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Motilal Oswal Report
Varun Beverages Ltd. reported a revenue growth of 29% YoY in Q2 CY24, led by volume growth (up 28% YoY). This was primarily driven by a domestic volume growth of 23% YoY due to increased capacity and a strong summer season. However, international volume was flat due to the portfolio transition to zero sugar in Zimbabwe.
Realization was flat YoY at Rs 179/case.
Management guided a double-digit volume growth in the domestic market going forward, while international market (mainly Zimbabwe) would rebound to a healthy volume growth from Q3 CY24.
We largely maintain our CY24/CY25/CY26 earnings estimates. We reiterate our Buy rating on the stock with a target price of Rs 1,850.
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