CCL Products Q4 Review - Weak Base Drives Strong Top Line Growth: IDBI Capital
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CCL Products Q4 Review - Weak Base Drives Strong Top Line Growth: IDBI Capital


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 Ltd.’s Q4 FY21 net sales was in line with our estimate while Ebitda was 15% above our estimate.

Net sales increased by 25.3% YoY to Rs 3,316 million on improvement in offtake.

Ebitda grew 20.5% YoY to Rs 852 million led by higher sales.

However, sharp increase in tax expense (up 46% YoY to Rs 226 million) restricted its net profit growth to 16.5% YoY at Rs 492 million.

We raise our FY22/FY23 sales estimates by 13% each as we now expect higher volume growth from Vietnam.

Our FY22/FY23 Ebitda/ net profit estimates are higher by 4-8%.

Click on the attachment to read the full report:

IDBI Capital CCL Products Q4FY21 Result Update.pdf


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