Varun Beverages Ltd - Stock Valuation and Financial Performance

BSE: 540180 | NSE: VBL | Consumer Food | Large Cap

Varun Beverages Share Price

548.70 7.80 1.44%
as on 20-Mar'25 16:59

DeciZen - make an informed investing decision on Varun Beverages

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Varun Beverages stock performance -

P/E Ratio (CD):
71.52
Market Cap:
1,85,563 Cr.
52-wk low:
419.4
52-wk high:
682.8

Is Varun Beverages Ltd an attractive stock to invest in?

1. Is Varun Beverages Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Varun Beverages Ltd is a good quality company.

2. Is Varun Beverages Ltd undervalued or overvalued?

The key valuation ratios of Varun Beverages Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Varun Beverages Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Varun Beverages Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Varun Beverages:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Varun Beverages Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Dec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
ROCE % 13.1%15.4%12.1%14.2%17.7%9.7%17.1%27.5%29%25.2%-
Value Creation
Index
0.20.1-0.10.10.6-0.10.51.41.61.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3,3943,8614,0045,1057,1306,4508,82313,17316,04320,00820,008
Sales YoY Gr.-13.8%3.7%27.5%39.7%-9.5%36.8%49.3%21.8%24.7%-
Adj EPS 0.50.20.71.11.61.22.14.86.687.7
YoY Gr.--68.6%331.3%63.8%43.4%-27.2%77.1%127.3%39.6%19.9%-
BVPS (₹) 15.55.76.510.310.912.615.721.349.149.1
Adj Net
Profit
11549.52133485253826791,5422,1552,6882,594
Cash Flow from Ops. 5558266201,0001,3081,0121,2311,7902,3913,381-
Debt/CF from Ops. 3.72.74.32.82.63.22.72.12.20.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 21.8%22.9%31.4%24.7%
Adj EPS 35.7%37.5%56.1%19.9%
BVPS54.3%36.8%57.5%130%
Share Price - 59.1% 63.5% -2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Dec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Return on
Equity %
22.64.212.318.519.711.217.933.635.822.815.6
Op. Profit
Mgn %
19.12121.121.521.71919.221.823.524.423
Net Profit
Mgn %
3.41.45.477.46.48.312.113.713.613
Debt to
Equity
3.11.31.51.410.90.80.70.80.10.1
Working Cap
Days
6672797560828383909064
Cash Conv.
Cycle
2020242313202627302618

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 31.38%

Net Profit is growing at healthy rate in last 3 years 56.10%

Debt to equity has declined versus last 3 years average to 0.14

Sales growth is good in last 4 quarters at 26.25%

Return on Equity has declined versus last 3 years average to 15.60%

Latest Financials - Varun Beverages Ltd.

Standalone Consolidated
TTM EPS (₹) 6.9 7.7
TTM Sales (₹ Cr.) 14,349 20,008
BVPS (₹.) 48.9 49.1
Reserves (₹ Cr.) 15,864 15,915
P/BV 11.22 11.18
PE 79.97 71.52
From the Market
52 Week Low / High (₹) 419.40 / 682.84
All Time Low / High (₹) 20.22 / 682.84
Market Cap (₹ Cr.) 1,85,563
Equity (₹ Cr.) 676.4
Face Value (₹) 2
Industry PE 59.8

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.) 59.1 -4.652.7 -7.258.9 -6.459.2 29.3
Adj EPS (₹) 1.1 -32.31 -68.61.8 -33.61 -55.7
Op. Profit Mgn % 20.66 441 bps11.51 -1218 bps15.32 -786 bps9.96 -165 bps
Net Profit Mgn % 7.15 -345 bps7.04 -889 bps11.59 -456 bps6.73 -1282 bps

Management X-Ray of Varun Beverages:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:60.2%Institutions:32.27%Non-Institutions:7.52%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%60%70%
Pledged *0.040.040.040.040.040.040.040.040.040.04
* Pledged shares as % of Promoter's holding (%)

Valuation of Varun Beverages

MRP
spaceLock icon
MOS
spaceLock icon%
DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Varun Beverages Ltd: Q3FY24 - 17 Nov 2023

Particulars

Q3 FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

3,871

+22%

Led by 15%/18% growth in Indian and international market
EBITDA

882

+26%

 
EBITDA Margin

23%

+100 bps

driven by gross margin expansion and operational efficiency
PAT

514

+30%

 

Robust performance. Net realisation per case increase by ~6% to Rs. 176

Varun Beverages: Growing with increasing Thirst - 25 Nov 2019

About the Industry: -In India, the soft drinks industry is relatively underdeveloped with low penetration. The per capita consumption is far lower than global averages, despite double-digit growth rates. With population size of 132 crores, rising urbanization, disposable income and favourable demographics there is tremendous potential for growth for Indian beverage industry. India's soft drinks consumption at 44 bottles per capita in 2016, is relatively lower compared to matured markets like the U.S. (1,496 bottles), Mexico (1,489 bottles) and Germany (1,221 bottles) and even the developing markets like Brazil (537 bottles). This under-penetration is likely to correct with consumption expected to almost double to 84 bottles by 2021.

About the Company: -Varun Beverages ltd (VBL) is the second largest PepsiCo’s global franchisee (outside the US) engaged in producing and distributing a wide range of CSD (Carbonated Soft Drink) and NCD (Non-carbonated Drink) including packaged drinking water. The business of the company comprise of manufacturing, warehousing & distributing and customer management for Pepsico products. Most of the categories in which the Company operates in are under-penetrated and therefore it is continuously investing in market development.

VBL enjoys a strong, symbiotic and longstanding relationship with PepsiCo spanning over 25 years, since their entry in India, accounting for ~80% of its sales volumes in India. It has presence across 6 countries, 3 in the Indian Subcontinent (India, Sri Lanka, and Nepal) contributing ~80% to revenues, while 3 in Africa (Morocco, Zambia and Zimbabwe contributing ~20%.

VBL’s optimistic approach of continuous expansion in highly under-penetrated areas has created its presence in 5 overseas territories (excluding India), 27 Indian states, 7 UT with strong Pepsico brand recall. Recently, the company has acquired franchisee rights for West and South territories of India along with established an in-house production capacity at Pathankot for Tropicana products with net capex Rs. 2,350 crores.

We believe that Varun Beverages as such doesn't have a very strong competitive advantage and earn return on equity slightly higher than cost of equity. But thanks to it has sticky customer, scale it can retain this ROE sustainably. We expect debt to remain moderate to take advantage of sticky cash flows from existing operations and long term agreement with customer. 

VBL is run by RJ Corp, a group headed by Mr. Ravi Jaipuria. RJ Corp also manages YUM Brands chains Pizza Hut and KFC under the company name Devyani International that might be listed on exchanges by next year. 

Results: Varun beverages reported a year on year increase of 49% in sales and whopping 54% jump in operating profit in Q2FY20. Core business growth of 17% year on year and the remaining was from acquisition in newer geographies.

Outlook: VBL has concluded acquisition of two production facilities - one in Dharwad, Karnataka and second at Tirunelveli, Tamil Nadu for a total consideration of Rs. 95 crore. Currently, VBL is operating at 60% of capacity utilization and has no further plans to look at any major capital expansion for at least next two years. The company is aiming at better capacity utilization for next few years which could definitely enhance the return on capital employed (RoCE) for the group company.

Due to large opportunity size of consumption in India, also the brand recall of Pepsico products is good in India. We see good reinvestment opportunities as it expands in newer geographies and grow through better penetration with availability of electricity in hinterlands like UP and MP. We think the pace of growth of the company would remain intact. We are cautious due to limited listing history and slightly expensive valuation of the stock to take risk. We would consider having some exposure after a slight correction to ensure better upside.

Key Ratios of Varun Beverages

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Varun Beverages 548.7 7.8 (1.4%) Large Cap 20,008 7.7 13.6 71.5 11.2
Nestle 2,221.4 36.7 (1.7%) Large Cap 19,515 34.9 16.1 63.7 45.7
Britannia Inds 4,831.3 111.3 (2.4%) Large Cap 16,301 89.6 12.4 54 30.7

Profit And Loss

(All Figures are in Crores.)
PARTICULARSDec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Sales3,3943,8614,0045,1057,1306,4508,82313,17316,04320,008
Operating Expenses 2,7563,0633,1654,0885,6675,2367,14610,36712,41015,264
Manufacturing Costs5026165968191,1031,1401,4042,0112,3793,003
Material Costs1,7161,7381,8102,2443,2192,7644,0356,2617,4058,905
Employee Cost 3244214635838118901,0081,2171,4471,885
Other Costs 2132892974425344427008781,1801,472
Operating Profit 6387988381,0171,4621,2151,6772,8063,6334,744
Operating Profit Margin (%) 18.8%20.7%20.9%19.9%20.5%18.8%19.0%21.3%22.6%23.7%
Other Income 403613224337683979121
Interest 170435215223324294207204292483
Depreciation 317322347385489529531617681947
Exceptional Items 00000-670000
Profit Before Tax 191792914346963631,0072,0242,7393,433
Tax 7931771342245261474638799
Profit After Tax 112482143004723577461,5502,1022,634
PAT Margin (%) 3.3%1.2%5.3%5.9%6.6%5.5%8.5%11.8%13.1%13.2%
Adjusted EPS (₹)0.50.10.71.01.41.02.14.66.37.7
Dividend Payout Ratio (%)0%0%22%16%15%22%16%15%16%13%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSDec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24

Equity and Liabilities

Shareholders Fund 6741,6931,7691,9983,3283,5244,0805,0996,92816,591
Share Capital 584182183183289289433650650676
Reserves 911,5111,5871,8163,0403,2353,6474,4506,27815,915
Minority Interest0-13-183165117113148130
Debt1,8321,6292,0452,3582,8232,6932,4422,3554,1922,127
Long Term Debt1,5801,2181,6911,9802,3551,9801,8131,7273,189841
Short Term Debt2524113533784677146286281,0031,287
Trade Payables1852751913174785117128247581,560
Others Liabilities 1,7401,2401,2721,3171,7161,6542,2293,2273,1612,715
Total Liabilities 4,4314,8245,2765,9988,3768,4479,57911,61815,18723,124

Fixed Assets

Gross Block4,6325,1595,6356,1728,7459,0339,41010,44112,44518,802
Accumulated Depreciation1,1371,4431,6541,7852,2652,6243,0993,5094,0365,400
Net Fixed Assets3,4963,7153,9814,3876,4796,4096,3116,9328,40913,402
CWIP 389614535264674976071,9221,167
Investments 3781100002160
Inventories4254904395788829291,4481,9942,1512,791
Trade Receivables98131150128173242221299359846
Cash Equivalents 586694931711903372854602,450
Others Assets3143204584486086117661,5011,8652,409
Total Assets 4,4314,8245,2765,9988,3768,4479,57911,61815,18723,124

Cash Flow

(All Figures are in Crores.)
PARTICULARSDec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Cash Flow From Operating Activity 5558266201,0001,3081,0121,2311,7902,3913,381
PBT 191772904316923631,0072,0242,7403,435
Adjustment 4547435846928218386187259921,343
Changes in Working Capital -4264-197-50-85-111-269-585-673-669
Tax Paid -48-58-57-73-120-78-124-373-668-728
Cash Flow From Investing Activity -300-1,048-745-873-2,319-471-1,011-1,705-3,290-4,317
Capex -610-780-516-809-733-536-815-1,750-3,194-3,740
Net Investments 3070-140-49-1,633000-31-238
Others 3-268-89-154765-19545-65-339
Cash Flow From Financing Activity -236230159-841,107-574-178-189852,954
Net Proceeds from Shares 07014190000057,512
Net Proceeds from Borrowing -40917484732560-4602143401,125-3,737
Interest Paid -141-219-156-189-303-277-179-172-269-465
Dividend Paid 00-46-46-69-72-108-162-227-325
Others 314-269-129-58320236-104-24352-31
Net Cash Flow 198334296-334367862,018
PARTICULARSDec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Ratios
ROE (%)60.845.0112.3715.9217.7310.4319.6233.7734.9522.4
ROCE (%)13.0915.4412.1314.2317.679.7317.1427.4728.9725.18
Asset Turnover Ratio1.010.980.890.931.20.911.031.31.241.11
PAT to CFO Conversion(x)4.9617.212.93.332.772.831.651.151.141.28
Working Capital Days
Receivable Days99111061097710
Inventory Days33373836314347464542
Payable Days39484741456555453948

Varun Beverages Ltd Stock News

Varun Beverages Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Varun Beverages on 20-Mar-2025 16:59 is ₹548.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Mar-2025 16:59 the market cap of Varun Beverages stood at ₹1,85,563.
The latest P/E ratio of Varun Beverages as of 20-Mar-2025 16:59 is 79.97.
The latest P/B ratio of Varun Beverages as of 20-Mar-2025 16:59 is 11.22.
The 52-week high of Varun Beverages is ₹682.8 and the 52-week low is ₹419.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Varun Beverages is ₹14,349 ( Cr.) .

About Varun Beverages Ltd

Varun Beverages is the second largest franchisee in the world (outside US) of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs) sold under trademarks owned by PepsiCo and a key player in the beverage industry. The company produce and distribute a wide range of CSDs, as well as a large selection of NCBs, including packaged drinking water. PepsiCo CSD brands sold by the company include Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala Soda, Evervess Soda, Duke’s Soda and Sting. PepsiCo NCB brands sold by the company include Tropicana (100%, Essentials & Delight), Tropicana Slice, Tropicana Frutz, Seven-Up Nimbooz, Gatorade and Quaker Oat Milk as well as packaged drinking water under the brand Aquafina. In addition, the company also been granted the franchise for Ole brand of PepsiCo products in Sri Lanka.

The company has been associated with PepsiCo since the 1990s and has over two and half decades consolidated its business association with PepsiCo, increasing the number of PepsiCo licensed territories and sub-territories covered by the company, producing and distributing a wider range of PepsiCo beverages, introducing various SKUs in its portfolio, and expanding its distribution network. The company has been granted franchisees for various PepsiCo products spread across 27 States and 7 Union Territories (except Jammu & Kashmir and Andhra Pradesh) in India.

Although, India is the company’s largest market, it has also been granted the franchise for various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe. VBL has several manufacturing plants in India and in international geographies. In addition, the company has set up backward integration facilities for production of preforms, crowns, corrugated boxes, plastic crates and shrink-wrap films in certain of its production facilities to ensure operational efficiencies and quality standards. The company is part of the RJ Corp group, a diversified business conglomerate with interests in beverages, quick-service restaurants, dairy and healthcare.

Business area of the company

The company is franchisee of CSDs and NCBs sold under trademarks owned by PepsiCo in India and internationally.

Products

The company’s portfolio of beverage products includes some of the best recognized PepsiCo trademarks in the world. Its product portfolio includes CSDs and NCBs.

Carbonated Soft Drinks-

  • Pepsi-Cola
  • Seven-Up
  • Mountain Dew
  • Mirinda
  • Evervess

Non-Carbonated Beverages-

  • Tropicana Slice
  • Nimbooz
  • Tropicana Frutz

Packaged Drinking Water-

  • Aquafina

Awards 

  • 2009: The Company received BU Best Quality Plant Team Award for the production facility at Kosi.
  • 2010: The Company received PepsiCo Amea Bronze Food Safety Award for the production facility at Greater Noida I.
  • 2010: The Company received ISO 14001: 2004 certificate for the production facility at Jainpur.
  • 2011: The Company received PepsiCo Amea Silver Food Safety Award for the production facility at Greater Noida I.
  • 2011: The Company received PepsiCo Quality Excellence Bronze Award for the production facility at Kosi.
  • 2011: The Company received ISO 14001:2004 certificate for the production facility at Bhiwadi.
  • 2012: The Company received PepsiCo Amea Gold Food Safety Award for the production facility at Greater Noida I.
  • 2012: The Company received ISO 14001:2004 certificate for the production facility at Kolkata.
  • 2013: The Company received FSSC 22000:2010 certificate for the production facility at Greater Noida I.
  • 2014: The Company received OHSAS 18001:2007 certificate for the production facility at Nuh.
  • 2014: The Company received ISO 14001: 2004 certificate for the production facility at Nuh.
  • 2014: The Company received CII National Award for Food Safety for the production facility at Nuh.
  • 2015: The company received FSSC 22000 certificate for the production facilities at Goa, Greater Noida II and Kolkata.
  • 2015: The Company received ISO 14001:2004, OHSAS 18001:2007 and ISO 9001:2008 certificates for the backward integration facility at Alwar.
  • 2015: The Company received ISO 22000:2005 and ISO 9001:2008 certificates for the backward integration facility at Jaipur.
  • 2015: The Company received AIB International certificate for the production facilities at Bhiwadi, Goa, Jainpur, Bazpur, Greater Noida II, Kolkata, Satharia, Kosi and Greater Noida I.
  • 2018: National Best Employer Brand Award for 2018, by ET Now
  • 2018: North India Best Employer Brand Award for 2018
  • 2018: Nepal Best Employer Brand Award for 2018
  • 2019: The Company received Corporate Governance Awards 2019 - Best FMCG Corporate Governance India by Capital Finance International (Cfi.co)
  • 2019: Sri Lanka Best Employer Brand Award for 2019
  • 2019: Bottler of the year 2019
  • 2019: Best FMCG Corporate Governance India 2019

Milestones

  • 1995: Incorporation of the company as public limited company.
  • 1996: Started operation at Jaipur.
  • 1999: Started operations in Alwar, Jodhpur and Kosi.
  • 2004: Merger of DBL with the company pursuant to the order of High Court of Delhi dated October 6, 2004.
  • 2013: Merger of VBIL with the company pursuant to the order of High Court of Delhi dated March 12, 2013.
  • 2013: The company acquired the business of manufacturing and marketing of soft drink beverages and syrup mix in Delhi, India.
  • 2015: Business transfer agreement through which the company acquired PepsiCo India’s business of manufacturing, marketing, selling and distributing soft drink beverages and syrup mix in the Indian states of Uttar Pradesh (excluding certain territories), Uttarakhand, Himachal Pradesh, Haryana (excluding certain territories) and the Union Territory of Chandigarh.
  • 2015: Business transfer agreement through which the company acquired PepsiCo India’s business of manufacturing, marketing, selling and distributing soft drink beverages and syrup mix in Bazpur, Jainpur, Satharia and Panipat.
  • 2015: The company acquired the business of selling and distribution of soft drinks beverages and syrup mix in one district undertaking situated in Punjab.
  • 2016: The company acquired entire shareholding of Arctic International Private Limited in Varun Beverages Mozambique, Limitada.
  • 2016: The company acquired entire shareholding of Arctic International Private Limited in Varun Beverages (Zambia) Limited.
  • 2016: Incorporation of Varun Beverages (Zimbabwe) (Private) Limited.
  • 2016: Acquisition of 85% of the shareholding of VBZPL.
  • 2017: Concluded the acquisition of PepsiCo India’s previously franchised sub-territories of the State of Odisha and parts of Madhya Pradesh along with two manufacturing units at Bargarh (Odisha) and Mandideep (MP) w.e.f. September 27, 2017.
  • 2017: Launched Pepsi Black, a zero calorie cola flavor CSD product currently available in 250ml cans and 250 ml nonreturnable glass bottles.
  • 2017: Launched Sting for the next season, a carbonated energydrink available in 250ml cans and 250 ml PET bottles at a highly competitive price point as compared to other brands in the segment.
  • 2018: Concluded the acquisition of PepsiCo India’s previously franchised sub-territory of the State of Chhattisgarh w.e.f. January 11, 2018
  • 2018: Acquired franchisee rights of PepsiCo India’s previously franchised sub-territory of the State of Bihar w.e.f. January 17, 2018
  • 2018: Acquired a manufacturing unit at Cuttack (Odisha) w.e.f. Jan 19, 2018
  • 2018: Concluded the acquisition of PepsiCo India’s previously franchised sub-territory of the State of Jharkhand along with a manufacturing unit at Jamshedpur.
  • 2018: Consolidation of 5 new sub-territories acquired in 2018 has yielded positive results with significant volume and margin expansion.
  • 2018: Expanded juice portfolio with the launch of Fizzy drink in seven different flavors, leveraging the ‘Slice’ brand with wider recognition and strong brand value.
  • 2018: Invested in setting-up a manufacturing facility in Pathankot to commence in-house production.
  • 2019: Concluded the acquisition of PepsiCo India’s previously franchised territories of parts of Maharashtra (14 districts), parts of Karnataka (13 districts) and parts of Madhya Pradesh (3 districts) w.e.f. February 14, 2019.
  • 2019: Entered into a binding agreement with PepsiCo India Holdings Private Limited (‘PepsiCo’) on February 18, 2019 to acquire franchise rights in South and West regions, subject to statutory approvals.
  • 2019: PepsiCo divests West and South bottling franchise to Varun Beverages
  • 2019:  Introduced three variants of ambient temperature value-added dairy beverages - Belgian Chocolate, Cold Coffee, and Mango Shake - at a price of Rs 30 for 200ml PET bottle with a long shelf life of 180 days.
  • 2019: Concluded the acquisition of PepsiCo India’s previously franchised territories of parts of Maharashtra (14 districts), parts of Karnataka (13 districts), and parts of Madhya Pradesh (3 districts).
  • 2019: Concluded the acquisition of franchise rights in South and West regions from PepsiCo for a national bottling, sales, and distribution footprint in 7 States and 5 Union Territories of India w.e.f. May 1, 2019.
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