Varun Beverages (VBL) reported 23.3% revenue growth in Q1CY20E led by 26.2% volume growth. The volume growth is largely attributable to consolidation of south & west geographies after acquisition in 2019. However, on a like-to-like basis, the company saw 9.3% volume decline in the quarter. India business saw 13.7% volume decline largely due to loss of sales in last 10 days of March. Despite January-February seeing double digit volume growth, 31% decline in March severely impacted the quarter. Gross margins improved 280 bps largely due to a sharp decline in PET chip prices....