VBL

CY24 was a transformative year for

, marked by strong growth, global expansion, and unwavering sustainability commitments. The company continued its upward trajectory, strengthening its market leadership in India and internationally, all while maintaining operational excellence and a futureready approach. Let us dive into the key highlights from the past year. Despite facing short-term headwinds from unfavorable weather and weakened consumption trends, VBL achieved ~12%/23% YoY volume growth in the domestic market/consolidated basis, driven by deeper market penetration. Revenue/EBITDA increased 28%/31%, with EBITDA margins expanding 100bp to 23.5% in CY24. VBL expanded its manufacturing footprint with a total capex of INR26b, commissioning three new greenfield facilities in Supa (Maharashtra), Gorakhpur (Uttar Pradesh), and Khordha (Odisha) in India. Additionally, the company invested INR6b in a new greenfield facility in the Democratic Republic of Congo.