Brands
Varun Beverages Q1 profit up 20 per cent, revenue climbs 18 per cent
Strong volumes and South Africa push drive growth as expansion gathers pace
MUMBAI: Varun Beverages Limited has kicked off calendar year 2026 on a strong note, posting double-digit growth across key metrics for the first quarter ended 31 March, driven by robust volumes and international expansion.
Revenue from operations rose 18.1 per cent year-on-year to Rs. 6,574.19 crore, up from Rs. 5,566.94 crore in the same period last year. The growth was powered by a 16.3 per cent increase in consolidated sales volumes, which reached 363.4 million cases. While India recorded a healthy 14.4 per cent growth, international markets surged ahead with a 21.4 per cent rise, underlining the company’s expanding global footprint.
Profitability also held firm despite inflationary pressures on raw materials. Gross margins improved by 62 basis points to 55.2 per cent, supported by strategic early stocking. EBITDA grew 21.0 per cent to Rs. 1,528.93 crore, with margins expanding to 23.3 per cent. Net profit climbed 20.1 per cent to Rs. 878.71 crore, reflecting strong operational performance.
In terms of pricing trends, net realisation per case in India dipped 1.5 per cent as the company pushed volume-led strategies through larger pack sizes and entry-level price points. However, international realisations rose 1.6 per cent, aided by favourable currency movements. The company’s product mix is also evolving, with low- or no-sugar beverages now accounting for 63 per cent of total volumes, even as carbonated soft drinks continue to dominate at 73.6 per cent.
A key highlight of the quarter was the strengthening of its African presence. The company completed the acquisition of Twizza Pty Limited in South Africa through its subsidiary BevCo at an enterprise value of ZAR 2,053 million, making it a step-down subsidiary in March. It has also entered into an agreement to acquire Crickley Dairy for approximately ZAR 238 million, further deepening its play in the region.
Reflecting its performance, the board approved an interim dividend of Rs. 0.50 per share, amounting to a total payout of Rs. 169.1 crore. Depreciation rose 30.9 per cent following the commissioning of new plants across Buxar, Prayagraj, Damtal and Meghalaya, while finance costs increased 18.0 per cent due to funding requirements for the Twizza acquisition.
Commenting on the outlook, Varun Beverages Limited chairman Ravi Jaipuria highlighted favourable demographics and rising urbanisation as key drivers of long-term demand across India and Africa.
With strong volume momentum and a growing international footprint, Varun Beverages appears well positioned to sustain its growth trajectory through the year.
Brands
Tata Elxsi CFO Gaurav Bajaj quits, Nalin Rana to take over
Gaurav Bajaj exits on May 29th; Nalin Rana, a veteran of Standard Chartered and Tata Sons, steps in the next day
BENGALURU: Tata Elxsi is getting a new man on the money. The design and technology services company announced on Monday that its chief financial officer, Gaurav Bajaj, has resigned, effective close of business on May 29th, 2026, to pursue opportunities outside the organisation. He will be succeeded the very next day by Nalin Rana, whose appointment has been approved by the board on the recommendation of the Nomination and Remuneration Committee.
Rana is no stranger to big numbers. He brings roughly 17 years of experience spanning strategic finance, corporate strategy, investment banking, mergers and acquisitions, and fund-raising. He currently holds leadership roles within the Tata Group, including at Tata Sons, and sits on the boards of Tata Teleservices Limited and Tata Teleservices (Maharashtra) Limited. Before joining the Tata Group in 2021, he was executive director in investment banking at Standard Chartered Bank, where he advised clients on mergers, acquisitions, and fund-raising transactions worth over $15 billion.
Rana will also serve as a key managerial personnel under the Companies Act, 2013, in line with regulatory disclosure requirements under SEBI Listing Regulations.
The Nomination and Remuneration Committee and the board placed on record their appreciation for Bajaj’s contribution during his tenure, the company said in a regulatory filing.
One CFO out, one in, and barely 24 hours between them. For Tata Elxsi, the transition is textbook neat. For Rana, the real work starts May 30th.
