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    HomeNewsBusinessStocksBuy Varun Beverages; target of Rs 940: Motilal Oswal

    Buy Varun Beverages; target of Rs 940: Motilal Oswal

    Motilal Oswal is bullish on Varun Beverages recommended buy rating on the stock with a target price of Rs 940 in its research report dated August 03, 2023.

    Broker Research
    August 06, 2023 / 22:08 IST
    Buy
       
       
      26 Aug, 2025 12:21
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      Motilal Oswal's research report on Varun Beverages

      Varun Beverages (VBL) reported a revenue growth of 13% YoY in 2QCY23, led by growth in volumes (up 4.7% YoY) and higher realization (up 8.2% YoY to INR179/case). Sales volume growth in India was adversely impacted by abnormally high unseasonal rains throughout the quarter. Softening of PET chips prices led to a 200bp YoY improvement in gross margins. Gross margin/unit case grew 12% YoY to INR93.8, while EBITDA/unit case improved 15% YoY to INR48.12, supported by favorable operating leverage.

      Outlook

      We maintain our CY23/CY24/CY25 estimates and reiterate our BUY rating on the stock with a TP of INR940.

      For all recommendations report, click here

      Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

      Varun Beverages - 04 -08 - 2023 - moti
      Broker Research
      first published: Aug 6, 2023 10:08 pm

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