Competitive pressure from Campa Cola
Campa Cola's entry with aggressive trade margins could impact market share, though management believes there is room for all players.
VBL / Q3-FY24 / risks
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Varun Beverages · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Rainfall impact on India volumes
Excessive and uneven rainfall in Q3 led to a sharp deceleration in India volume growth to 5.7%, with rural areas most affected.
Raw material cost volatility
Gross margins in India dipped ~120 bps due to higher PET prices and water cost reclassification; future input cost spikes remain a risk.
Execution risk in Africa expansion
Rapid capacity expansion in DRC and South Africa, along with new snack plants, may face operational or demand challenges.