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Varun Beverages Ltd

Updated on January 20, 2020

Stock/Share Code - VBL

Varun Beverages is engaged in manufacturing, selling, bottling and distribution of beverages of PepsiCos brand in geographically pre-defined territories as per franchisee agreement with PepsiCo India Holdings Private Limited (PepsiCo India).

Below is the details of VBL Varun Beverages Ltd

Market Cap₹20,878 Cr.
Current Price ₹691 as on 10 Dec 19
52 Week High / Low Price₹789 / ₹455.07
Face Value₹10
Stock P/E46.50
Book Value₹105.8
Dividend Yield0.00 %
ROCE13.82 %
ROE13.47 %
Sales Growth (3yrs)10.48 %
SectorFMCG
IndustryFood - Processing - Indian
Listed onBSE  AND  NSE
Company WebsiteCompany Website
Pros: Company is expected to give good quarter Company has good consistent profit growth of 84.05% over 5 years
Cons: Stock is trading at 6.84 times its book value Promoter's stake has decreased Company has a low return on equity of 10.65% for last 3 years.

Varun Beverages Ltd Price Chart

Varun Beverages Ltd Price Chart

Varun Beverages Ltd Peer Comparison in FMCG

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Qtr Sales Var % Sales Qtr Rs.Cr. ROCE %
1. Varun Beverages 46.50 ₹20,877.97 Cr. 0.00 ₹65.23 Cr. 2.56 65.42 1338.73 13.82
2. Hatsun AgroProd. ₹566.2 81.40 ₹9,373.33 Cr. 0.85 ₹25.24 Cr. -34.03 7.70 1278.55 14.51
3. Zydus Wellness ₹1,449.35 48.89 ₹8,329.59 Cr. 0.35 -₹12.02 Cr. -129.03 135.89 326.03 6.44
4. KRBL ₹206.15 9.77 ₹4,840.79 Cr. 1.22 ₹113.39 Cr. -27.88 -28.52 889.84 20.72
5. Tasty Bite Eat. ₹8,196.6 65.89 ₹2,215.38 Cr. 0.02 ₹10.96 Cr. 17.47 19.59 105.67 31.71
6. Prataap Snacks ₹847.65 47.60 ₹2,066.92 Cr. 0.11 ₹11.99 Cr. 6.48 35.08 388.00 10.24
7. Heritage Foods ₹361.4 21.68 ₹1,619.52 Cr. 0.57 ₹14.26 Cr. -29.44 9.72 679.59 14.12
8. Parag Milk Foods ₹142.25 10.63 ₹1,254.15 Cr. 0.67 ₹28.49 Cr. -6.38 11.60 640.03 17.85

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Varun Beverages Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019
Sales2556981,3666693308981,7398094179862,4561,339
YOY Sales Growth %-14.39%1.05%-3.85%9.03%29.42%28.61%27.27%21.03%26.3%9.81%41.25%65.42%
Expenses2625669335183237331,2276374087951,7551,065
Material Cost %38.13%45.41%49.01%44.38%36.7%45.12%48.36%45.01%39.45%47.38%48.99%44.09%
Employee Cost %27.54%10.76%6.09%12.37%23.67%11.42%6.36%12.6%23.11%11.4%6.39%13.67%
Operating Profit-713243315171645111729190701273
OPM %-3%19%32%23%2%18%29%21%2%19%29%20%
Other Income30963209172843151312
Interest924645475355464251547782
Depreciation65627369707378757074100104
Profit before tax-1343332166-1164540483-697753799
Tax %32%19%29%24%40%26%28%23%22%28%29%34%
Net Profit-922722850-693428964-545538265
EPS in Rs-3.510.988.321.83-2.521.2210.562.32-1.972.0313.942.26
NotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

Dec 2005Dec 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018TTM
Sales2943207489661,1471,4611,7452,0192,8642,9803,0633,8625,197
Sales Growth %%9.11%%29.04%18.82%27.37%19.4%15.72%41.87%4.04%2.79%26.11%%
Expenses2512746468441,0081,2721,5161,6962,2892,2772,3383,0044,023
Material Cost %54.28%54.97%61.93%61.61%61.46%58.82%59.29%57.96%51.94%45.84%45.85%45.94%%
Manufacturing Cost %9.93%8.24%6.91%7.66%7.08%8.37%8.37%8.28%7.64%8.25%8.36%7.62%%
Employee Cost %6.18%6.26%6.03%5.97%6.38%6.87%7.17%7.29%8.58%9.4%10.42%10.65%%
Other Cost %15.08%15.92%11.48%12.16%12.96%12.98%12.08%10.49%11.77%12.92%11.7%13.57%%
Operating Profit43471021221391892283225757037258581,174
OPM %15%15%14%13%12%13%13%16%20%24%24%22%23%
Other Income161161304733424650469682
Interest131339497298149158140389192196264
Depreciation252635485697134152263249274296348
Profit before tax201934371241-2255219114304463644
Tax %46%26%34%33%25%-10%26%35%31%22%23%28%
Net Profit11142225945-163515290236332449
EPS in Rs9.0511.770.000.006.2937.870.001.777.563.278.6012.1316.26
Dividend Payout %0%0%0%0%78%0%-0%0%0%0%19%0%

Compounded Sales Growth

  • 5 Years:: 17.23%
  • 3 Years:: 10.48%
  • TTM:: 37.65%

Compounded Profit Growth

  • 5 Years:: 84.05%
  • 3 Years:: 29.49%
  • TTM:: 41.59%

Return on Equity

  • 3 Years:: 35.81%
  • 1 Year:: 39.88%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

Dec 2005Dec 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Jun 2019
Share Capital85858585827134334584182183183183
Preference Capital77.3877.3877.3877.38000200450000
Equity Capital888888133.77133.77133.77182.31182.59182.64
Reserves7488109102106172891202771,9542,1142,4062,872
Borrowings1451333925558891,6301,9292,0311,7541,4602,0872,4923,088
Other Liabilities1821912612592503563465872,0601,1661,1151,1892,285
Trade Payables16.615.6882.6469.6233.1746.6177.1793.1423149.68107.58261.06422.21
Total Liabilities4094207719241,2532,1662,4972,8724,2254,7625,4996,2708,427
Fixed Assets2942934975867391,2221,7191,7332,9162,9923,2783,3225,450
Gross Block414.09436.46663.22797.591001.541606.812213.281911.083813.334087.154554.314743.23
Accumulated Depreciation120.48143.22166.09211.13262.92384.64494.54177.96897.141095.621276.31421.41
CWIP541936109148101732691233950
Investments2727000101168523304501627774893
Other Assets83962553024056945995999721,2011,5821,8342,034
Inventories28.9727.994.71121.98172.23185.89181.6213.87350.79359.97315.67418.33594.75
Trade receivables24.5331.4764.3183.3386.9158.1439.734.7550.0547.1494.69134.47200.01
Cash Equivalents4.8714.9611.9718.493.88.1614.123.2919.5814.9431.271.8468.11
Loans n Advances24.421.3283.7677.74116.22171.5129.11116.24217.45296.9490.09530.68699.33
Other Assets etc0.080.050026.14270.72234.77231.12334.53482.46649.92749.08471.43
Total Assets4094207719241,2532,1662,4972,8724,2254,7625,4996,2708,427

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

Dec 2005Dec 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Cash from Operating Activity504834231222252378510752500742
Profit from operations61.4459.08110.98133.93140.38228.17242.01348.62591.1727.41746.95894.84
Working Capital Changes3.082.938.42-44.6-104.013.711.2934.03-44.2775.25-198.67-93.87
Taxes paid-14.66-14.1-85.11-87.05-5.09-10.3-1.72-4.16-36.6-51-48.72-58.93
Cash from Investing Activity-21-26-181-158-226-412-445-500-360-1,108-809-704
Fixed Assets Purchased-26.44-30.48-190.28-160.98-226.13-302.36-246.06-180.27-244.6-658.53-351.31-566.36
Fixed Assets Sold4.93.688.032.50.543.985.6911.925.1426.9367.2
Investments purchased00000-90.37-224.26-301.98-585.66-35-350
Investments sold00000000521.6735.0235.040
Cash from Financing Activity-26-11155163180195195116-134353326-67
Proceeds from Shares00000002000701.364.10.72
Proceeds from Borrowings0000492.71636.6695.44472.99331.9980.1644.33126.29
Repayment of Borrowings-25.58-11.4300-158.76-349.38-398.89-363.22-914.59000
Interest Paid0000-69.1-92.6-141.9-153.55-121.74-179.67-139.07-167.1
Dividends Paid0000-1.1300000-45.63-45.6
Net Cash Flow31087-1541-616-416-29

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Ratios

Dec 2005Dec 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
ROCE %10%13%10%10%6%9%14%16%12%14%
Debtor Days30363132281586661113
Inventory Turnover11.268.917.808.169.4910.2110.148.389.0710.52

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate as per time to time filling by company to exchanges. However, no guarantees are made regarding correctness of data. Investors are advised to validate/check information with exchanges or companies website before making any investment decisions.