Varun Beverages Annual Report Analysis - Strong Focus On Growth To Continue: ICICI Securities
Bottles of PepsiCo Inc. Pepsi brand soda (Photographer: Daniel Acker/Bloomberg)

Varun Beverages Annual Report Analysis - Strong Focus On Growth To Continue: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Varun Beverages Ltd.’s annual report’s top highlights-

1. Management remains confident on higher growth led by multiple tailwinds such as low per capita consumption, improving penetration in rural and semi-urban markets and rising in-home consumption,

2. The company has increased investments in trade with the installation of 25,000 plus visi-coolers in CY20,

3. there is a reduction in trade discounts largely due to lower turnover. Most dealers were unable to achieve turnover targets, in our view,

4. there is increase in net working capital days due to lower sales but working capital in rupee terms has also increased by Rs 0.5 billion YoY.

Click on the attachment to read the full report:

ICICI Securities Varun Beverages Annual Report .pdf


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