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

<p>Established in 1995, CCL Products (CCLP) is the largest manufacturer and exporter of Instant coffee in India with a total manufacturing capacity of 35k tonnes. CCLP’s 25 years experience in the industry and expertise in customized coffee blends has led it to become one of the largest private label manufactures in the world with +5% market share. It has over 250 proprietary blends in its portfolio with clients spread across 90 countries.</p><p>We recommend BUY with TP of Rs. 430/share.</p><div class="content-highlight"><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></div>

Established in 1995, CCL Products (CCLP) is the largest manufacturer and exporter of Instant coffee in India with a total manufacturing capacity of 35k tonnes. CCLP’s 25 years experience in the industry and expertise in customized coffee blends has led it to become one of the largest private label manufactures in the world with +5% market share. It has over 250 proprietary blends in its portfolio with clients spread across 90 countries.We recommend BUY with TP of Rs. 430/share.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.

<p>CCL Products (CCLP) delivered better than expected Q1FY22 on revenue front but EBITDA/PAT were lower than expectations. Consol. Revenue at Rs 326Cr, up 13% YoY, (est. Rs 320Cr) on account of better realization. GPM improved by 520 bps YoY and came in at 50.5% on account of higher realization and higher proportion of premium (Freeze Dried Coffee) FDC volumes but were lower QoQ on account of seasonality in the business. Higher operating expenses (Other Exp as a % of sale up by 270 bps) weighed down on margins by 200bps YoY at (estm 24.7%) with an absolute EBITDA of Rs. 72Cr. PAT came in at Rs 44Cr (est.Rs. 49 crs) was higher 14% YoY. Expect Sales/EBITDA/PAT CAGR of 11%/14%/15% over FY21-FY24E driven by healthy order book, superior product mix (ramp up of FDC unit/ higher share of smallpacks) &amp; capacity expansion plans. Delay in replacement of the MEIS scheme and COVID led production disruption remain key downside risk to our estimates.</p>
<p>We maintain BUY with a revised TP of Rs 495, as we raise our target P/E multiple to 23x its FY24E EPS (20x earlier).</p>
<div class="content-highlight"><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></div>

CCL Products (CCLP) delivered better than expected Q1FY22 on revenue front but EBITDA/PAT were lower than expectations. Consol. Revenue at Rs 326Cr, up 13% YoY, (est. Rs 320Cr) on account of better realization. GPM improved by 520 bps YoY and came in at 50.5% on account of higher realization and higher proportion of premium (Freeze Dried Coffee) FDC volumes but were lower QoQ on account of seasonality in the business. Higher operating expenses (Other Exp as a % of sale up by 270 bps) weighed down on margins by 200bps YoY at (estm 24.7%) with an absolute EBITDA of Rs. 72Cr. PAT came in at Rs 44Cr (est.Rs. 49 crs) was higher 14% YoY. Expect Sales/EBITDA/PAT CAGR of 11%/14%/15% over FY21-FY24E driven by healthy order book, superior product mix (ramp up of FDC unit/ higher share of smallpacks) &amp; capacity expansion plans. Delay in replacement of the MEIS scheme and COVID led production disruption remain key downside risk to our estimates.
We maintain BUY with a revised TP of Rs 495, as we raise our target P/E multiple to 23x its FY24E EPS (20x earlier).
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: Stable Performance Amid Crisis

<p>We interacted with the management of CCL Products (CCLP) to get an update on the overall business in light of unlocking economies domestically and globally.</p><div class="content-highlight"><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></div>

We interacted with the management of CCL Products (CCLP) to get an update on the overall business in light of unlocking economies domestically and globally.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.

<p>We recommend BUY with TP of Rs. 385/share.</p><div class="content-highlight"><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></div>

We recommend BUY with TP of Rs. 385/share.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)

Pick of the Week: CCL Products (India)

Established in 1995, CCL Products (CCLP) is the largest manufacturer and exporter of Instant coffee in India with a total manufacturing capacity of...

Axis Direct

CCL Products: Stable Performance Amid Crisis

We maintain BUY with a revised TP of Rs 495, as we raise our target P/E multiple to 23x its FY24E EPS (20x earlier). CCL Products (CCLP) delivered...

Axis Direct

Company Update:CCL Products

We interacted with the management of CCL Products (CCLP) to get an update on the overall business in light of unlocking economies domestically and...

Axis Direct

Pick of the Week:21 JUN 2021

We recommend BUY with TP of Rs. 385/share.

Axis Direct

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