Varun Beverages Ltd
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]
- 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
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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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% |
Documents
Announcements
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 1d
- Board Meeting Intimation for Meeting Of The Board, Inter-Alia To Consider And Approve The Audited Financial Results Of The Company, Both On Standalone And Consolidated Basis, For The Quarter And Financial Year Ended December 31, 2022 1d
- Certificate Pursuant To Regulation 40(9) Of The SEBI (LODR) Regulations, 2015 For The Year Ended December 31, 2022 11 Jan
- Certificate Of Compliance Under Regulation 7(3) Of The SEBI (LODR) Regulations, 2015 For The Year Ended December 31, 2022 11 Jan
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Announcement under Regulation 30 (LODR)-Change in RTA
4 Jan - The Registrar and Share Transfer Agent ('RTA') of the Company has been changed from 'Link Intime India Private Limited' to 'KFin Technologies Limited' w.e.f. 04.01.2023. …
Annual reports
Concalls
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Nov 2017Transcript PPT
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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