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Axis Securities Report
We believe Varun Beverages Ltd. is expected to continue its strong growth momentum, which will be led by-
Normalised operations along with market share gains in newly-acquired territories (post Covid-19 disruptions),
The management's continued focus on the efficient go-to-market execution in acquired and underpenetrated territories,
Expansion in its distribution reach mainly in rural with total outlets at 3.5 million outlets in CY23 as well as expected addition of 4-5 lakh outlets per year,
Focus on expanding high-margin Sting energy drink across outlets coupled with increased focus on expansion of Value-Added Dairy, sports drink (Gatorade), and Juice segment, and,
Robust growth in the International geographies, led by focused execution and scaling up BevCo in CY24.
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