Varun Beverages

₹1465.5 20.8 | 1.4%

WEBSITE BSE:540180 NSE : VBL 10 May, 16:01

Market Cap ₹190421 Cr.

Stock P/E 92.6

P/B 27.5

Current Price ₹1465.5

Book Value ₹ 53.3

Face Value 5

52W High ₹1610

Dividend Yield 0.17%

52W Low ₹ 754.4

Edit Ratio

Varun Beverages Research see more...

A strong player in the field of beverage industry - Varun Beverages Ltd

Overview Inc. Year: 1995Industry: Consumer Food

Varun Beverages Limited, together with its subsidiaries, operates as the franchisee of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs) bought below trademarks owned via PepsiCo. The agency manufactures, bottles, distributes, and sells a range of CSDs underneath the Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala Soda, Evervess Soda, Duke's Soda, Sting, Pepsi Black, Mountain Dew Ice, Slice Fizzy, and Teem manufacturers. It additionally produces and distributes NCBs beneath the name of Tropicana Slice, Tropicana Juices, Seven-Up Nimbooz, Gatorade, and Quaker Oats Milk logo names, as well as packaged consuming water beneath the Aquafina and Aquavess logo names. In addition, the corporation holds the franchise for Ole brand of PepsiCo products in Sri Lanka. It sells its merchandise to retail outlets at once and via vendors in India, as well as territories of Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. The corporation was established in 1995 and is primarily based in Gurugram, India. Varun Beverages Ltd is a subsidiary of RJ Corp Ltd.

Varun Beverages Share Price

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Peer Comparison

Varun Beverages Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	2440	1765	2867	5018	3248	2257	3953	5700	3938	2731
Other Income	37	1	9	10	11	9	10	42	19	9
Total Income	2477	1766	2876	5028	3259	2266	3963	5741	3956	2740
Total Expenditure	1946	1557	2336	3767	2549	1950	3155	4189	3056	2313
Operating Profit	532	208	540	1261	710	317	808	1553	901	427
Interest	43	37	47	46	45	47	63	69	63	74
Depreciation	138	129	131	153	153	180	172	172	171	166
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	350	42	361	1062	511	90	573	1311	667	188
Provision for Tax	93	9	90	260	116	8	135	306	153	44
Profit After Tax	258	33	271	802	395	82	439	1006	514	144
Adjustments	-18	-16	-17	-15	-14	-7	-10	-12	-13	-12
Profit After Adjustments	240	16	254	787	381	75	429	994	501	132
Adjusted Earnings Per Share	1.8	0.1	2	6.1	2.9	0.6	3.3	7.6	3.9	1

Varun Beverages Profit & Loss

#(Fig in Cr.)	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	TTM
Net Sales	2115	2502	3394	3861	4004	5105	7130	6450	8823	13173	16043	16322
Other Income	17	15	40	36	13	22	43	37	68	39	79	80
Total Income	2133	2517	3434	3897	4016	5127	7172	6487	8891	13212	16122	16400
Total Expenditure	1823	2116	2756	3063	3165	4088	5667	5236	7146	10367	12410	12713
Operating Profit	310	401	678	834	851	1039	1505	1251	1745	2845	3712	3689
Interest	171	187	170	435	215	223	324	294	207	204	292	269
Depreciation	184	210	317	322	347	385	489	529	531	617	681	681
Exceptional Income / Expenses	0	0	0	0	0	0	0	-67	0	0	0	0
Profit Before Tax	-46	4	191	79	291	434	696	363	1007	2024	2739	2739
Provision for Tax	-5	25	79	31	77	134	224	5	261	474	638	638
Profit After Tax	-40	-21	112	48	214	300	472	357	746	1550	2102	2103
Adjustments	1	1	1	-6	-4	-7	-3	-28	-52	-53	-46	-47
Profit After Adjustments	-40	-20	113	42	210	293	469	329	694	1497	2056	2056
Adjusted Earnings Per Share	-0.4	-0.2	1.3	0.3	1.7	2.4	3.6	2.5	5.3	11.5	15.8	15.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	22%	35%	26%	22%
Operating Profit CAGR	30%	44%	29%	28%
PAT CAGR	36%	81%	48%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	82%	88%	61%	NA%
ROE Average	35%	29%	23%	16%
ROCE Average	29%	25%	20%	15%

Varun Beverages Balance Sheet

#(Fig in Cr.)	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Shareholder's Funds	215	343	674	1694	1769	1999	3328	3524	4080	5102	6936
Minority's Interest	0	0	0	-13	-1	8	31	65	117	113	148
Borrowings	1695	1630	1580	1218	1691	1980	2355	1980	1813	1727	3189
Other Non-Current Liabilities	109	115	823	198	227	271	441	444	549	707	760
Total Current Liabilities	966	1204	1354	1728	1589	1741	2220	2435	3020	3969	4153
Total Liabilities	2986	3292	4431	4824	5276	5998	8376	8447	9579	11618	15187
Fixed Assets	2375	2355	3496	3715	3981	4387	6479	6409	6311	6932	8409
Other Non-Current Assets	67	78	205	256	326	470	225	239	723	1282	2542
Total Current Assets	544	859	730	853	930	1141	1672	1800	2546	3404	4236
Total Assets	2986	3292	4431	4824	5276	5998	8376	8447	9579	11618	15187

Varun Beverages Cash Flow

#(Fig in Cr.)	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Opening Cash & Cash Equivalents	19	17	5	24	33	65	43	138	105	151	154
Cash Flow from Operating Activities	297	431	555	826	620	1000	1308	1012	1231	1790	2391
Cash Flow from Investing Activities	-574	-500	-300	-1048	-745	-873	-2319	-471	-1011	-1705	-3290
Cash Flow from Financing Activities	274	58	-236	230	159	-84	1107	-574	-178	-18	985
Net Cash Inflow / Outflow	-2	-11	19	8	33	42	96	-33	43	67	86
Closing Cash & Cash Equivalent	17	5	24	33	65	43	138	105	151	154	242

Varun Beverages Ratios

#	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Earnings Per Share (Rs)	-0.44	-0.22	1.25	0.34	1.71	2.38	3.61	2.53	5.34	11.53	15.82
CEPS(Rs)	1.59	2.09	4.75	3.01	4.55	5.56	7.4	6.82	9.83	16.68	21.42
DPS(Rs)	0	0	0	0	1.25	1.25	1.25	1.25	1.25	1.75	2.5
Book NAV/Share(Rs)	1.94	1.58	2.48	13.76	14.35	16.21	25.62	27.13	31.41	39.25	53.32
Core EBITDA Margin(%)	12.44	13.75	16.35	17.61	18.56	19.45	16.94	15.85	18.01	20.38	21.81
EBIT Margin(%)	5.34	6.8	9.24	11.34	11.19	12.56	11.82	8.57	13.04	16.18	18.2
Pre Tax Margin(%)	-1.94	0.13	4.88	1.75	6.44	8.3	8.07	4.73	10.81	14.69	16.45
PAT Margin (%)	-1.72	-0.75	2.86	1.06	4.74	5.74	5.47	4.66	8.01	11.26	12.62
Cash Profit Margin (%)	6.12	6.72	10.99	8.17	12.41	13.1	11.13	11.57	13.72	15.74	16.71
ROA(%)	-1.46	-0.67	2.89	1.04	4.24	5.32	6.57	4.25	8.28	14.63	15.68
ROE(%)	-23.27	-13.21	60.84	5.01	12.37	15.92	17.73	10.43	19.62	33.77	34.95
ROCE(%)	5.39	7.21	13.09	15.44	12.13	14.23	17.67	9.73	17.14	27.47	28.97
Receivable days	12.1	10.55	9.12	9.23	11.38	9.71	6.36	9.87	9.08	6.9	7.22
Inventory Days	37.02	34.78	33.36	36.83	37.53	35.51	30.87	43.13	46.59	45.61	45.42
Payable days	34.98	42.41	38.83	48.22	46.94	41.29	45.04	65.31	55.33	44.77	39
PER(x)	0	0	0	164.07	56.59	49.09	43.58	80.33	55.31	57.37	78.14
Price/Book(x)	0	0	0	4.11	6.72	7.19	6.14	7.5	9.41	16.85	23.19
Dividend Yield(%)	0	0	0	0	0.38	0.32	0.35	0.27	0.28	0.26	0.2
EV/Net Sales(x)	1.14	1.08	0.77	2.36	3.61	3.35	3.32	4.57	4.69	6.78	10.31
EV/Core EBITDA(x)	7.79	6.77	3.84	10.92	16.99	16.46	15.74	23.54	23.72	31.39	44.55
Net Sales Growth(%)	17.51	18.31	35.64	13.76	3.69	27.52	39.65	-9.53	36.79	49.3	21.78
EBIT Growth(%)	-8.25	52.22	88.75	42.5	-1.66	29.88	55.43	-35.7	84.98	83.52	36.06
PAT Growth(%)	-260.78	47.89	631.22	-57.01	345.59	40.08	57.47	-24.34	108.82	107.78	35.59
EPS Growth(%)	-257.44	49.01	660.83	-72.49	395.18	39.3	51.98	-29.85	110.96	115.75	37.28
Debt/Equity(x)	13.3	7.04	3.08	1.31	1.5	1.41	1.03	0.91	0.82	0.72	0.75
Current Ratio(x)	0.56	0.71	0.54	0.49	0.59	0.66	0.75	0.74	0.84	0.86	1.02
Quick Ratio(x)	0.31	0.47	0.23	0.21	0.31	0.32	0.36	0.36	0.36	0.36	0.5
Interest Cover(x)	0.73	1.02	2.12	1.18	2.36	2.95	3.15	2.23	5.86	10.92	10.39
Total Debt/Mcap(x)	0	0	0	0.32	0.22	0.2	0.17	0.12	0.09	0.04	0.03

Varun Beverages Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	64.89	64.89	63.9	63.9	63.9	63.9	63.62	63.1	63.09	62.91
FII	21.23	21.03	23.93	25.01	26.45	26	26.7	27.54	26.57	25.77
DII	7.05	7.21	5.31	4.45	3.43	3.68	3.17	3.37	3.59	4.16
Public	6.82	6.87	6.86	6.64	6.22	6.42	6.51	6	6.75	7.16
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	28.1	28.1	41.5	41.51	41.5	41.51	82.65	81.97	81.97	81.75
FII	9.2	9.11	15.55	16.25	17.18	16.89	34.69	35.77	34.51	33.49
DII	3.05	3.12	3.45	2.89	2.23	2.39	4.12	4.38	4.67	5.4
Public	2.96	2.98	4.46	4.31	4.04	4.17	8.46	7.79	8.77	9.3
Others	0	0	0	0	0	0	0	0	0	0
Total	43.3	43.3	64.95	64.95	64.95	64.96	129.91	129.91	129.92	129.94

Pros

Company has delivered good profit growth of 47% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29%
Debtor days have improved from 44.77 to 39days.

Cons

Stock is trading at 27.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Varun Beverages

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Varun Beverages Research see more...

Overview Inc. Year: 1995Industry: Consumer Food

Varun Beverages Share Price

Alert Data

Quarterly Price

Peer Comparison

Varun Beverages Quarterly Results

Varun Beverages Profit & Loss

Growth Rates

Varun Beverages Balance Sheet

Varun Beverages Cash Flow

Varun Beverages Ratios

Varun Beverages Shareholding Pattern

Varun Beverages News

Top Unlisted Companies & InstaBuy Companies

Empire Spices and Foods ltd

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