India covid-19 reports Waves India

Varun Beverages starts 2021 on a good note, but faces near-term covid-19 stress

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Bloomberg consensus estimate of Rs2,144.7 crore. VBL’s revenue growth was driven by 33% increase in volume to 151-million-unit cases.

Volume performance was helped by recovery in business operations plus lower base of last year’s quarter owing to lockdown restrictions in the latter part of March.Analysts from Kotak Institutional Equities said in a report on 4 May, “VBL’s underlying growth momentum was healthy with two-year organic volume compound annual growth rate of 11.7% in 1QCY21."While that augurs well, gross profit margin has contracted by 294 basis points year-on-year to 55.8%.

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