Buy Varun Beverages Ltd For Target Rs. 620 by Motilal Oswal Financial Services Ltd

* We expect Net sales to remain flat YoY in 2QCY25.
* We expect overall volumes to remain flat due to the onset of early monsoon.
* We expect EBITDA margin to contract ~40bp YoY to 27.3% in 2QCY25.
* We expect DRC to ramp up by 2HCY25.
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