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Motilal Oswal Report
Varun Beverages Ltd. posted strong revenue growth in Q2 CY22, led by robust volume growth (up 97% YoY) and higher realisation (up 3%).
Ebitda/unit case improved by 11% YoY to Rs 41.7 on the back of operating leverage and higher realisations, despite inflationary raw material environment impacting gross margin.
Varun Beverages' adjusted profit after tax stood at Rs 7.9 billion (our estimate: Rs 7.1 billion) versus Rs 3.1 billion in Q2 CY21, led by higher growth in revenue from operations, improvement in margin, and transition to a lower tax rate in India.
Subsidiary (consolidated less standalone) sales/Ebitda grew 31%/41% YoY to Rs 6.5 billion/Rs 1.5 billion in Q2 CY22. Adjusted profit after tax declined by 16% YoY to Rs 591 million.
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