Rural penetration, capacity gains to drive Varun Beverages' growth

The double-digit growth of the company is better than FMCG peers

Varun Beverages has been the best performer over the past year in the fast-moving consumer goods (FMCG) space, delivering a return of 60 per cent.

This is thrice that of the Nifty FMCG, its peer index.

Brokerages expect the company, which has delivered sales growth over the last nine months (9MCY23) of 22 per cent, to maintain its momentum led by higher distribution reach, new launches and international expansion. 

The company’s revenue growth was led by robust volume growth of 15.4 per cent year-on-year (Y-o-Y) at 220 million cases and improved realisations, which edged up by 5 per cent to