA,  and a healthy  22.3% growth  in PAT for the quarter .
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 the 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 a 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 . 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  Rs 7,500 crore  via QIP, subject  
to shareholders'  approval . This capital  will be instrumental  in supporting  our growth  plans,  including  expansion  into 
new territories,  potential  strategic  acquisitions,  and further  strengthening  of our balance  sheet .
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  preferences,  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 sustaining  this momentum  well into the future .”
(a PepsiCo franchisee)Key Developments
91. Proposed Qualified Institutions Placement (QIP) Issue:
▪The Board  of Directors  of the Company  approved  the proposal  for "raising  of funds  by way of issuance  of equity  shares  for 
an aggregate  amount  not exceeding  Rs 7,500 crore  through  QIP subject  to receipt  of approval  of equity  shareholders  of 
the company .”
2. Commencement of Commercial Production at Kinshasa, Democratic Republic of Congo :
▪Commenced  production  of carbonated  soft drinks  and packaged  drinking  water  at our production  facility  in Kinshasa,  
Democratic  Republic  of Congo . 
▪The plant  has two CSD/Water  PET lines (swing)  with an installed  capacity  of 550 BPM each .
3. Sub -division/split of existing equity shares of the Company :
▪The Company  on September  12, 2024  (“Record  Date”),  sub-divided/split  of existing  Equity  Shares  of the Company  from  1 
(one)  equity  share  having  face  value  of Rs. 5 each,  fully paid -up, into such  number  of equity  shares  having  face  value  of 
Rs. 2 each  fully paid -up.(a PepsiCo franchisee)
132 mn156 mn224 mn 240 mn314 mn402 mn
220 mn267 mn
0100200300400
Q4 2022 Q4 2023 Q1 2023 Q1 2024 Q2 2023 Q2 2024 Q3 2023 Q3 2024Quarterly Sales Volumes (Category -wise mn unit cases)Results Overview
1038,70548,047133,749163,189
Q3 2023 Q3 2024 9M 2023 9M 2024Revenue
8,82111,51131,91241,311
Q3 2023 Q3 2024 9M 2023 9M 2024EBITDARs. mn
Rs. mn
5,1416,28819,58124,386
Q3 2023 Q3 2024 9M 2023 9M 2024PATRs. mn24.1%
25.3%
23.9%
24.0%
22.8%30.5% 22.3%22.0%29.5%24.5%
18.0% 7.2%28.1%21.9%
Period Q4 2022 Q4 2023 Q1 2023 Q1 2024 Q2 2023 Q2 2024 Q3 2023 Q3 2024
CSD 85 65% 106 68% 160 71% 169 71% 232 74% 306 76% 159 72% 200 75%
Juice 7 5% 8 5% 16 7% 18 7% 23 7% 32 8% 10.6 5% 11.3 4%
Water 40 30% 42 27% 48 22% 53 22% 59 19% 63 16% 50 23% 56 21%(a PepsiCo franchisee)
11Consolidated Profit & Loss Statement
Particulars (Rs. million) Q3 2024 Q3 2023 YoY(%) 9M 2024 9M 2023 YoY (%)
1.Income
(a) Revenue from operations 49,320.61 39,377.56 25.3% 166,637.13 135,900.81 22.6%
(b) Excise Duty 1,273.78 672.41 89.4% 3,448.55 2,151.89 60.3%
Net Revenues 48,046.83 38,705.15 24.1% 163,188.58 133,748.92 22.0%
(c) Other income 242.50 185.06 31.0% 766.29 702.43 9.1%
2. Expenses
(a) Cost of materials consumed 17,850.07 16,347.36 9.2% 65,882.56 58,177.72 13.2%
(b) Purchase of stock -in-trade 1,463.20 1,098.10 33.2% 5,415.51 3,605.06 50.2%
(c) Changes in inventories of FG, WIP and stock -in-trade 2,050.67 (148.42) -1481.7% 1,547.15 697.15 121.9%
(d) Employee benefits expense 5,130.40 3,715.52 38.1% 14,060.03 10,752.78 30.8%
(e) Finance costs 1,185.35 625.00 89.7% 3,413.81 1,944.40 75.6%
(f) Depreciation and amortisation  expense 2,566.11 1,708.08 50.2% 6,866.04 5,149.34 33.3%
(g) Other expenses 10,041.27 8,871.19 13.2% 34,972.33 28,604.23 22.3%
Total expenses 40,287.07 32,216.83 25.0% 132,157.43 108,930.68 21.3%
EBITDA 11,511.22 8,821.40 30.5% 41,311.00 31,911.98 29.5%
3. Profit before share of loss of associates and joint venture (1 -2) 8,002.26 6,673.38 19.9% 31,797.44 25,520.67 24.6%
4. Share of loss of associates and joint venture (0.95) (4.21) 77.4% (7.92) (6.87) -15.3%
5. Profit before tax (3+4) 8,001.31 6,669.17 20.0% 31,789.52 25,513.80 24.6%
6. Tax expense 1,713.06 1,528.60 12.1% 7,403.11 5,933.29 24.8%
7. Net profit after tax (5 -6) 6,288.25 5,140.57 22.3% 24,386.41 19,580.51 24.5%(a PepsiCo franchisee)Discussion on Financial & Operational Performance
•Consolidated  sales  volume  grew  by 21.9% to 267.5 million  cases  in Q3 CY2024  from  219.5 million  cases  in Q3 CY2023 . This includes  ~34 
million  cases  from  BevCo  and DRC  during  the current  quarter .
•Heavy  rains  through  out the quarter  led to India  volumes  growing  in mid single  digits  i.e. 5.7% and International  volumes  grew  by 7.9% 
organically .
•Net Revenue  from  operations  grew  by 24.1% YoY in Q3 CY2024  to Rs. 48,046.8 million  from  Rs. 38,705.2 million  in Q3 CY2023  inline  with the 
volume  growth . Net realization  per case  increased  by 1.9% to Rs. 179.6 in Q3 CY2024 .
•CSD constituted  75%, JBD 4% and Packaged  Drinking  Water  21% in Q3 CY2024  at a consolidated  level . 
•Non-carbonated  beverage  portfolio  (juice  based  drinks,  value  added  dairy  beverages,  sports  drinks)  in India  has grown  by 23.9% in 9M 
CY 2024  YoY. Mix on consolidated  level  has come  down  post consolidation  of SA & DRC  markets  which  have  primarily  CSD in sales  mix.
•Gross  margins  increased  by 22 bps to 55.5% in Q3 CY2024 , compared  to 55.3% in Q3 CY2023 .
•~ 49% of our consolidated  sales  volumes  come  from  Low sugar  / No sugar  products  in 9M CY2024 .
•EBITDA  increased  by 30.5% to Rs. 11,511.2 mn and EBITDA  margin  improved  by 117 bps to 24.0% in Q3 CY2024 , driven  by operational  
efficiencies . 
12Sales Volumes / Net Revenues 
Gross Margins / EBITDA
•PAT increased  by 22.3% to Rs. 6,288.3 mn in Q3 CY2024  from  Rs. 5,140.6 mn in Q3 CY2023  driven  by volume  growth  & improved  margins . 
•Depreciation  increased  by 50.2% in Q3 CY2024  on account  of acquisition  of BevCo  and setting -up of new  production  facilities  in India  & 
DRC .
•Finance  cost increased  by 89.7% in Q3 CY2024  primarily  due to new  production  facilities,  acquisition  of BevCo  as well as increased  cost 
of borrowing .PAT(a PepsiCo franchisee)Performance Highlights (CY2018 – CY2023 & 9M CY2024)
1351716588132160 163
2018 2019 2020 2021 2022 2023 9M 202410141217283641
19.7%20.3%
18.6% 18.8%21.2%22.5%25.3%
0%5%10%15%20%25%30%
 - 10.00 20.00 30.00 40.00 50.00
2018 2019 2020 2021 2022 2023 9M 2024EBITDA EBITDA Margins (%)
2034 3642527187
1.31.0 0.8 0.7 0.7 0.7 0.7
0.01.02.03.04.05.0
 - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00
2018 2019 2020 2021 2022 2023 H1 2024Net Worth Net D/ERs. bn
Rs. bn Rs. bnREVENUE
CAGR (2018 -23) – 25.7%EBITDA
CAGR (2018 -23) – 29.1%
NET WORTH
CAGR (2018 -23) – 28.7%
35 47162124
5.9%6.6%5.5%8.5%11.8%13.1%14.9%
0.0%5.0%10.0%15.0%20.0%
 - 3.50 7.00 10.50 14.00 17.50 21.00 24.50 28.00
2018 2019 2020 2021 2022 2023 9M 2024PAT PAT MarginsRs. bnPAT
CAGR (2018 -23) – 47.6%151 Water bodies (ponds & check dams) maintained
Using only half of recharged water for manufacturing
1.89
2021 2022 2023 2024E 2025
Target1.70 1.54 1.48 1.40Per liter of beverage produced
Process Improvements 150+
Increase ground water level Reduce water usage (WUR)2x 
WRR 
SUSTAINABILITY – Being Water Positive
-35%
by 2025
14Emissions Kg CO2 e/LitreIncrease Renewable Energy
0.32
2021 2022 2023 2024E 2025E0.23
0.20
0.18
0.16
Reduce GHG Emissions
2021 2022 2023 2024E 2025E102 
(24%)Solar (Rooftop + Captive Power Solution) & Windmill
RE Mix %  & kWh million units 
75 
(15%)58 
(13%) 21 
(6%)18 
(7%)
POSITIVE CLIMATE ACTIONS
2,000+ 
EV in trade 
for last mile~375K 
PlantationsEfficient Visi Coolers – R290 
(all new coolers starting 2023)
30%
by 2030
SUSTAINABILITY  – Reducing Carbon Footprint
15Net Zero
by 2050Increase Plastic Waste Recycle Reduce Plastic Usage
Preforms by 10 -20% 
600ml to 2.25 liters (2010 to -date) Packaging rationalization 
In some CSD packs (since Sep’23)
( ~26K MT of paper reduction,   
equivalent to 500k trees)
Closures by 20 -25% 
CSD/Juices/Water (2010 to -date) 
2021 2022 2023 2024E 2025E70%80%86%88%100%Ahead of EPR Regulations
rPET  
Pilot on Pepsi 
Zero Sugar in 
202312000 MT 
in 2024 30% rPET (~72K MT) 
by 2025 
INDORAMA JV
SUSTAINABILITY  – Robust Packaging & Plastic Recycling
16(a PepsiCo franchisee)Conference Call Details
17Varun Beverages Limited Q3 & 9M CY2024 Earnings Conference Call
Time •T uesday,  October 22, 2024 at 2:30 PM IST
Conference dial -in Primary number •+91 22 6280 1141 / <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
International T oll Free Number •Hong Kong: 800 964 448
•Singapore: 800 101 2045
•UK: 0 808 101 1573
•USA: 1 866 746 2133(a PepsiCo franchisee)About Us
Varun  Beverages  Limited  (“VBL”  or the “Company”)  is a key player  in beverage  industry  and one of the largest  franchisee  of 
PepsiCo  in the world  (outside  USA) . The Company  produces  and distributes  a wide  range  of carbonated  soft drinks  (CSDs),  as 
well as a large  selection  of non-carbonated  beverages  (NCBs),  including  packaged  drinking  water  sold under  trademarks  
owned  by PepsiCo . PepsiCo  CSD brands  produced  and sold by VBL include  Pepsi,  Pepsi  Black,  Mountain  Dew,  Sting,  Seven -Up, 
Mirinda , Seven -Up Nimbooz  Masala  Soda  and Evervess . PepsiCo  NCB  brands  produced  and sold by the Company  include  Slice,  
Tropicana  Juices  (100% and Delight),  Seven -Up Nimbooz , Gatorade  as well as packaged  drinking  water  under  the brand  
Aquafina . 
VBL has been  associated  with PepsiCo  since  the 1990 s and have  over  two and half decades  consolidated  its business  
association  with PepsiCo,  increasing  the number  of licensed  territories  and sub-territories  covered  by the Company,  producing  
and distributing  a wider  range  of PepsiCo  beverages,  introducing  various  SKUs  in the portfolio,  and expanding  the distribution  
network . As on date,  VBL has been  granted  franchises  for various  PepsiCo  products  across  27 States  and 7 Union  Territories  in 
India . India  is the largest  market  and contributed  ~79% of revenues  from  operations  (net)  in Fiscal  2023 . VBL has also been  
granted  the franchise  for various  PepsiCo  products  for the territories  of Nepal,  Sri Lanka,  Morocco,  Zambia,  Zimbabwe,  South  
Africa,  Lesotho,  Eswatini  & DRC  and distribution  rights  for Namibia,  Botswana,  Mozambique  and Madagascar .
18For more information about us, please visit www.varunbeverages.com or contact:
Raj Gandhi / <PRESIDIO_ANONYMIZED_PERSON> / <PRESIDIO_ANONYMIZED_PERSON>  Anoop Poojari / Mitesh Jain
Varun Beverages Ltd  CDR India
Tel:<PRESIDIO_ANONYMIZED_PHONE_NUMBER> / <PRESIDIO_ANONYMIZED_PHONE_NUMBER> / <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  Tel:<PRESIDIO_ANONYMIZED_PHONE_NUMBER> / <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
E-mail:  <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>   E-mail: anoop@cdr -india.com  
             <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> mitesh@cdr -india.com  
             <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  Thank You!

    Give the output in markdown format.
    
Assistant: