Varun Beverages Ltd

₹ 1,243 0.23%
27 Jan - close price
varunpepsi.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. With this distinguished track record and expertise in the QSR

Website BSE NSE
  • Market Cap ₹ 80,710 Cr.
  • Current Price ₹ 1,243
  • High / Low ₹ 1,432 / 557
  • Stock P/E 56.1
  • Book Value ₹ 74.1
  • Dividend Yield 0.20 %
  • ROCE 17.4 %
  • ROE 18.6 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 72.1% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.6%

Cons

  • Stock is trading at 16.8 times its book value
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -4.54%

* 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

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,740 1,220 1,676 1,640 1,803 1,331 2,241 2,450 2,398 1,734 2,827 4,955 3,177
1,414 1,105 1,405 1,262 1,422 1,159 1,859 1,879 1,904 1,527 2,296 3,704 2,478
Operating Profit 326 116 271 378 381 172 382 571 495 208 531 1,251 699
OPM % 19% 9% 16% 23% 21% 13% 17% 23% 21% 12% 19% 25% 22%
4 36 -41 3 3 6 6 24 37 1 9 10 11
Interest 87 79 87 74 58 62 58 47 43 37 47 46 45
Depreciation 127 137 135 124 135 135 135 129 138 129 131 153 153
Profit before tax 116 -64 8 182 192 -19 195 420 350 42 361 1,062 511
Tax % 30% 16% -670% 21% 16% 62% 30% 24% 26% 22% 25% 24% 23%
Net Profit 81 -54 60 143 161 -7 137 319 258 33 271 802 395
EPS in Rs 1.24 -0.91 0.85 2.17 2.36 -0.30 1.99 4.74 3.70 0.25 3.91 12.12 5.87
Raw PDF

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 TTM
1,800 2,115 2,502 3,394 3,861 4,004 5,105 7,130 6,450 8,823 12,693
1,572 1,824 2,116 2,752 3,052 3,165 4,069 5,667 5,235 7,129 10,005
Operating Profit 228 291 387 642 810 838 1,036 1,462 1,215 1,694 2,688
OPM % 13% 14% 15% 19% 21% 21% 20% 21% 19% 19% 21%
44 19 14 36 27 14 6 47 -30 51 30
Interest 116 171 187 170 435 215 223 324 294 207 176
Depreciation 136 184 210 317 322 347 385 489 529 531 567
Profit before tax 21 -46 4 191 79 291 434 696 363 1,007 1,976
Tax % -20% 11% 658% 41% 39% 26% 31% 32% 1% 26%
Net Profit 25 -40 -20 113 48 214 300 472 357 746 1,501
EPS in Rs 9.30 -0.88 -0.45 2.50 0.69 3.41 4.75 7.22 5.07 10.69 22.15
Dividend Payout % 0% 0% 0% 0% 0% 22% 16% 15% 22% 16%
Compounded Sales Growth
10 Years: %
5 Years: 18%
3 Years: 20%
TTM: 51%
Compounded Profit Growth
10 Years: %
5 Years: 72%
3 Years: 32%
TTM: 115%
Stock Price CAGR
10 Years: %
5 Years: 43%
3 Years: 51%
1 Year: 110%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 16%
Last Year: 19%

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 Jun 2022
27 134 334 584 182 183 183 289 289 433 650
Reserves 145 42 9 91 1,511 1,587 1,816 3,040 3,235 3,647 4,165
1,940 2,332 2,415 2,077 2,215 2,654 2,808 3,417 3,216 3,356 2,371
460 479 733 2,130 915 852 1,192 1,630 1,707 2,144 2,985
Total Liabilities 2,553 2,986 3,292 4,431 4,824 5,276 5,998 8,376 8,447 9,579 10,170
1,713 2,375 2,355 3,496 3,716 3,981 4,387 6,479 6,409 6,311 6,705
CWIP 189 27 25 38 96 145 352 64 67 497 146
Investments 0 1 304 3 7 8 11 0 0 0 0
651 583 608 894 1,006 1,141 1,247 1,833 1,972 2,772 3,319
Total Assets 2,553 2,986 3,292 4,431 4,824 5,276 5,998 8,376 8,447 9,579 10,170

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
280 297 431 555 826 620 1,000 1,308 1,012 1,231
-507 -574 -500 -300 -1,048 -746 -937 -2,320 -472 -1,008
229 274 58 -236 230 159 -84 1,107 -574 -178
Net Cash Flow 3 -2 -11 19 8 32 -22 95 -33 46

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
Debtor Days 18 11 14 11 12 14 9 9 14 9
Inventory Days 82 75 77 90 103 88 94 100 123 131
Days Payable 32 42 48 39 58 38 52 54 68 64
Cash Conversion Cycle 68 44 43 62 58 64 52 55 69 76
Working Capital Days 46 28 -24 -46 -50 -33 -23 -13 23 30
ROCE % 5% 7% 12% 16% 12% 15% 18% 11% 17%

Shareholding Pattern

Numbers in percentages

1 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
68.04 66.40 66.40 66.40 66.40 65.82 64.89 64.89 64.89 63.90 63.90 63.90
19.82 20.53 20.75 20.46 20.28 20.73 21.72 21.23 21.03 23.93 25.01 26.45
6.30 6.42 5.96 5.86 5.90 5.83 6.77 7.06 7.21 5.31 4.45 3.42
5.84 6.65 6.89 7.28 7.42 7.62 6.62 6.82 6.87 6.86 6.62 6.20

* 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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