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Motilal Oswal Report
Varun Beverages Ltd. reported a revenue growth of 21% YoY in Q4 CY23, led by strong volume growth (up 18% YoY) and high realisation (up 2% YoY to Rs 171/case).
While we maintain our CY24 earnings, we increase our CY25 earnings estimate by 7%, integrating the recently acquired South African beverage company BevCo's financials and also increasing volume growth estimate of the existing business to 16%/14% for CY24/25 from 14%/13% earlier estimated.
However, higher interest cost, led by increase in debt (capex and acquisition-led increase) partly offsets the increase in earnings.
We reiterate our 'Buy' rating on the stock with a target price of Rs 1,500.
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