20%+ growth in season; April flat to weather, not competition

Delivered YoY revenue +20.8%, implying volume ~19.8% with modest pricing gains

April flat due to El Niño; March onwards showing 20%+ growth confirms seasonal, not structural weakness

Delivered PAT 15.1% growth exact match; margin compressing 60bps due to Twizza consolidation

Stated as 3-4x overall business growth; overall 19.8% volume growth implies these are genuinely outsized

Delivered OPM 27.1% vs prior year lower; margin defended but not expanded. Cost inflation partially absorbed.

Structural shift from prior mix mitigates sugar inflation risk; management confident on margin protection forward.

VAD 40%+ growth, Nimbooz 30%+. Three new brands/categories launched/scaling; targeting 3-4x overall business growth.

Kenya Devyani acquisition, South Africa Twizza (11.8M cases this quarter). Africa volumes +38% YoY.

Prior: protect profitability through efficiency. This call: can maintain margins even in worst geopolitical scenario. Tone maintained; execution proven but with 60bps compression from Twizza.

April was El Niño effect, not competitive. We won't scale Rs. 10 (non-profitable); we're growing 20%+ in profitable tiers. Campa is expanding category and eating B-brands, not just our share.

All tracked in 8-ounce equivalent. Realization per case not down, margins not down; pack mix immaterial to profitability.

Too early; evaluating categories. Not looking at Bira. Hire is for group, not just alcohol.

VAD 40%+, Nimbooz 30%+. These are 3-4x overall business growth; heavily focused.

We've stocked Q3. Average costing means part of inflation already in Q2 P&L, balance in Q3. Pricing held flat; net effect manageable.

We can't give exact numbers. But if we're 15% H1 and Campa 50%, Coke also growing, industry must be ~20%.

All except Zambia (small) firing well. Zimbabwe recovering (sugar tax). All regions strong; huge opportunity in Africa.

Growing at ~50%.

Yes. We're growing 20%+ post-March, post-June. July strong. No reason to expect not to grow double digits.

Can comfortably maintain margins even in worst geopolitical year. When wars stop, margins only get better.

Temporary confusion in June-July. Now clear: remove 'energy' word in 90 days. No fundamental product change. Volumes recovering.

That's why we're confident; consumers being recruited. Strategy working; 20%+ growth shows success.

Ask PepsiCo. We don't go into market share.

Portfolio is now largely low-sugar/zero-sugar; converted entirely. No sugar impact forward.

Minor can supply issue (1-2% of business); main driver was El Niño weather.

Dairy is our focus; Calpis is addition. Asahi is world-class; Calpis adds to portfolio. Starting point is Calpis; stabilizing it first. Future undecided.

Contingent on normal monsoon/weather. April flat due to El Niño; other months showed 20%+ trending. Post-June July continuing trend.

Backed by capacity expansion, new geographies (Africa, Kenya), portfolio diversification (VAD, Nimbooz, Calpis).

Currently navigating 27.7% EBITDA margin (vs 28.5% prior). Cost inflation partially absorbed via inventory strategy; pricing discipline holding.

Brownfield India ₹2,000 Cr, market infra ₹4,000 Cr, Zimbabwe snacks ₹1,000 Cr. Scaled capex for geographic footprint.

April flat due to El Niño; management now attributes ~15% baseline volume contribution to May (vs 15% pre-El Niño). Monsoon failure could create 20%+ volume miss.

Campa growing 50% YoY (per Ravi Jaipuria's inference), expanding Rs. 10 category. VBL is ceding low-end and defending Rs. 15-20 via 400ml upsize. Risk: if Campa shifts to Rs. 20, VBL's strategy breaks.

Geopolitical conflict raising sugar, packaging, fuel, distribution costs. Inventory strategy (early stocking) is one-time buffer. If inflation persists into Q3/Q4, margin pressure likely.

June-July FSSAI ruling temporarily impacted energy category. Risk of future sugar tax, health restrictions, or category bans affecting STING or CSD portfolio.

Twizza consolidation reduced consolidated EBITDA margin 60-80bps (operates ~22-24% vs VBL India 28%+). If aggressive M&A continues (Kenya acquisition in pipeline), margin dilution compounds.