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Yes Securities Report
Varun Beverages Ltd. posted a solid volume growth on a low base led by unrestricted operations, pick-up in mobility and strong international performance.
Growth was even better in juices and other new launches with out-of-home channel displaying strong momentum and in-home consumption trends sustaining.
High operating leverage and cost efficiencies helped maintain margins despite significant PET cost inflation. Varun Beverages looks set to have a strong CY22 after two consecutive pandemic-affected peak seasons and is also planning for the next phase of expansion with a new greenfield unit in Bihar.
As debt keeps coming down and cash position keeps improving, Varun Beverages is looking at acquiring more territories from Pepsico mainly in Africa.
Continued retail outlet expansion driving market share gains in carbonated soft drinks coupled with success in categories like dairy and energy drinks should remain key growth drivers.
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