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Motilal Oswal Report
Varun Beverages Ltd. reported a revenue growth of 13% YoY in Q2 CY23, led by growth in volumes (up 4.7% YoY) and higher realisation (up 8.2% YoY to Rs 179/case).
Sales volume growth in India was adversely impacted by abnormally high unseasonal rains throughout the quarter.
Softening of PET chips prices led to a 200 basis points YoY improvement in gross margins.
Varun Beverages' gross margin/unit case grew 12% YoY to Rs 93.8, while Ebitda/unit case improved 15% YoY to Rs 48.12, supported by favorable operating leverage.
We maintain our CY23/CY24/CY25 estimates and reiterate our 'Buy' rating on the stock with a target price of Rs 940.
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