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