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Motilal Oswal Report
Varun Beverages Ltd. reported a revenue growth of 11% YoY in Q1 CY24, led by volume growth (up 7% YoY) and high realisation (up 4% YoY to Rs 180/case).
Ebitda margins expanded 240 basis points YoY, led by improved gross margins (up 390 bp YoY). This improvement can be attributed to decreased PET prices, the company's concentrated efforts to minimize sugar content, and the adoption of lighter packaging materials.
We largely maintain our CY24/CY25/CY26 earnings. We reiterate our Buy rating on the stock with a target price of Rs 1,720.
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