1. Opening Hook
When even Pepsi’s fizz can’t beat India’s monsoon, you know the rain gods have better distribution than VBL’s trucks. Ravi Jaipuria opened the call like a man who’s seen everything — except three months of sunshine. Yet, Africa sparkled while India stayed drenched, and beer found its way into the conversation like a rebellious cousin at a family dinner. The Bhagavad Gita says, “Change is the law of the universe” — apparently, that includes moving from cola to Carlsberg. Stick around; this brew of commentary gets more intoxicating. 🍺
2. At a Glance
- Revenue up 1.9% – Flat soda, fizzy excuses.
- Volume up 2.4% – South Africa carried the ice bucket.
- EBITDA ₹11,473.8 mn (–0.6%) – Margins leaked faster than a cracked PET bottle.
- Gross margin 56.7% (+119 bps) – Integration magic; accountants call it “alchemy.”
- PAT ₹7,451.9 mn (+18.5%) – FX gains doing the heavy lifting.
- India volumes flat – Blame monsoon, pray for sunlight.
- International +9% – South Africa said “cheers,” India said “chill.”
3. Management’s Key Commentary
“Domestic volumes remained subdued due to prolonged rainfall across India.”
(Translation: Rain 1 – Pepsi 0.)
“International operations grew 9%, led by South Africa.”
(Translation: Africa is now our favorite child.)
“We are incorporating a subsidiary in Kenya for dairy and beverages.”
(Translation: When life gives you rain, make milkshakes.)
“African subsidiaries will test market beer with Carlsberg.”
(Translation: When colas go flat, pop a cold one instead 🍺)
“GST 2.0 transition had no
