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18	18	Varun Beverages Limited (NSE:VBL) is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). The Company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo. PepsiCo CSD brands produced and sold by VBL include Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Mountain Dew Ice, Seven-Up Nimbooz Masala Soda, Evervess, Sting, Gatorade and Slice Fizzy Drinks. PepsiCo NCB brands produced and sold by the Company include Tropicana Slice, Tropicana Juices (100%, Delight, Essentials), Nimbooz, as well as packaged drinking water under the brand Aquafina.{{footnote}}https://varunpepsi.com/overview/{{/footnote}}
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21	21	VBL has been associated with PepsiCo since the 1990s and have over two and half decades consolidated its business association with PepsiCo, increasing the number of licensed territories and sub-territories covered by the Company, producing and distributing a wider range of PepsiCo beverages, introducing various SKUs in the portfolio, and expanding the distribution network. As on date, VBL has been granted franchises for various PepsiCo products across 27 States and 7 Union Territories in India. VBL has 31 manufacturing plants in India and 6 manufacturing plants in international geographies (two in Nepal and one each in Sri Lanka, Morocco, Zambia and Zimbabwe).
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27	27	VBL is part of the RJ Corp group, a diversified business conglomerate with interests in beverages, quick-service restaurants, dairy and healthcare. VBL's Promoter and Chairman Mr. Ravi Kant Jaipuria has an established reputation as an entrepreneur and business leader and is the only Indian to receive PepsiCo International Bottler of the Year award, which was awarded in 1997. He was also awarded the Distinguished Entrepreneurship Award at the PHD Annual Awards for Excellence 2018.
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	36	+== Plants and locaitons ==
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35		-Plants and locaitons
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38	38	VBL has franchise rights for various PepsiCo products across 27 States and 7 Union Territories in India, along with franchise for the territories of Sri Lanka, Nepal, Morocco, Zambia and Zimbabwe. The company manufacture through its 37 production units, sell and distribute PepsiCo beverages in pre-defined territories across India and 5 other countries.
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44	44	Varun Beverages Limited is a key player in India beverage industry. The Company's operations span across 6 countries 3 in the Indian subcontinent (India, Sri Lanka and Nepal), which contributed to ~~81% of the net revenues in CY21, and the remaining 3 in Africa (Morocco, Zambia and Zimbabwe), which contributed ~~19% to the net revenues.
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50		-Brands
	51	+== Brands ==
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52	52	The Company enjoys a strategic, symbiotic, and longstanding over 30-year association with PepsiCo India, since the beverage company's entry into India. Today, it accounts for 85%+ of its sales volumes in India. With its extensive manufacturing facilities and well-established distribution network, VBL manufactures, markets and distributes PepsiCo-owned products such as carbonated soft drinks, juice-based beverages and packaged drinking water.
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54		-PepsiCo’s various brands manufactured and distributed by VBL include Pepsi, Pepsi Black, Diet Pepsi, Mirinda Orange, Mountain Dew, Mountain Dew Ice, Slice Fizzy, Seven-Up, Seven-Up Nimbooz Masala Soda, Sting, Evervess, Duke, Tropicana Slice, Tropicana Juices (100%, Delight and Essentials), Seven-Up Nimbooz, Gatorade, as well as packaged drinking water under the brands Aquafina and Aquavess.
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	56	+PepsiCo's various brands manufactured and distributed by VBL include Pepsi, Pepsi Black, Diet Pepsi, Mirinda Orange, Mountain Dew, Mountain Dew Ice, Slice Fizzy, Seven-Up, Seven-Up Nimbooz Masala Soda, Sting, Evervess, Duke, Tropicana Slice, Tropicana Juices (100%, Delight and Essentials), Seven-Up Nimbooz, Gatorade, as well as packaged drinking water under the brands Aquafina and Aquavess.
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	59	+[[image:VBL5.jpg]]
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61		-Industry Overview
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63		-As per the World Bank, the Indian economy is expected to grow at 8.3% in FY22 and at 8.7% in FY23(1). With this, India continued to be among the fastest-growing economies in 2021. The growth outlook reflects increased private sector and infrastructure investments, as well as rewards from the advancing reforms.
	63	+= Industry Overview =
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65		-[[https:~~/~~/varunpepsi.com/wp-content/uploads/2022/03/VBL_Annual-Report_2021.pdf>>url:https://varunpepsi.com/wp-content/uploads/2022/03/VBL_Annual-Report_2021.pdf]]
	65	+As per the World Bank, the Indian economy is expected to grow at 8.3% in FY22 and at 8.7% in FY23(1). With this, India continued to be among the fastest-growing economies in 2021. The growth outlook reflects increased private sector and infrastructure investments, as well as rewards from the advancing reforms.{{footnote}}https://varunpepsi.com/wp-content/uploads/2022/03/VBL_Annual-Report_2021.pdf{{/footnote}}
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67	67	Soft drinks market
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69	69	At the start of 2021, the domestic soft drinks industry witnessed improved traction led by a healthy demand environment across markets, following the demand disruption caused by nation-wide lockdown in the peak summer season of 2020. However, the second wave of the pandemic in April and May of 2021 resulted in localized lockdowns and restrictions, which once again disrupted consumption trends in the key season of summer. This resulted in moderate soft drink volumes in the first half of the year. As lockdown restrictions relaxed gradually in the second half, the industry saw faster than anticipated recovery in demand and consumption, which assisted overall growth in 2021.