Varun Beverages Ltd

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

Varun Beverages Ltd

₹ 621 -1.76%
03 Dec - 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, 8UP, Sting, Kurkure, Aquafina, Lipton, Doritos, Mirinda, Fritolay etc.
Own Brands - Jive, Cooe, Reboost, Creambell, Aquaclear, Refreshh etc.

Website BSE NSE
  • Market Cap ₹ 2,09,840 Cr.
  • Current Price ₹ 621
  • High / Low ₹ 683 / 422
  • Stock P/E 82.6
  • Book Value ₹ 26.4
  • Dividend Yield 0.16 %
  • ROCE 28.8 %
  • ROE 35.2 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 47.3% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.3%
  • Company's median sales growth is 21.8% of last 10 years

Cons

  • Stock is trading at 23.5 times its book value
  • Promoter holding has decreased over last quarter: -2.46%
  • Company might be capitalizing the interest cost

* 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 Momentum Index BSE 250 LargeMidCap Index BSE 500 Nifty Total Market Nifty LargeMidcap 250

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
2,398 1,734 2,827 4,955 3,177 2,214 3,893 5,611 3,871 2,668 4,317 7,197 4,805
1,904 1,527 2,296 3,704 2,478 1,907 3,095 4,101 2,989 2,249 3,329 5,206 3,654
Operating Profit 495 208 531 1,251 699 307 798 1,511 882 418 989 1,991 1,151
OPM % 21% 12% 19% 25% 22% 14% 20% 27% 23% 16% 23% 28% 24%
37 1 9 10 11 9 10 42 19 9 8 44 24
Interest 43 37 47 46 45 47 63 69 62 74 94 129 119
Depreciation 138 129 131 153 153 180 172 172 171 166 188 242 257
Profit before tax 350 42 361 1,062 511 90 573 1,311 667 188 716 1,663 800
Tax % 26% 22% 25% 24% 23% 9% 24% 23% 23% 24% 23% 24% 21%
258 33 271 802 395 82 439 1,005 514 144 548 1,262 629
EPS in Rs 0.74 0.05 0.78 2.42 1.17 0.23 1.32 3.06 1.54 0.41 1.65 3.86 1.91
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 TTM
1,800 2,115 2,502 3,394 3,861 4,004 5,105 7,130 6,450 8,823 13,173 16,043 18,987
1,572 1,824 2,116 2,752 3,052 3,165 4,069 5,667 5,235 7,129 10,310 12,326 14,438
Operating Profit 228 291 387 642 810 838 1,036 1,462 1,215 1,694 2,863 3,717 4,549
OPM % 13% 14% 15% 19% 21% 21% 20% 21% 19% 19% 22% 23% 24%
44 19 14 36 27 14 6 47 -30 51 -18 -5 86
Interest 116 171 187 170 435 215 223 324 294 207 204 292 415
Depreciation 136 184 210 317 322 347 385 489 529 531 617 681 853
Profit before tax 21 -46 4 191 79 291 434 696 363 1,007 2,024 2,739 3,367
Tax % -20% -11% 658% 41% 39% 26% 31% 32% 1% 26% 23% 23%
25 -40 -20 113 48 214 300 472 357 746 1,550 2,102 2,582
EPS in Rs 1.86 -0.18 -0.09 0.50 0.14 0.68 0.95 1.44 1.01 2.14 4.61 6.33 7.83
Dividend Payout % 0% 0% 0% 0% 0% 22% 16% 15% 22% 16% 15% 16%
Compounded Sales Growth
10 Years: 22%
5 Years: 26%
3 Years: 35%
TTM: 22%
Compounded Profit Growth
10 Years: 49%
5 Years: 47%
3 Years: 77%
TTM: 27%
Stock Price CAGR
10 Years: %
5 Years: 58%
3 Years: 74%
1 Year: 45%
Return on Equity
10 Years: 23%
5 Years: 25%
3 Years: 30%
Last Year: 35%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Jun 2024
Equity Capital 8 134 134 134 182 183 183 289 289 433 650 650 650
Reserves 145 82 9 91 1,511 1,587 1,816 3,040 3,235 3,647 4,453 6,287 7,928
1,940 2,332 2,615 2,527 2,215 2,654 2,808 3,417 3,216 3,387 3,884 5,431 6,761
460 439 533 1,680 915 852 1,192 1,630 1,707 2,113 2,632 2,819 4,041
Total Liabilities 2,553 2,986 3,292 4,431 4,824 5,276 5,998 8,376 8,447 9,579 11,618 15,187 19,380
1,713 2,375 2,355 3,496 3,716 3,981 4,387 6,479 6,409 6,311 6,932 8,409 12,270
CWIP 189 27 25 38 96 145 352 64 67 497 607 1,922 942
Investments 0 1 304 3 7 8 11 0 0 0 0 21 44
651 583 608 894 1,006 1,141 1,247 1,833 1,972 2,772 4,079 4,835 6,124
Total Assets 2,553 2,986 3,292 4,431 4,824 5,276 5,998 8,376 8,447 9,579 11,618 15,187 19,380

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
280 297 431 555 826 620 1,000 1,308 1,012 1,231 1,790 2,391
-507 -574 -500 -300 -1,048 -746 -937 -2,320 -472 -1,008 -1,769 -3,288
229 274 58 -236 230 159 -84 1,107 -574 -178 -18 985
Net Cash Flow 3 -2 -11 19 8 32 -22 95 -33 46 4 88

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Debtor Days 18 11 14 11 12 14 9 9 14 9 8 8
Inventory Days 82 75 77 90 103 88 94 100 123 131 116 106
Days Payable 32 42 48 39 58 38 52 54 68 64 48 37
Cash Conversion Cycle 68 44 43 62 58 64 52 55 69 76 76 77
Working Capital Days 46 28 -24 -46 -50 -33 -23 -13 -6 30 32 38
ROCE % 5% 7% 12% 16% 12% 15% 18% 11% 17% 27% 29%

Shareholding Pattern

Numbers in percentages

Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Nov 2024
64.89% 63.90% 63.90% 63.90% 63.90% 63.61% 63.09% 63.09% 62.91% 62.67% 62.67% 60.21%
21.03% 23.93% 25.01% 26.45% 26.00% 26.71% 27.55% 26.58% 25.79% 25.32% 24.18% 25.25%
7.21% 5.31% 4.45% 3.42% 3.67% 3.16% 3.36% 3.58% 4.16% 4.54% 4.97% 6.50%
6.87% 6.86% 6.62% 6.20% 6.41% 6.52% 6.01% 6.74% 7.16% 7.46% 8.19% 8.05%
No. of Shareholders 1,37,2081,73,9352,35,8042,44,9752,61,2863,53,7423,75,5344,40,2784,89,8875,09,6076,98,7597,72,415

* 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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