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Varun Beverages Ltd. reported a strong operating performance on the back of higher volume growth across the carbonated soft drinks and non-carbonated beverages segments.
Volumes increased 32% year-on-year to 151 million unit-cases.
This was primarily led by an increase in out-of-home consumption, coupled with strong demand for newly launched products in the NCB segment.
Q1 CY21 revenue/Ebitda numbers were marginally better than our estimates.
However, we decrease our revenue/earnings estimate for CY21 by 4%/16%, primarily due to the partial lockdowns imposed across several states – which is expected to affect volumes during the peak season over April–June 2021 and delay expansion plans in the south and west regions.
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