Varun Beverages Ltd

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

Varun Beverages Ltd

₹ 1,398 -0.43%
18 Apr - 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

Part of RJ Corporation[1]
Varun Beverages is a part of the RJ group, which is the largest franchisee for Pizza Hut, KFC, Cream Bell, and Costa Coffee in India.

Website BSE NSE
  • Market Cap ₹ 1,81,650 Cr.
  • Current Price ₹ 1,398
  • High / Low ₹ 1,562 / 692
  • Stock P/E 99.2
  • Book Value ₹ 54.5
  • Dividend Yield 0.18 %
  • ROCE 25.5 %
  • ROE 29.1 %
  • Face Value ₹ 5.00
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Pros

  • Company has delivered good profit growth of 40.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.4%
  • Company's median sales growth is 19.2% of last 10 years

Cons

  • Stock is trading at 25.7 times its book value
  • Promoter holding has decreased over last 3 years: -3.49%

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
838 1,799 1,985 1,711 1,101 2,184 4,366 2,502 1,544 3,222 4,672 2,892 1,846
775 1,480 1,519 1,381 1,036 1,785 3,263 2,001 1,368 2,550 3,364 2,185 1,552
Operating Profit 63 319 466 329 65 399 1,103 501 176 672 1,308 707 294
OPM % 7% 18% 23% 19% 6% 18% 25% 20% 11% 21% 28% 24% 16%
30 6 9 8 34 20 24 26 74 19 46 31 51
Interest 56 45 44 33 34 43 35 32 43 57 62 56 67
Depreciation 103 105 97 100 98 101 125 111 147 136 129 128 125
Profit before tax -66 175 334 205 -33 275 967 383 59 498 1,162 555 154
Tax % 22% 29% 29% 29% 40% 29% 25% 25% 1% 25% 25% 25% 23%
-52 125 238 146 -20 195 728 288 59 373 868 416 119
EPS in Rs -0.40 0.96 1.83 1.12 -0.15 1.50 5.61 2.21 0.45 2.87 6.68 3.20 0.91
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
1,461 1,745 2,019 2,864 2,980 3,063 3,862 5,616 4,876 6,596 10,596 12,633
1,273 1,517 1,696 2,284 2,277 2,338 2,996 4,411 4,016 5,394 8,371 9,572
Operating Profit 189 228 322 580 703 725 866 1,205 860 1,202 2,224 3,061
OPM % 13% 13% 16% 20% 24% 24% 22% 21% 18% 18% 21% 24%
47 33 42 41 50 46 88 98 5 36 99 70
Interest 98 149 158 140 389 192 196 282 250 156 156 244
Depreciation 97 134 152 263 249 274 296 387 413 400 483 518
Profit before tax 41 -22 55 219 114 304 463 634 203 682 1,684 2,368
Tax % -10% 26% 35% 31% 22% 23% 28% 29% -12% 28% 25% 25%
45 -16 35 152 90 236 332 449 226 489 1,270 1,775
EPS in Rs 8.41 -0.18 0.39 1.68 0.73 1.91 2.70 3.45 1.74 3.77 9.78 13.66
Dividend Payout % 0% 0% 0% 0% 0% 19% 14% 16% 32% 22% 18% 18%
Compounded Sales Growth
10 Years: 22%
5 Years: 27%
3 Years: 37%
TTM: 19%
Compounded Profit Growth
10 Years: 60%
5 Years: 40%
3 Years: 86%
TTM: 41%
Stock Price CAGR
10 Years: %
5 Years: 63%
3 Years: 89%
1 Year: 102%
Return on Equity
10 Years: 18%
5 Years: 19%
3 Years: 24%
Last Year: 29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Equity Capital 8 134 134 134 182 183 183 289 289 433 650 650
Reserves 172 129 120 277 1,954 2,114 2,406 3,578 3,723 3,966 4,868 6,426
Preference Capital 0 0 200 450 0 0 0 0 0 0 0 0
1,630 1,929 2,031 1,754 1,460 2,087 2,535 3,201 3,052 3,186 3,595 4,882
356 306 587 1,977 1,003 915 962 1,306 1,233 1,481 1,957 2,052
Total Liabilities 2,166 2,497 2,872 4,142 4,600 5,299 6,086 8,374 8,297 9,066 11,069 14,009
1,222 1,719 1,733 2,916 2,992 3,278 3,322 5,402 5,263 5,012 5,752 6,938
CWIP 148 10 17 32 69 12 339 59 39 478 540 1,576
Investments 101 168 523 304 501 627 774 908 1,352 1,352 1,354 1,450
694 599 599 889 1,039 1,381 1,651 2,005 1,642 2,224 3,423 4,045
Total Assets 2,166 2,497 2,872 4,142 4,600 5,299 6,086 8,374 8,297 9,066 11,069 14,009

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
222 252 378 510 752 500 742 1,067 720 868 1,559 1,953
-412 -445 -500 -360 -1,108 -809 -704 -2,229 -228 -725 -1,509 -2,770
195 195 116 -134 353 326 -67 1,193 -488 -155 -26 819
Net Cash Flow 4 1 -6 16 -4 16 -29 31 4 -12 23 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 15 8 6 6 6 11 13 8 13 7 5 6
Inventory Days 79 64 67 86 96 82 86 94 112 124 99 94
Days Payable 20 27 29 24 39 22 37 44 45 54 40 30
Cash Conversion Cycle 74 45 44 68 63 72 62 58 80 78 64 70
Working Capital Days -2 -20 -24 -46 -57 -33 -13 -6 -3 42 33 39
ROCE % 10% 6% 9% 14% 16% 12% 14% 15% 7% 12% 23% 26%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
65.82% 64.89% 64.89% 64.89% 63.90% 63.90% 63.90% 63.90% 63.61% 63.09% 63.09% 62.91%
20.73% 21.72% 21.23% 21.03% 23.93% 25.01% 26.45% 26.00% 26.71% 27.55% 26.58% 25.79%
5.83% 6.77% 7.06% 7.21% 5.31% 4.45% 3.42% 3.67% 3.16% 3.36% 3.58% 4.16%
7.62% 6.62% 6.82% 6.87% 6.86% 6.62% 6.20% 6.41% 6.52% 6.01% 6.74% 7.16%
No. of Shareholders 1,08,8751,15,4501,37,9391,37,2081,73,9352,35,8042,44,9752,61,2863,53,7423,75,5344,40,2784,89,887

* 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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