External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>VBL is the second largest franchisee of PepsiCo in the world (outside the USA).</li><li>Products manufactured by VBL include Carbonated Soft Drinks - Pepsi, Mountain Dew, Seven Up, and Mirinda; Non-Carbonated Beverages – Tropicana Slice, and Tropicana Frutz; and Bottled water – Aquafina.</li><li>The company accounts for ~90% of PepsiCo’s beverage sales volume in India and is present in 27 States and 7 UT. It is also the exclusive bottler for PepsiCo in Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VBL is the second largest franchisee of PepsiCo in the world (outside the USA).Products manufactured by VBL include Carbonated Soft Drinks - Pepsi, Mountain Dew, Seven Up, and Mirinda; Non-Carbonated Beverages – Tropicana Slice, and Tropicana Frutz; and Bottled water – Aquafina.The company accounts for ~90% of PepsiCo’s beverage sales volume in India and is present in 27 States and 7 UT. It is also the exclusive bottler for PepsiCo in Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages: Expanding Its Footing in the African Market

<ul><li>VBL delivered robust all-around performance, which was led by volume growth of 15.4% YoY and an increase in realization growth, up 5.6% YoY.</li><li>The said realization growth was led by strong growth in the international market.</li><li>The company’s International business reported 17.5% growth, thanks to the improved product mix, market share gains, and effective implementation of GTM strategy. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VBL delivered robust all-around performance, which was led by volume growth of 15.4% YoY and an increase in realization growth, up 5.6% YoY.The said realization growth was led by strong growth in the international market.The company’s International business reported 17.5% growth, thanks to the improved product mix, market share gains, and effective implementation of GTM strategy. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages Ltd - Strong Volume Led Growth; Maintain BUY

Thematic (Sector/Industry)

<ul><li>Topline Growth Driven by Volume Recovery: Most staple companies posted mid to high single-digit revenue growth despite facing challenges such as severe heatwaves in the northern region, heightened competitive intensity, and the general election impact.</li><li>The growth was primarily led by a rural recovery, with rural markets outpacing urban growth.</li><li>Sustained Rural Recovery: Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion and region-specific launches. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Growth Driven by Volume Recovery: Most staple companies posted mid to high single-digit revenue growth despite facing challenges such as severe heatwaves in the northern region, heightened competitive intensity, and the general election impact.The growth was primarily led by a rural recovery, with rural markets outpacing urban growth.Sustained Rural Recovery: Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion and region-specific launches. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>On the other hand, export-oriented themes are likely to showcase relatively weaker performance.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.On the other hand, export-oriented themes are likely to showcase relatively weaker performance.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 47% over the last one year, beating the benchmark Nifty 50 index (25.1% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included Cholamandalam Investment &amp; Finance Company (14.7%), Varun Beverages (14.2%), J.Kumar Infraprojects (9.9%), Federal Bank (9.4%) and TVS Motor Company (8.5%). </li><li>Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 85% in Jun’24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 47% over the last one year, beating the benchmark Nifty 50 index (25.1% return over the same period) by a wide margin.A few picks that reported excellent returns included Cholamandalam Investment &amp; Finance Company (14.7%), Varun Beverages (14.2%), J.Kumar Infraprojects (9.9%), Federal Bank (9.4%) and TVS Motor Company (8.5%). Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 85% in Jun’24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Research Scorecard Report for June 2024

India

Varun Beverages Limited produces and distributes beverages. The Company offers carbonated soft drinks and non-alcoholic beverages, as well as provides packaged drinking water. Varun Beverages serves customers worldwide.

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Varun Beverages (VBL IN)

Varun Beverages: Expanding Its Footing in the African Market

We maintain our BUY rating on the stock with the revised TP of Rs 1,450/share (47x CY25EPS) vs. the earlier TP of Rs 1,200/share (45x CY25 EPS)

Axis Direct

Varun Beverages Ltd - Strong Volume Led Growth; Maintain BUY

VBL delivered robust all-around performance, which was led by volume growth of 15.4% YoY and an increase in realization growth, up 5.6% YoY.

Axis Direct

Top Sector Ideas - FMCG (Q1FY25)

Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion

Axis Direct

Q1FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 7.8%/3%/1.2% respectively for the quarter.

Axis Direct

Axis Research Scorecard Report for June 2024

We are proud to share that our Axis Top Picks basket delivered impressive returns of 47% over the last one year, beating the benchmark Nifty 50...

Axis Direct

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