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Varun Beverages Ltd share Price

Company details

6M Return 29.31%
1Y Return 124.55%
Mkt Cap.(Cr) 110,756.13
Volume 676,308
Div Yield 0.21%
OI Chg %
Volume 676,308

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Splendid volume growth continues…

About The Stock

    Varun Beverages is one of the largest franchisees of PepsiCo in the world. The company produces & distributes carbonated drinks, juices & packaged drinking water in six countries including India. Some of the PepsiCo brands produced by VBL includes Pepsi, Diet Pepsi, Seven-Up, Mirinda, Mountain Dew, Nimbooz, String, Slice, Tropicana, Aquafina among others.  The company has operations in India (except Andhra Pradesh, J&K & Ladakh), Sri-Lanka, Nepal, Morocco, Zambia & Zimbabwe

Q1CY22 Results

    Varun Beverages reported robust volume growth of 18.7%.

    • Sales were up 26.2% YoY led by strong recovery in volumes
    • EBITDA was at ₹ 531 crore, up 39.1% YoY, with margins at 18.8%  Consequent PAT grew 98.2% to ₹ 271.1 crore

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Varun Beverages Ltd.

Q1CY23 Quarterly Result Announced for Varun Beverages Ltd.

Varun Beverages announced Q1CY23 results:

  • Revenue from operations (net of excise / GST) grew by 37.7% YoY to Rs 38,929.8 million
    • Net realization increased by 10.4% to Rs 173.7 per case primarily due to a price increase, taken towards the end of the corresponding quarter last year.
    • Total sales volumes grew by 24.7% in Q1CY23 to 224.1 million cases compared to 179.7 million cases in Q1CY22
  • EBITDA increased by 50.3% to Rs 7,980.4 million from Rs 5,309.9 million
    • Gross margins improved by 89 bps to 52.4% from 51.5% in Q1CY23
    • EBITDA margins improved by 172 bps to 20.5% in Q1CY23 driven by operational efficiencies on the back of strong revenue growth
  • PAT increased by 61.8% to Rs 4,385.7 million from Rs 2,710.9 million in Q1CY22 driven by high growth in revenue from operations, improvement in margins, and transition to a lower tax rate in India
    • Depreciation increased by 31% and Finance cost increased by 33% in Q1CY23 on account of the capitalization of assets and setting-up of new production facilities.

Commenting on the performance for Q1CY23 Ravi Jaipuria, Chairman, Varun Beverages said, “We are pleased to share that the Company achieved remarkable operational and financial performance during the quarter despite weather disruptions in some parts of India in the month of March. Moving onto our expansion plans, we are happy to report the commissioning of our greenfield production facility at Kota, Rajasthan, and brownfield expansion at 6 facilities. The additional Greenfield plant in Jabalpur, MP is expected to be operational very soon. With regard to our international growth plans, construction of a new production facility in DRC has already started. We expect the facility to be operational before the year-end.

Our energy drink product has achieved a significant share in our overall mix and has firmly established our leadership position in the category. Our focus now turns towards new performers like Value Added Dairy, Sports Drinks, and Juice segments to sustain the growth momentum. These products continue to be well received by consumers, providing us with the confidence that these products will fuel the Company's next leg of growth.

It gives me immense pleasure to announce, as approved by shareholders in our annual general body meeting, the final dividend of Re 1 per share taking the total dividend payout for the full year to level of Rs 3.5 per share. Furthermore, the Board recommended the split of existing equity shares of the Company from One equity share having face value of Rs 10 each into Two equity shares having face value of Rs 5 each. This is subject to the approval of equity shareholders of the Company. We are also committed to safeguarding our environment and promoting sustainability in all our operations. One of the key ways we are doing this is by investing in PET recycling and implementing measures to improve energy and water efficiency.

Our goal is to have a net positive impact on the environment, and we are continuously evaluating and implementing new ways to minimize our ecological footprint. Overall, we are encouraged by our strong start and remain confident about delivering good performance this year. With our robust on-ground execution capabilities, expanding manufacturing capacities, and increasing distribution reach, we believe we are well-positioned to achieve sustainable growth in the medium to long term.”



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Trading recommendation

Call Date
04 Aug 2021
Entry Price 789.00
Target Price 950.00
Stop Loss -

Investment recommendation

Splendid volume growth continues…
Call Date
03 May 2023
Entry Price 1,417.00
Target Price 1,470.00
12-18 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Varun Beverages Ltd Stocks COMPARISION


Equity Capital: 5,102.38 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 4,188.45 35,624.98
LAST 3M 15,476.00 58,211.56
LAST 6M 62,880.13 40,205.86
LAST 12M 117,744.22 87,447.13
Varun Beverages honored with PepsiCo`s International Bottler of the Year award

Jun 01, 2023 l BSE Announcement

Varun Beverages Limited - Press Release

Jun 01, 2023 l NSE Announcement

Varun Beverages Limited - Analysts/Institutional Investor Meet/Con. Call Updates

May 29, 2023 l NSE Announcement

Date Action Type Ratio
Apr 12, 2023 Dividend 10
Aug 11, 2022 Dividend 25
Jun 06, 2022 Bonus 1:2

Varun Beverages Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Varun Beverages Ltd. is an Indian-based company involved in producing, bottling, and distributing beverages. It was incorporated in 1995 under the parent company RJ Corporation. The company’s headquarters are based in Gurgaon. For the quarter ended June 2022, the company recorded a profit of Rs 787.44 crore after tax, up 209.76% from the previous quarter ended March 2022. On 5 August 2022, its market capitalisation was worth Rs 66,595 crore.
    The company’s Bombay Stock Exchange listing code is 540180, and the National Stock Exchange listing code is VBL.
    Varun Beverages Ltd. manufactures carbonated soft drinks, soft drinks, and non-alcoholic beverages. It is the world’s second-largest bottling company of PepsiCo’s beverages outside the United States. The company also distributes Aquafina bottled water, Quaker Oats’ milk-based drinks, Tropicana fruit juices, and Gatorade sports-themed beverages.
    The company’s total income for the quarter ended June 2022 was Rs 4,965.29 crore, up 75.08% from the previous quarter ended March 2022. Its quarter-on-quarter revenue growth was the highest in the past three years. In June 2022, the company’s shareholding pattern indicated a promoter stake of 63.9%, foreign institutional investor stake of 23.93%, public stake of 6.86%, and mutual fund stake of 4.38%. RJ Corporation Ltd. is the leading promoter with a 27.4% stake.
    Varun Beverages Ltd.’s top management includes Mr Ravi Kant Jaipuria, Mr Pradeep Sardana, Mr Kapil Agarwal, Mr Raj Pal Gandhi, Dr Ravi Gupta, Ms Rashmi Dhariwal, Ms Sita Khosla, Mr Varun Jaipuria, and Mr Rajinder Jeet Singh Bagga, among otheRs The auditors are Walker Chandiok &Co. LLP, APAS & Co. LLP, and APAS & Co.
    On 5 August 2022, Varun Beverages Ltd.’s share price on BSE closed at Rs 1024.70. The share price on NSE closed at Rs 1025.25. The 52-week high for Varun Beverages Ltd.’s share price was Rs 1047.80. The 52-week low for the company’s share price was Rs 480.44.
    As of July 2022, Sundaram Debt Oriented Hybrid Fund holds a 0.71% stake in Varun Beverages Ltd. Canara Robeco Conservative Hybrid Fund holds a 0.37% stake, while Nippon India Retirement Fund - IG holds a 0.32% stake.

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose

Registered Address

F-2/7 Okhla Industrial Area, Phase-I, New Delhi, New Delhi, 110020

Tel : 91-124-4643100/41706720-25
Email : complianceofficer:rjcorp.in
Website : http://www.varunpepsi.com

KFin Techologies Ltd

AGM Date (Month) : Apr
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 540180
NSE Code : VBL
Book Closure Date (Month) : Mar/Apr
BSE Group : A
ISIN : INE200M01013

FAQ’s on Varun Beverages Ltd Shares

You can buy Varun Beverages Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Varun Beverages Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Jun 05, 2023 03:58 PM the closing price of Varun Beverages Ltd was ₹ 1,705.10.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Jun 05, 2023 03:58 PM, the market cap of Varun Beverages Ltd stood at ₹ 110,756.13.

The latest PE ratio of Varun Beverages Ltd as of Jun 05, 2023 03:58 PM is 66.08

The latest PB ratio of Varun Beverages Ltd as of Jun 05, 2023 03:58 PM is 0.05

The 52-week high of Varun Beverages Ltd is ₹ 1,747.00 while the 52-week low is ₹ 720.05

According to analyst recommendations, Varun Beverages Ltd has a “Buy” rating for the long term.

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