Varun Bev: Robust growth outlook

ACQUISITION OF TWIZZA MAY LIFT VOLUME MARKET SHARE TO 20% BY 2027

- 

VARUN BEVERAGES HAS acquired 100% stake in South-Africa based Twizza Proprietary, which manufactures and distributes own branded nonalcoholic ready-to-drink (NARTD) beverages in South Africa. With this acquisition, Varun Beverage's volume market share is set to increase to about 20% in the geography by CY27E (vs about 10% now).

Among new regions, South Africa gains significance as its nonalcoholic ready-todrink market is large and is about 40% of India's market, albeit growing at a slower pace (about 3% volume compound annual growth rate). Though the market is mature, we are confident of a market share-driven double-digit volume growth in the geography, basis Varun Beverage's strong track record for turnarounds in Zimbabwe and Nepal, where it commands 50% share.