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Varun Beverages Ltd (VBL), a key player in beverage industry and one of the largest franchisee of PepsiCo worldwide, said on Monday its profit after tax increased by 127 per cent to Rs 137 crore in Q1 FY21 from Rs 60 crore in Q1 FY20.
The growth was driven by higher revenues, improvement in margins and higher profitability from international operations. In addition, repayment of debt as well as lower average cost of borrowing resulted in reduced finance cost. The company, which follows calendar year as its financial year, reported growth in revenue from operations (net of excise/GST) by 33.7 per cent year-on-year to Rs 2,241 crore. The earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 40.7 per cent to Rs 382 crore from Rs 271 crore. Total sales volumes were up 32.8 per cent at 151 million unit cases in Q1 2021 as compared to 114 million unit cases in Q1 2020. Chairman Ravi Jaipuria said in a statement the company remains confident of medium-to-longer-term outlook despite short-term non-linearity in business. "In the face of adversity last year, our business model showed a strong sense of resilience and we were able to deliver steady operational and financial performance. We expect that once things stabilise during the current year, we should be able to swiftly bounce back." (ANI)
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