Buy Varun Beverages Ltd for the Target Rs. 576 by Motilal Oswal Financial Services Ltd
* We expect Net sales to grow 7% YoY in 4QCY25.
* We expect EBITDA margin to expand by ~20bps YoY to 16% in 4QCY25.
* Gross Margins are expected to decline by ~210bps in 4QCY25 due to rising RM costs.
* International volumes are expected to increase by high single digits in 4QCY25.

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