Led by robust volume growth, Varun Beverages posted a better than estimated performance in the 2023-24 October-December quarter.
As one of PepsiCo's largest franchisees globally, the company achieved 20 per cent year-on-year (Y-o-Y) revenue growth, with volumes accounting for about 17 per cent, and the remaining being realisation gains.
Since its results, the stock has gained over 5 per cent and is currently trading at 1,370.6 per share.
The Indian market led on the volume front, experiencing a growth of 19 per cent, while international markets posted a 16 per cent growth. Realisation growth was driven by a better product mix in the country and higher realisations in overseas markets.
Profitability also remained strong, with gross margin expansion of 35 basis points (bps) over the year-ago quarter.
On a sequential basis, the improvement was 130 bps. The gains, exceeding Street estimates, were primarily led by the softening of polyethylene terephthalate chip (bottling) prices.
This story is from the February 10, 2024 edition of Business Standard.
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This story is from the February 10, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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