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Axis Securities Report
Varun Beverages Ltd.'s Q3 CY22 result was robust and ahead of our and consensuses estimates. The strong performance was led by a healthy revenue growth of ~32% YoY (~22% on a three-year compound annual growth rate), volume growth of 24% to 190 million cases, and realisation growth of ~7% to Rs 167/case.
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The management alluded to strong volume growth of 22% (India business) and 31% (international), coupled with strong growth in Sting led the overall topline growth.
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Net realisation per case stood at Rs 167/case, up 6.8% led by price hikes, a higher mix of high-margin Sting energy drink (250 ml).
Varun Beverages' gross margins stood at 53.7% (up 90 basis points YoY) while Ebitda margins stood at 22% (up 140 bps YoY) aided by the higher realisation and operating leverage. Profit after tax stood at Rs 395 crore (up 53% YoY).
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