Varun Beverages - Robust All-Round Performance: Axis Securities

Axis Securities Report

We believe Varun Beverages Ltd. is expected to continue its strong growth momentum, which will be led by-

1. Normalised operations along with market share gains in newly-acquired territories (post Covid-19 disruptions),

2. The management’s continued focus on the efficient go-to-market execution in acquired and underpenetrated territories,

3. Expansion in its distribution reach mainly in rural with total outlets at 3.5 million outlets in CY23 as well as expected addition of 4-5 lakh outlets per year,

4. Focus on expanding high-margin Sting energy drink across outlets coupled with increased focus on expansion of Value-Added Dairy, sports drink (Gatorade), and Juice segment, and,

5. Robust growth in the International geographies, led by focused execution and scaling up BevCo in CY24.

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