**Financial Highlights:**
Q2 CY2025 sales volume dipped 3% (India rains, int'l up 15%). Net revenue Rs. 7,017 Cr (down 2.5%). EBITDA margins up 82 bps to 28.5%; PAT rose 5% to Rs. 1,325 Cr. H1 revenue surged 9.3% (Rs. 12,584 Cr), PAT 13.6% (Rs. 2,056 Cr). Company is net debt-free.
**Strategic Initiatives & Growth Drivers:**
Capacity expanded: new beverage lines in 4 Indian locations, SA can line. Launched PepsiCo Cheetos production in Morocco. H1 capex ~Rs. 2,500 Cr for this growth.
**Business Developments:**
Acquired 50% stake in Sri Lankan visi-cooler maker, Everest Industrial Lanka. Board approved a Rs. 0.50/share interim dividend (~Rs. 169 Cr).
**Market Position & Competitive Advantage:**
PepsiCo's 2nd largest global franchisee, leverages 50 plants, 1.15M visi-coolers. Efficiencies and African market backward integration boost profitability.
**Investor Implications:**
Despite Q2 India weather, international strength and margin gains show resilience. Capex for growth/diversification signals strong positive potential. Net debt-free status offers stability.