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ICICI Securities Report
Post our latest interaction with the management and channel checks, we note -
1. in-home consumption remains strong even after lifting of lockdown and travel restrictions. Increase in in-home consumption is a structural growth opportunity for Varun Beverages Ltd. and the company is focusing on 1.25 litre stock keeeping unit to capture it,
2. there were no changes in prices of beverages as there is negligible inflation in input prices and
3. the disruption in North India due to farmers protest and early onset of winter season has impacted consumption of beverages in December 2020 (a transitory impact).
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