Varun Beverages Q4 Review - Uptick In Consumption To Lead To All-Round Growth: Motilal Oswal
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Motilal Oswal Report
Varun Beverages Ltd. reported 9% revenue growth, driven by revival in carbonated soft drink volumes and an uptick in international volumes – leading to 6% YoY volume growth.
Blended realizations improved 2.8% YoY to Rs 153/unit case, led by a favorable product mix and improved realizations in the international market.
Q4 CY20 revenue/Ebitda was better than our estimates.
We raise our earnings estimate for CY21 by 21% – primarily owing to an increase in Ebitda (on the back of higher margins) and a lower tax rate – and maintain the same earnings estimate for CY22E.
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