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Motilal Oswal Report
Varun Beverages Ltd. reported a revenue growth of 22% YoY in Q3 CY23, led by strong volume growth (up 15.4% YoY) and high realisation (up 5.6% YoY to Rs 176/case) in both India and international regions.
PET chip prices softened for another quarter, resulting in a 160 basis points YoY gain in gross margins. Varun Beverages' gross margin/Ebitda per unit case each grew by 9% YoY to Rs 97.8/Rs 40.1, supported by lower raw material prices.
We maintain our CY23/CY24/CY25 estimates and reiterate our 'Buy' rating on the stock with a target price of Rs 1,090.
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