Buy Varun Beverages; target of Rs 1090: Motilal Oswal

Motilal Oswal is bullish on Varun Beverages recommended buy rating on the stock with a target price of Rs 1090 in its research report dated November 06, 2023.

Broker Research

November 09, 2023 / 13:17 IST

Buy

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bselive
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Volume

Todays L/H

Motilal Oswal's research report on Varun Beverages

Varun Beverages (VBL) reported a revenue growth of 22% YoY in 3QCY23, led by strong volume growth (up 15.4% YoY) and high realization (up 5.6% YoY to INR176/case) in both India and international regions. PET chip prices softened for another quarter, resulting in a 160bp YoY gain in gross margins. Gross margin/EBITDA per unit case each grew by 9% YoY to INR97.8/INR40.1, supported by lower raw material prices.

Outlook

We maintain our CY23/CY24/CY25 estimates and reiterate our BUY rating on the stock with a TP of INR1,090.

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Varun Beverages - 05 - 10-2023 - moti

Broker Research

first published: Nov 9, 2023 01:09 pm

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