Varun Beverages Ltd

- No explicit mention of any current or planned new fundraising through debt or equity in the transcript. - The company’s net debt as of December 31, 2023, stood at around Rs. 47,345 million with a healthy debt-to-equity ratio of 0.67. - Debt is expected to have already peaked, with Rs. 1,300 crore raised for acquisitions equating to 2-3 months of cash profit. - CAPEX for 2024 is planned at approximately Rs. 3,600 crore (Rs. 3,000 crore India, Rs. 600 crore international), funded through operational cash flows without increasing debt-to-equity ratio. - Management expressed confidence in current cash flows and balance sheet strength, suggesting no major new fundraising needs anticipated at this time.

- Net CAPEX for CY2023 was approximately Rs. 2,100 crore, including greenfield and brownfield expansions. - Around Rs. 900 crore of incremental CWIP and capital advances pertained to Supa plant in Maharashtra, operational from January 2024. - For CY2024, planned CAPEX is about Rs. 3,600 crore: Rs. 3,000 crore in India and Rs. 600 crore internationally. - Rs. 1,200 crore of CAPEX cash outflow expected in CY2024 plus ongoing CWIP (~Rs. 500-600 crore). - Key projects: - Gorakhpur plant - Khurda (Orissa) plant completion within 1-2 months - New territory in DRC with around Rs. 400 crore CAPEX - Brownfield expansions (~Rs. 200 crore) - Additional investments include land acquisition (Buxar, Kangra) for future plants. - Joint venture with Indorama to set up PET recycling manufacturing by 2025, aiming to cover 20%-25% of PET requirement. - Overall capacity in India to increase by ~45% over CY2022 with ongoing strategic investments.

- Consolidated sales volume grew 13.9% in CY2023, with double-digit growth in India (12.9%) and international markets (18%). - Net realization per case increased by 7% to Rs. 175.7, driven by a better mix of smaller SKUs and higher-value categories. - Capacity expansion: Peak month capacity in India to increase by ~45% over CY2022 base by CY2024, supporting volume growth. - Dairy-based beverages currently <0.5% of portfolio; aiming to double or exceed this share in 2024. - Value-added products like Tropicana juices and Gatorade capacity expanded by 200%, expected to be significant growth drivers. - Energy drink segment (Sting) is ~14-15% of portfolio with substantial growth potential remaining. - International markets expected to sustain healthy growth (~16% in Q4 CY2023; Zimbabwe grew 23% in CY2023). - Overall, organic growth targeted in the 12-15% range with new categories contributing incremental growth.

- The company expects strong growth driven by expansion in capacity, especially from new plants in India and international markets. - Growth in value-added categories like energy drinks (Sting), juices, Gatorade, and dairy-based beverages is expected to support volume and realization improvements. - EBITDA margins are targeted around 21%-22%, seen as healthy and sustainable despite some short-term pressures such as geopolitical impacts and freight cost increases. - PAT growth is expected to remain robust, building on a 35.6% increase in CY2023, supported by improving operational efficiencies and mix. - The company’s long-term growth outlook is positive with continued investments in manufacturing, go-to-market expansion (adding 400,000-500,000 outlets annually), and new market entry (e.g., Africa). - No specific EPS guidance was given, but consistent volume growth (~14%) and margin stability imply strong earning growth potential going forward.

The transcript provided does not include any specific information or discussion related to the current or expected order book or pending orders for Varun Beverages Limited. The focus of the call is primarily on operational performance, growth initiatives, capacity expansion, financials, margins, market penetration, and product categories. - No details on order book or pending orders mentioned. - Emphasis is on capacity expansion (45% increase over CY2022), new product launches, and geographic expansion. - Discussions are more around market growth, margins, and operational parameters rather than order backlog details. If you need detailed order book information, it is recommended to refer to official filings or press releases from the company or the Investor Relations communication directly.