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.
Systematix Research Report
CCL Products India Ltd.'s consolidated revenue grew 41% (25% estimated) in Q3 FY22, driven by volume growth of 17% (18.8% in nine months-FY22) due to spillover of orders from Q2 FY22 (dispatches were impacted due to Covid-19 restrictions in Vietnam) and increased Vietnam capacity.
Inflation in green coffee prices led to gross margin contraction of 727 basis points to 48.2%, while Ebitda margin contracted 222 bps to 21.9% because of higher freight and container costs.
The India branded business grew ~40% YoY to Rs 1.45 billion (~Rs 1 billion from business-to-consumer) in 9MFY22 on strong growth in the retail business; CCL Products aims a topline of Rs 2 billion in FY22E.
The management maintained its volume growth guidance of 15-20% in instant coffee for FY22E. It expects a flattish Ebitda margin for two years.
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