India's Varun Beverages falls after Q2 profit misses view

Varun Beverages

30/07/2024 08:54

** Shares of Varun Beverages Ltd  VARB.NS  fall as much as
6.5% to 1,575 rupees 
    ** Pepsi India bottler reported 26% rise in Q2 consol net
profit to 12.53 bln rupees, although missed analyst estimates of
12.59 billion rupees, as per LSEG data 
    ** Earnings before interest, tax, depreciation, and
amortisation (EBITDA) margin improved by 74 bps in Q2 while it
had improved by 169 bps in the same period year ago 
    ** Stock on track to snap 4 days of gains
    ** More than 8.1 mln shares traded as of 1:17 p.m. IST, 4.5x
their 30-day moving avg
    ** Mean rating of analysts rating the stock is "buy"; their
median PT is 1,650 rupees - LSEG data
    ** VARB top loser on Nifty FMCG index  .NIFTYFMCG  which has
gained ~9% YTD so far

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))