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Varun Beverages Ltd

Updated on August 2, 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₹18,235 Cr.
Current Price ₹745.1 as on 7 Aug 20
52 Week High / Low Price₹870 / ₹482.2
Face Value₹10
Stock P/E34.43
Book Value₹133.95
Dividend Yield0.40 %
ROCE14.95 %
ROE13.79 %
Sales Growth (3yrs)23.52 %
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 65.83% over 5 years
Cons: Stock is trading at 4.72 times its book value Promoter holding has decreased by -0.39% over last quarter Company has a low return on equity of 12.90% 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 34.43 ₹18,235.02 Cr. 0.40 ₹76.87 Cr. 146.32 33.29 1313.66 14.95
2. Hatsun AgroProd. ₹724.45 67.89 ₹8,453.38 Cr. 0.77 ₹27.89 Cr. 50.59 16.09 1340.18 14.51
3. Zydus Wellness ₹1,691.85 53.55 ₹7,225.03 Cr. 0.40 ₹4.24 Cr. -89.32 128.78 332.67 6.44
4. KRBL ₹303.4 8.06 ₹4,410.03 Cr. 1.49 ₹159 Cr. 48.29 42.02 1328.98 20.72
5. Tasty Bite Eat. ₹11,983.65 65.63 ₹2,681.52 Cr. 0.02 ₹8.53 Cr. 6.09 34.71 115.08 31.71
6. Prataap Snacks ₹553.55 27.89 ₹1,139.82 Cr. 0.21 ₹5.52 Cr. -31.60 16.99 360.63 10.24
7. Heritage Foods ₹313.35 ₹1,084.32 Cr. 0.86 -₹209.21 Cr. -1071.71 2.77 652.65 14.12
8. DFM Foods ₹222.5 29.72 ₹1,058.51 Cr. 0.59 ₹3.25 Cr. -72.71 -0.18 134.60 28.52

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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

Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020
Sales -1,3666693308981,7398094179862,4561,3398361,314
YOY Sales Growth %-3.85%9.03%29.42%28.61%27.27%21.03%26.30%9.81%41.25%65.42%100.45%33.29%
Expenses -9335183237331,2276374087951,7551,0657971,093
Material Cost %49.01%44.38%36.70%45.12%48.36%45.01%39.45%47.38%48.99%44.09%42.10%44.65%
Employee Cost %6.09%12.37%23.67%11.42%6.36%12.60%23.11%11.40%6.39%13.67%21.37%13.96%
Operating Profit4331517164511172919070127339221
OPM %32%23%2%18%29%21%2%19%29%20%5%17%
Other Income6320917284315131259-36
Profit before tax32166-1164540483-697753799-795
Tax %29%24%40%26%28%23%22%28%29%34%31%-1,419%
Net Profit22850-693428964-545538265-5477
EPS in Rs8.321.83-2.521.2210.562.32-1.971.3513.942.35-1.882.66

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 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019TTM
Sales -3207489661,1471,4611,7452,0192,8642,9803,0633,8625,6165,944
Sales Growth %9.11%29.04%18.82%27.37%19.40%15.72%41.87%4.04%2.79%26.11%45.40%
Expenses -2746468441,0081,2721,5161,6962,2892,2772,3382,9964,4114,710
Material Cost %54.97%61.93%61.61%61.46%58.82%59.29%57.96%51.94%45.84%45.85%45.94%46.51%
Manufacturing Cost %8.24%6.91%7.66%7.08%8.37%8.37%8.28%7.64%8.25%8.36%7.62%7.35%
Employee Cost %6.38%6.25%6.23%6.38%6.87%7.17%7.29%8.59%9.41%10.43%10.66%11.25%
Other Cost %15.81%11.26%11.91%12.96%12.98%12.08%10.49%11.76%12.90%11.69%13.36%13.43%
Operating Profit471021221391892283225757037258661,2051,234
OPM %15%14%13%12%13%13%16%20%24%24%22%21%21%
Other Income116130473342465046889847
Profit before tax1934371241-2255219114304463634562
Tax %26%34%33%25%-10%26%35%31%22%23%28%29%
Net Profit142225945-163515290236332449470
EPS in Rs11.770.000.006.2937.870.001.777.563.278.6012.1315.5417.07
Dividend Payout %0%0%0%78%0%-0%0%0%0%19%14%16%

Compounded Sales Growth

  • 10 Years:: 22.33%
  • 5 Years:: 22.70%
  • 3 Years:: 23.52%
  • TTM:: 50.46%

Compounded Profit Growth

  • 10 Years:: 33.95%
  • 5 Years:: 65.83%
  • 3 Years:: 70.43%
  • TTM:: 49.50%

Return on Equity

  • 3 Years:: 22.88%
  • 1 Year:: 1.55%

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 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Share Capital -858585827134334584182183183289
Preference Capital7777770002004500000
Equity Capital88888134134134182183183289
Other Liabilities -1892612592503563465871,9771,0039159621,306
Trade Payables168370334777939914484178318
Advance from Customers00048212157926864104
Other liability items1731791892133012474721,821767763719884
Total Liabilities4187719241,2532,1662,4972,8724,1424,6005,2996,0868,374
Fixed Assets -2934975867391,2221,7191,7332,9162,9923,2783,3225,402
Gross Block4366637981,0021,6072,2131,9113,8134,0874,5544,7437,176
Accumulated Depreciation1431662112633854951788971,0961,2761,4211,774
Other Assets -942553024056945995998891,0391,3811,6512,005
Trade receivables31648387584035504795134131
Cash Equivalents15121848143201531232
Loans n Advances218478116172129116217297490531694
Other asset items-20026271235231252320450565475
Total Assets4187719241,2532,1662,4972,8724,1424,6005,2996,0868,374

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 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Cash from Operating Activity -4834231222252378510752500742
Profit from operations59111134140228242349591727747895
Loans Advances000-50-336214-31000
Interest paid-12-37-4400000-51-49-59
Direct taxes-2-10-15-5-10-2-4-37000
Other operating items0-38-270000086-18458
Cash from Investing Activity --26-181-158-226-412-445-500-360-1,108-809-704
Fixed assets purchased-30-190-161-226-302-246-180-245-659-351-566
Fixed assets sold48214861252767
Investments purchased0000-90-224-302-586-35-350
Investments sold000000052235350
Interest received0100-3-110387534
Dividends received00000021037018
Loans to subsidiaries0000-290-55-102-217-273-156
Shares acq cancelled00000000000
Acquisition of companies00000000-281-211-112
Other investing items000091800-0-511
Cash from Financing Activity --11155163180195195116-134353326-67
Proceeds from shares000000200070141
Proceeds from debentures00000003201803000
Redemption of debentures00000000-5000-300
Proceeds from borrowings0004936376954733328044126
Repayment of borrowings-1100-159-349-399-363-915000
Interest paid fin000-69-93-142-154-122-180-139-167
Dividends paid000-100000-46-46
Share application money0000040-400000
Application money refund00000000-2100
Other financing items0155163-8400025092162319
Net Cash Flow1087-1541-616-416-29

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Dec 2006Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
ROCE %10%13%10%10%6%9%14%16%12%14%15%
Debtor Days3631322815866611138
Inventory Turnover11.268.917.808.169.4910.2110.148.389.0710.5210.29

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