Varun Beverages Ltd
About
Varun Beverages Limited, part of the RJ Corp group, is one of the largest franchisees of PepsiCo outside the U.S. Associated with PepsiCo since the 1990s, VBL operates across 27 Indian states, 7 Union Territories, and 5 international markets - Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. The company manufactures, distributes, and sells a diverse portfolio of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including Pepsi, Mountain Dew, Sting, Mirinda, Seven-Up, Tropicana, Gatorade, and Aquafina. With 37 manufacturing facilities, 31 in India and 6 overseas, VBL has a vast distribution network.With a focus on the future, Chairman Ravi Jaipuria has outlined his succession plan, preparing his son, Varun Jaipuria, to take the helm at VBL and continue its sustained growth.
Featured In Fortune India Ranking
Financial Data 2023
Fortune India Coverage
Financial Data
| PARAMETERS | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (INR Cr) | 16206 19.6% | 13557 50.8% | 8991 18.2% | 7609 -12.6% | 8703 41.8% | 6140 50.1% | 4091 4.1% | 3931 13.3% | 3471 37.9% | 2517 17.6% | 2141 16.3% | 1841 56.1% | 1179 19.4% | 988 27.7% | 774 - |
| Net Operating Income (INR Cr) | 16043 21.78% | 13173 49.30% | 8823 16.79% | 7555 -11.25% | 8512 40.64% | 6052 51.18% | 4004 3.69% | 3861 13.76% | 3394 35.64% | 2502 18.31% | 2115 17.51% | 1800 0.00% | 1147 18.82% | 966 29.04% | 748 0.00% |
| Profit (INR Cr) | 2056 37.3% | 1497 115.8% | 694 111.0% | 329 -29.9% | 469 60.2% | 293 39.4% | 210 395.9% | 42 -62.5% | 113 - | -20 - | -40 - | 25 189.3% | 9 -65.0% | 25 11.8% | 22 - |
| Assets (INR Cr) | 12735 36.9% | 9304 19.4% | 7793 10.8% | 7034 1.3% | 6947 41.0% | 4926 9.3% | 4507 13.5% | 3972 15.7% | 3432 22.8% | 2795 7.7% | 2596 20.1% | 2161 100.0% | 1081 45.5% | 743 26.5% | 587 - |
| Net Worth (INR Cr) | 6937 36.0% | 5102 25.1% | 4080 15.8% | 3524 5.9% | 3328 66.6% | 1999 13.0% | 1769 4.5% | 1694 655.1% | 224 56.8% | 143 -33.6% | 215 40.9% | 153 0.0% | 114 3.2% | 110 -6.0% | 117 0.0% |
| Employee Cost (INR Cr) | 1447 18.9% | 1217 20.7% | 1008 13.3% | 890 9.7% | 811 39.1% | 583 26.0% | 463 9.9% | 421 30.1% | 324 49.3% | 217 18.5% | 183 20.1% | 152 108.4% | 73 26.8% | 58 27.8% | 45 - |
| Interest Cost (INR Cr) | 292 | 204 | 207 | 294 | 324 | 223 | 215 | 435 | 170 | 187 | 171 | 116 | 72 | 49 | 39 |
| Cash & Bank Balance (INR Cr) | 460 | 285 | 337 | 190 | 171 | 93 | 94 | 66 | 58 | 34 | 51 | 38 | 4 | 18 | 12 |
| Total Debt (INR Cr) | 5431 | 3884 | 3387 | 3216 | 3417 | 2808 | 2654 | 2215 | 2077 | 2415 | 2332 | 1940 | 889 | 555 | 392 |
Key Financial Ratios
| PARAMETERS | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit As % Of Revenues | 12.7% | 11.1% | 7.7% | 4.3% | 5.4% | 4.8% | 5.1% | 1.1% | 3.3% | - | - | 1.4% | 0.7% | 2.5% | 2.9% |
| Profit As % Of Assets | 16.1% | 16.1% | 8.9% | 4.7% | 6.8% | 5.9% | 4.7% | 1.1% | 3.3% | - | - | 1.2% | 0.8% | 3.3% | 3.8% |
| Profit As % Of Networth | 29.6% | 29.4% | 17.0% | 9.3% | 14.1% | 14.7% | 11.9% | 2.5% | 50.4% | - | - | 16.4% | 7.6% | 22.5% | 18.9% |
| Interest Cost to EBITDA % | 8.0% | 7.3% | 12.3% | 25.6% | 22.2% | 21.9% | 25.6% | 54.5% | 27.0% | 48.5% | 58.5% | 50.8% | 51.8% | 40.7% | 39.0% |
| Debt to Equity Ratio | 0.78 | 0.76 | 0.83 | 0.91 | 1.03 | 1.40 | 1.50 | 1.31 | 9.26 | 16.88 | 10.83 | 12.69 | 7.79 | 5.02 | 3.34 |
| RONW | 34.9% | 33.8% | 19.6% | 12.2% | 17.7% | 15.7% | 11.5% | 5.0% | 55.5% | - | - | 16.4% | 7.7% | -2.2% | -12.0% |
| ROCE | 27.8% | 26.4% | 16.6% | 10.4% | 17.3% | 13.8% | 11.6% | 13.8% | 10.7% | 0.0% | 0.0% | 6.3% | 9.2% | 12.9% | 12.4% |