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Varun Beverages Q1 Results Review: Resilient Show; ICICI Securities Maintains 'Hold' On Stretched Valuations
While ICICI Securities remains positive on Varun Beverages’ strong growth prospects, believes company's current valuation offers limited upside.
02 May 2025, 10:54 AM IST 
Varun Beverages Ltd.'s Q1 CY25 performance was marginally ahead of the brokerage's estimates with revenue/ Ebitda/ PAT growing by 29%/ 28%/ 33% driven by 30% volume growth. (Photo source: Unsplash)
Varun Beverages reported revenue/Ebitda/PAT growth of 29%/28%/33% YoY. Gross/Ebitda margins contracted by 171bps/20bps YoY largely to inferior product mix. Net realisation per case declined 0.9% YoY, largely due to lower realisation in own brands in South Africa. Notably, realisation per case grew 1.8% in India and remained flat in International (ex. South Africa). Depreciation increased by 45% YoY on account of commissioning of new ...
