Varun Beverages shares remain dampened even as the company announced its estimates beating Q4 earnings and a 1:2 stock split.

What Happened: Pepsico’s India Bottler saw its net revenue climb up 38% year-over-year to ₹3,893 crore in the March quarter. Total sales volumes grew by 24.7% in the quarter ended March to 224.1 million cases compared to 179.7 million cases in the year-ago period.

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The company EBITDA jumped up 50% YoY to ₹798.04 crore. Net profits for the period stood at ₹429.1 crore, up close to 69% from the year-ago period. The company attributed the jump in profits to high growth in revenue from operations, improvement in margins, and transition to a lower tax rate in India.

The company also announced a stock split. The company’s board approved a 1:2 stock split. “The Record Date for sub-division/split of existing Equity Shares shall be decided after taking approval of the Equity Shareholders of the Company,” the company added in a statement.
However, the announcement has not helped the stock. After a brief bump VBL share price slumped deep in the red in the late hours of trading on Tuesday.

Price Action: VBL share price was down 2.33% to trade at ₹1,411.50 in the late hours of trading on Tuesday.

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