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Last Updated : Nov 05, 2019 10:40 AM IST | Source: Moneycontrol.com

Varun Beverages share price gains 6% as CLSA maintains buy, sets target at Rs 860

The company's Q3FY20 consolidated net profit rose 83.7 percent at Rs 81.1 crore versus Rs 44.1 crore.

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Shares of Varun Beverages gained 6.6 percent intraday on November 5 after broking house CLSA maintained buy rating with a price target of Rs 860 per share.

The company has posted strong growth in the international segment and it remains as our preferred pick in the consumer space, said CLSA.

The double-digit growth appears commendable in the current context and management appeared confident in its near-term outlook, it said.

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There is steady progress on the recently acquired South & West territory and despite the large acquisition, there has been no negative surprise on margin.

The company's Q3FY20 consolidated net profit rose 83.7 percent at Rs 81.1 crore versus Rs 44.1 crore, while revenue was up 47.5 percent at Rs 1,777 crore versus Rs 1,204.5 crore, YoY.

Its EBITDA was up 54.2 percent at Rs 325.6 crore and EBITDA margin was up at 18.3 percent.

At 09:35 hrs Varun Beverages was quoting at Rs 659.80, up Rs 30.05, or 4.77 percent on the BSE.

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First Published on Nov 5, 2019 09:55 am
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