Varun Beverages Ltd

Varun Beverages Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Varun Beverages Ltd

₹ 478 1.97%
21 Feb - close price
varunbeverages.com BSE: 540180 NSE: VBL
About

Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo.
PepsiCo brands produced and sold by the company include Pepsi, Seven-up, Mirinda Orange, Mountain Dew, Tropicana Juices and many more. [1]

Key Points

Brands[1]
PepsiCo. franchised Brands - Pepsi, Tropicana, Slice, 7UP, Sting, Kurkure, Aquafina, Lipton, Doritos, Mirinda, Fritolay etc.
Own Brands - Jive, Cooe, Reboost, Creambell, Aquaclear, Refreshh etc.

Website BSE NSE
  • Market Cap ₹ 1,61,530 Cr.
  • Current Price ₹ 478
  • High / Low ₹ 683 / 454
  • Stock P/E 69.6
  • Book Value ₹ 49.0
  • Dividend Yield 0.21 %
  • ROCE 23.3 %
  • ROE 19.6 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 39.1% CAGR over last 5 years
  • Company's median sales growth is 19.2% of last 10 years

Cons

  • Stock is trading at 9.75 times its book value
  • Promoter holding has decreased over last quarter: -2.46%

* 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.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

Part of BSE 100 LargeCap TMC Index BSE India Manufacturing Index Nifty Alpha 50 BSE Allcap BSE Fast Moving Consumer Goods

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
1,101 2,184 4,366 2,502 1,544 3,222 4,672 2,892 1,846 3,446 5,802 3,087 2,014
1,036 1,785 3,263 2,001 1,368 2,550 3,364 2,185 1,552 2,625 4,063 2,286 1,691
Operating Profit 65 399 1,103 501 176 672 1,308 707 294 821 1,739 801 323
OPM % 6% 18% 25% 20% 11% 21% 28% 24% 16% 24% 30% 26% 16%
34 20 24 26 74 19 46 31 51 33 67 100 154
Interest 34 43 35 32 43 57 62 56 67 84 103 99 64
Depreciation 98 101 125 111 147 136 129 128 125 139 167 157 154
Profit before tax -33 275 967 383 59 498 1,162 555 154 630 1,536 645 259
Tax % -40% 29% 25% 25% 1% 25% 25% 25% 23% 26% 25% 24% 19%
-20 195 728 288 59 373 868 416 119 469 1,150 492 209
EPS in Rs -0.06 0.60 2.24 0.89 0.18 1.15 2.67 1.28 0.37 1.44 3.54 1.52 0.62
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024
1,745 2,019 2,864 2,980 3,063 3,862 5,616 4,876 6,596 10,596 12,633 14,349
1,517 1,696 2,284 2,277 2,338 2,996 4,411 4,016 5,394 8,371 9,572 10,665
Operating Profit 228 322 580 703 725 866 1,205 860 1,202 2,224 3,061 3,684
OPM % 13% 16% 20% 24% 24% 22% 21% 18% 18% 21% 24% 26%
33 42 41 50 46 88 98 5 36 99 70 354
Interest 149 158 140 389 192 196 282 250 156 156 244 350
Depreciation 134 152 263 249 274 296 387 413 400 483 518 618
Profit before tax -22 55 219 114 304 463 634 203 682 1,684 2,368 3,070
Tax % -26% 35% 31% 22% 23% 28% 29% -12% 28% 25% 25% 24%
-16 35 152 90 236 332 449 226 489 1,270 1,775 2,320
EPS in Rs -0.07 0.16 0.67 0.29 0.76 1.08 1.38 0.70 1.51 3.91 5.47 6.86
Dividend Payout % 0% 0% 0% 0% 19% 14% 16% 32% 22% 18% 18% 7%
Compounded Sales Growth
10 Years: 22%
5 Years: 21%
3 Years: 30%
TTM: 14%
Compounded Profit Growth
10 Years: 52%
5 Years: 39%
3 Years: 66%
TTM: 27%
Stock Price CAGR
10 Years: %
5 Years: 46%
3 Years: 57%
1 Year: -21%
Return on Equity
10 Years: 18%
5 Years: 20%
3 Years: 24%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024
Equity Capital 134 134 134 182 183 183 289 289 433 650 650 676
Reserves 129 120 277 1,954 2,114 2,406 3,578 3,723 3,966 4,868 6,426 15,882
1,929 2,231 2,204 1,460 2,087 2,535 3,201 3,052 3,186 3,595 4,882 881
306 387 1,527 1,003 915 962 1,306 1,233 1,481 1,957 2,052 2,044
Total Liabilities 2,497 2,872 4,142 4,600 5,299 6,086 8,374 8,297 9,066 11,069 14,009 19,484
1,719 1,733 2,916 2,992 3,278 3,322 5,402 5,263 5,012 5,752 6,938 9,185
CWIP 10 17 32 69 12 339 59 39 478 540 1,576 956
Investments 168 523 304 501 627 774 908 1,352 1,352 1,354 1,450 2,096
599 599 889 1,039 1,381 1,651 2,005 1,642 2,224 3,423 4,045 7,247
Total Assets 2,497 2,872 4,142 4,600 5,299 6,086 8,374 8,297 9,066 11,069 14,009 19,484

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024
252 378 510 752 500 742 1,067 720 868 1,559 1,953 2,967
-445 -500 -360 -1,108 -809 -704 -2,229 -228 -725 -1,509 -2,770 -3,687
195 116 -134 353 326 -67 1,193 -488 -155 -26 819 2,729
Net Cash Flow 1 -6 16 -4 16 -29 31 4 -12 23 2 2,009

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024
Debtor Days 8 6 6 6 11 13 8 13 7 5 6 5
Inventory Days 64 67 86 96 82 86 94 112 124 99 94 93
Days Payable 27 29 24 39 22 37 44 45 54 40 30 31
Cash Conversion Cycle 45 44 68 63 72 62 58 80 78 64 70 68
Working Capital Days -20 -24 -46 -57 -33 -13 -6 -3 42 33 39 46
ROCE % 6% 9% 14% 16% 12% 14% 15% 7% 12% 23% 26% 23%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
64.89% 63.90% 63.90% 63.90% 63.90% 63.61% 63.09% 63.09% 62.91% 62.67% 62.67% 60.20%
21.03% 23.93% 25.01% 26.45% 26.00% 26.71% 27.55% 26.58% 25.79% 25.32% 24.18% 25.27%
7.21% 5.31% 4.45% 3.42% 3.67% 3.16% 3.36% 3.58% 4.16% 4.54% 4.97% 7.00%
6.87% 6.86% 6.62% 6.20% 6.41% 6.52% 6.01% 6.74% 7.16% 7.46% 8.19% 7.52%
No. of Shareholders 1,37,2081,73,9352,35,8042,44,9752,61,2863,53,7423,75,5344,40,2784,89,8875,09,6076,98,7597,42,488

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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