Varun Beverages stock edges down amid Q3 profit rise and sales dip

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Varun Beverages stock edges down amid Q3 profit rise and sales dip
Credit: © Reuters.

Shares of Varun Beverages Ltd experienced a marginal decline of 0.02% on Monday, with about 8,819 shares changing hands in the trading session. Despite a drop in consolidated sales for the third quarter (Q3) of 2023, the company reported an increase in net profit compared to the same period last year.

During the session, the stock fluctuated between an intraday high of ₹1016 and a low of ₹1010.5, starting off at ₹1010.85. The market capitalization of Varun Beverages was recorded at ₹131667.48 crore (INR100 crore = approx. USD12 million).

Investors appeared to maintain their confidence in the company's growth prospects, as reflected by the price-to-earnings (P/E) ratio of 65.88 and a price-to-book (P/B) ratio of 16.84. These valuations underscored the market's optimistic outlook despite the recent financial performance.

The stake distribution as of September 30, 2023, revealed that domestic institutional investors held 2.22% of the company, foreign institutional investors owned 27.55%, and promoters retained a controlling interest with 63.1%.

Varun Beverages, which operates within the FMCG Food & Beverages sector, has seen its shares reach a 52-week trading range with a peak of ₹1024.8 and a trough at ₹537.77, indicating significant volatility over the past year.

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