Varun Beverages, one of the leading PepsiCo franchisees, announced on Tuesday that it had achieved a 69% year-on-year (YoY) surge in its consolidated profit after tax, reaching INR 429 crore for the quarter ending on March 31, 2023. This is a significant improvement from the company’s net profit of INR 254 crore in the corresponding quarter of the preceding fiscal year.
During the quarter, the company experienced a 37.8% year-on-year (YoY) growth in its revenue from operations, increasing from INR 2,867.4 crore in March 2022 to INR 3,952.5 crore.
During a meeting, the Board of Directors of Varun Beverages approved the sub-division or split of the company’s existing equity shares. This entails dividing one equity share, which was formerly fully paid-up and had a face value of INR 10 each, into two equity shares with a fully paid-up face value of INR 5 each. However, the implementation of this decision is contingent upon the approval of the company’s equity shareholders.
Varun Beverages stated in an exchange filing that the determination of the record date for the subdivision or split of the current equity shares would be made after securing the aforementioned approval from the company’s equity shareholders.
The company’s total expenses for the March quarter amounted to INR 3,389 crore, representing a 34.8% increase from the INR 2,514 crore incurred during the same quarter of the preceding fiscal year.
