Volume outlook remains strong for Varun Beverages after stellar Q3 results

Led by robust volume growth, Varun Beverages posted a better-than-estimated performance in the 2023-24 October-December quarter. As one of PepsiCo’s largest franchisees globally, the company achieved a 20 per cent year-on-year (Y-o-Y) revenue growth, with volumes accounting for about 17 per cent, and the remaining being realisation gains.

A strong third-quarter performance led to a 3.5 per cent rise in the stock price in Tuesday’s trade, reaching Rs 1,347.45 per share.

The Indian market led on the volume front, experiencing a growth of 19 per cent, while international markets posted a 16 per cent growth. Realisation growth was