Varun Beverages Ltd.'s share price jumped over 5% shortly after its June quarter results were announced on Tuesday.
The company's net profit increased by 5.1% to Rs 1,317 crore compared to Rs 1,253 crore in the year-ago period. However, the revenue was down 2.5% to Rs 7,017 crore.
The beverage manufacturer also declared a dividend of Rs 0.5 per share.
Varun Beverages Q2 Highlights (Consolidated, YoY)
Revenue down 2.5% to Rs 7,017 crore versus Rs 7,197 crore.
Ebitda up 0.4% to Rs 1,999 crore versus Rs 1,991 crore.
Margin at 28.5% versus 27.7%.
Net profit up 5.1% to Rs 1,317 crore versus Rs 1,253 crore.
Varun Beverages Share Price
Shares of Varun Beverages rose as much as 5.76% to Rs 3,717.5 apiece. They pared gains to close 5.58% higher at Rs 513.9 apiece. This compares to a 0.57% advance in the NSE Nifty 50.
The stock had fallen 23.71% in the last 12 months and 19.45% year-to-date. Total traded volume so far in the day stood at 8.11 times its 30-day average. The relative strength index was at 58.18.
Out of 29 analysts tracking the company, 27 maintain a 'buy' rating, two recommend a 'hold' according to Bloomberg data. The average of 12-month consensus price target implies a potential upside of 18.7%.
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