Varun Beverages’ Annual Report Analysis - Acquired Geographies To Lead Next Leg Of Growth: Motilal Oswal
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Motilal Oswal Report
Our analysis of Varun Beverages Ltd. CY20 annual report highlights the management’s efforts to improve its presence, product mix, and utilization levels. Key insights mentioned below:
Over CY13-20, volume mix of carbonated soft drinks has fallen by ~10% to 73% in CY20 (309 million units).
However, corresponding volume has grown at 13% compound annual growth rate over the same period.
The drop in volume mix is due to increased focus of the management towards diversifying its product portfolio through the introduction of newer products in non-carbonated beverages.
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