BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
CCL Products India Ltd.'s Q3 FY22 top-line and Ebitda were ahead of our forecast. Revenue increased by 41.2% YoY to Rs 4,231 million mainly led by 17% volume growth and coffee price increase.
However, standalone sales grew only 16.4% YoY to Rs 2,607 million and Ebitda margin contracted 1,400 basis points YoY due to sharp rise in freight rates.
Consolidated Ebitda margin fell by 222 bps YoY and 258 bps QoQ to 21.9% as rising coffee prices impacted margins.
Nevertheless, CCL Products' Ebitda growth of 28% YoY is commendable in our view. Net profit increased by 24.1% YoY to Rs 585 million.
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