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Motilal Oswal Report
Varun Beverages Ltd. reported strong volume/revenue growth on the back of demand recovery across product segments and a lower base.
It reported a stable operating performance, albeit gross margin contraction, owing to sustainable cost optimisation measures implemented last year.
Q2 CY21 revenue/Ebitda/profit after tax came in above our estimates.
We increase our earnings estimates of Varun Beverages for CY21/CY22 by 29%/8%, on the back of:
better realisation on an improving product mix,
an increase in volumes on strong demand recovery, and
increasing traction in newly launched products.
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