External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>CCL Products Q3FY23 reported consolidated revenue growth of 26.5% YoY (~4-5% volume growth) to Rs 535 Cr, was ahead of our estimates.</li><li>However, the volume growth was muted on account of shut down taken in India facility.</li><li>Gross Margins stood at 43.7%, down 452bps YoY, on account of lower volume growth.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CCL Products Q3FY23 reported consolidated revenue growth of 26.5% YoY (~4-5% volume growth) to Rs 535 Cr, was ahead of our estimates.However, the volume growth was muted on account of shut down taken in India facility.Gross Margins stood at 43.7%, down 452bps YoY, on account of lower volume growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCL Products Ltd - Strong Order Book Guidance; Maintain BUY

<div><div><div><div><ul><li>CCL Products (CCLP) delivered a strong topline growth with consolidated revenue of Rs 507Cr, up 50% YoY.</li><li>The growth was on account of robust volume growth of ~25% and higher realizations during the quarter.</li><li>The company reported a GPM of 44.6% was down 811bps YoY however it was up 331bps sequentially as coffee prices see downward trend. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CCL Products (CCLP) delivered a strong topline growth with consolidated revenue of Rs 507Cr, up 50% YoY.The growth was on account of robust volume growth of ~25% and higher realizations during the quarter.The company reported a GPM of 44.6% was down 811bps YoY however it was up 331bps sequentially as coffee prices see downward trend. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCL Products Ltd - Volume and Margins Are Likely to Sustain; Maintain BUY

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Management indicated that decline in EBITDA/kg in FY22 was mainly on account of mix change in favour of spray-dried and increase in cost items like power &amp; fuel, freight etc. 30% of the contracts in the B2B business are on CIF basis.</li></ul><div><div><div><ul><li>Small packs capacity expansion (increase by &gt;3x) has been completed and management believes that ~50% capacity would be utilized for captive purposes while the rest will be used for exports.</li></ul><div><div><div><div><ul><li>Demand for freeze-dried coffee remains soft on account of downtrading in different regions globally and capacity addition at the industry level.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Management indicated that decline in EBITDA/kg in FY22 was mainly on account of mix change in favour of spray-dried and increase in cost items like power &amp; fuel, freight etc. 30% of the contracts in the B2B business are on CIF basis.Small packs capacity expansion (increase by &gt;3x) has been completed and management believes that ~50% capacity would be utilized for captive purposes while the rest will be used for exports.Demand for freeze-dried coffee remains soft on account of downtrading in different regions globally and capacity addition at the industry level.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCL Products (India) - Spray-Dried Demand Visibility Remains Strong

<ul><li>CCL Products (CCLP) delivered a decent performance in Q4FY22 with consolidated revenue of Rs 376 Cr (Our est: Rs 381 Cr), up 13% YoY on account of ~7% volume growth and higher realizations.</li><li>However, the company's GPM came in at 51.2% and declined by 642bps YoY mainly on account of the deferment of large consignments (500-600 tonnes) to Russia on account of the war</li><li>CCL Products is one of our high conviction BUY with a revised TP of Rs 560/share (Rs 585/share earlier), as we continue to value it at a target P/E multiple of 23x its FY24E EPS.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CCL Products (CCLP) delivered a decent performance in Q4FY22 with consolidated revenue of Rs 376 Cr (Our est: Rs 381 Cr), up 13% YoY on account of ~7% volume growth and higher realizations.However, the company's GPM came in at 51.2% and declined by 642bps YoY mainly on account of the deferment of large consignments (500-600 tonnes) to Russia on account of the warCCL Products is one of our high conviction BUY with a revised TP of Rs 560/share (Rs 585/share earlier), as we continue to value it at a target P/E multiple of 23x its FY24E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCL Products: Decent Performance Despite Prevailing Uncertainties

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

CCL Products (India) Limited is a global manufacturer and exporter of instant coffee, specializing in freeze-dried, spray-dried, agglomerated, and flavored coffee products. The company supplies private-label and branded customers in over 110 countries and has expanded into the business-to-consumer (B2C) segment in India. Headquartered in Hyderabad, Telangana, India, the company was founded in 1961.

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CCL Products (CCLP IN)

CCL Products Ltd - Strong Order Book Guidance; Maintain BUY

CCL Products Q3FY23 reported consolidated revenue growth of 26.5% YoY (~4-5% volume growth) to Rs 535 Cr, was ahead of our estimates.

Axis Direct

CCL Products Ltd - Volume and Margins Are Likely to Sustain; Maintain BUY

The company reported a GPM of 44.6% was down 811bps YoY however it was up 331bps sequentially as coffee prices see downward trend.

Axis Direct

CCL Products (India) - Spray-Dried Demand Visibility Remains Strong

We recently interacted with the management of CCL Products (India) Ltd. (CCLP) in order to understand the demand outlook, impact of Russia-Ukraine...

Nirmal Bang

CCL Products: Decent Performance Despite Prevailing Uncertainties

CCL Products is one of our high conviction BUY with a revised TP of Rs 560/share (Rs 585/share earlier), as we continue to value it at a target P/E...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

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