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Axis Securities Report
Varun Beverages Ltd.'s performance in Q3 CY21 was an all round beat to our and consensus estimates in absolute terms led by a healthy 28.4% volume growth and realisation growth reported across its markets.
Commentary on demand recovery likely to sustain going forward, resumption of on-the-go consumption and continued sustenance of in-home consumption, new products reporting strong growth and huge penetration led opportunity in Bihar (new greenfield capex) were key positives.
Varun Beverages' overall consolidated revenues at Rs 2,398 crore grew 33% YoY (our estimate – Rs 2,163 crore, 11% beat), on the back of 28.4%/ rise in overall volumes YoY at 153.3 million cases.
Overall realisations at Rs 156.4/case was 3.6% higher YoY driven by international territories despite higher share of water in the overall mix.
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