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IDBI Capital Report
CCL Products India Ltd.'s Q2 FY23 top-line was slightly ahead of our forecast while its Ebitda was 11% below our estimate.
Nevertheless, CCL's volume growth was 25% and coffee prices were higher; hence, its sales jumped 51% YoY to Rs 5,066 million. Ebitda grew by 18% YoY to Rs 975 million (lower than volume growth). However, Ebitda margin contracted 520 basis points YoY to 19.3%.
Net profit grew by 17% YoY to Rs 578 million. We expect strong growth in its sales/net profit over FY22-24 given strong demand in the overseas markets.
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