Varun Beverages (VBL) reported 9% revenue growth, driven by revival in Carbonated Soft Drink (CSD) volumes and an uptick in international volumes leading to 6% YoY volume growth. Blended realizations improved 2.8% YoY to INR153/unit case, led by a favorable product mix and improved realizations in the international market. 4QCY20 revenue/EBITDA was better than our estimates. We raise our earnings estimate for CY21 by 21% primarily owing to an increase in EBITDA (on the back of higher margins) and a lower tax rate and maintain...