HSBC ON VARUN BEVERAGES ; BUY | TP ₹540

• HSBC maintains Buy rating on Varun Beverages with a target price of ₹540. • Q3 volumes grow 29% YoY, revenue rises 33%, EBITDA grows 25% and PAT increases 14%. • Gross margin contracts 330 bps due to higher packaging costs, while EBITDA margin declines 140 bps to 21.6%. • Premium products, international expansion and digital distribution expected to support growth. • Higher input costs remain a key concern despite strong volume and revenue growth.

VARUN BEVERAGES LIMITED

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