VBL (Varun Beverages Limited) reported mixed bag of results for Q1CY24, which missed our revenue and net profit estimates by 7% and 10%, respectively.Net revenue, excluding excise duty, of INR 43,173 Mn (+11.3% YoY, +61.0% QoQ) missed our estimates due to delayed seasonality cycle, reflecting in lower-than-estimated volume growth of 7.1% YoY, partially offset by higher-than-expected realizations.