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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.
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