CCL Products Q1 Review - Weak Base Drives Robust Top Line Growth: IDBI Capital
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CCL Products Q1 Review - Weak Base Drives Robust Top Line Growth: IDBI Capital

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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 Q1 FY22 result was a mixed bag.

While top-line was higher than our estimate by 9%, its Ebitda was 5% below our forecast.

Net sales increased by 13% YoY to Rs 3,261 million mainly on higher offtake.

Ebitda grew 14.5% YoY to Rs 720 million. However, sharp increase in tax expense (up 35% YoY to Rs 99 million) restricted its net profit growth to 13.9% YoY at Rs 438 million.

CCL Products will guide for FY22 sales growth after it reports its Q2 FY22 result; nevertheless, it expects return ratios to improve in FY22 compared to FY21.

Click on the attachment to read the full report:

IDBI Capital CCL Products Q1FY22 Result Update.pdf

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