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Expansion, product mix to fizz up Varun Beverages' volumes and margins

Energy drink Sting help drive realisations of Pepsi bottler in Q3CY22

Varun beverages
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Ram Prasad Sahu
The stock of Varun Beverages was up 13.6 per cent over the past three trading sessions on better-than-expected July-September quarter (third quarter, or Q3) performance in calendar year 2022 (CY22) and strong outlook.

Given the strong showing, brokerages increased their earnings estimates for the PepsiCo franchisee by 6-11 per cent for CY22 and 2023 (CY23).

Expansion of capacity, increased distribution, and rising levels of refrigeration in smaller towns are expected to help the company maintain the growth and earnings momentum.    

The immediate trigger is the sharp outperformance in Q3CY22. Aided by strong volume and growth in realisations, the Pepsi

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