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Motilal Oswal Report
Varun Beverages Ltd. reported strong revenue growth of 38% YoY in Q1 CY23, led by robust growth in volumes (up 24.7% YoY) with realisation touching Rs 174/unit (up ~11% YoY).
Savings in raw material prices and an improved product mix led to a YoY improvement of 90 basis points in gross margins. Gross margin/unit case grew 12% YoY to Rs 91.1, while Ebitda/unit case improved 21% YoY to Rs 35.6, supported by favorable operating leverage.
Factoring in Q1 CY23 performance, we raise our CY23/CY24 earnings estimates by 6%/3% on the back of better-than-expected realisation and margins.
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