CCL Products Q2 Review - Increased Guidance To Offset Revenue Miss: Systematix
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Systematix Research Report
CCL Products India Ltd.'s Q2 FY22 net revenue grew 4.5% (17% estimated) as Covid-19 led restrictions/lockdowns impacted dispatches from Vietnam.
Gross margin expanded 300 basis points to 52.7% on a better product mix and price realisation.
Ebitda margin expanded 38 bps to 24.4%, offset by higher freight and employee costs.
CCL Products revised its volume growth guidance to 15-20% (10-15% earlier) in instant coffee for FY22E.
The India branded business grew ~40% YoY to Rs 850 million in H1 FY22 aided by strong growth in the retail business; aims a topline of Rs 2 billion in FY22E.
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