Varun Beverages Sept qtr profit up 84 pc at Rs 81 cr

PepsiCo India's bottling partner Varun Beverages on Monday posted an 83.73 percent increase in consolidated net profit at Rs 81.12 crore for the quarter ended September 30, 2019. The company had clocked a profit of Rs 44.15 crore in the year-ago period.

Revenue from operations during the quarter stood at Rs 1,776.85 crore as against Rs 1,204.47 crore in July-September 2018, Varun Beverages said in a regulatory filing. The company follows a January-December financial year.

"Our India business has delivered organic volume growth of 17.5 percent and our international territories have registered a 27 percent growth led by exceptional performance in under-penetrated territories acquired in 2017 and early 2018," Varun Beverages Chairman Ravi Jaipuria said. Besides, the company's key markets like Morocco, Zimbabwe, Nepal and Sri Lanka have reported double-digit growth in the quarter under review, he added.

The company's board also approved acquiring control of Angelica Technologies. The majority of directors in Angelica will be appointed by Varun Beverages. Varun Beverages has been associated with PepsiCo for over 27 years accounting for 80 percent of the US firm's beverage sales volume in India.

Shares of the company were trading up 1.44 percent at Rs 629.50 per scrip on the BSE.