Citi has reaffirmed its buy rating on Varun Beverages, setting a target price of ₹800. The brokerage highlighted the company’s focus on new growth levers through category and territory expansion. Despite the impact of heavy rains in India, Varun Beverages continues to show strong EBITDA growth.
Citi acknowledged that Varun Beverages’ absolute multiples are on the higher side but sees them as warranted due to the company’s strong business prospects. The brokerage remains confident in Varun Beverages’ potential for future growth.
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