Specialist in Indian Banking and Economic Research

Hemindra Hazari

Thematic (Sector/Industry)

The Index of Industrial Production (IIP) for October 2016 was announced on the evening of December 9, 2016. As against the consensus expectation of 1% yoy growth, the IIP contracted by 1.9%. While the continuous collapse of capital goods production has been consistently highlighted by the analysts and media, the significance of the poor performance of the higher weightage consumer non-durable (staples) has been largely ignored. While capital goods tends to be glamourous as it is directly…

The Index of Industrial Production (IIP) for October 2016 was announced on the evening of December 9, 2016. As against the consensus expectation of 1% yoy growth, the IIP contracted by 1.9%. While the continuous collapse of capital goods production has been consistently highlighted by the analysts and media, the significance of the poor performance of the higher weightage consumer non-durable (staples) has been largely ignored. While capital goods tends to be glamourous as it is directly…

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Consumer Price Index (CPI) inflation came in at 6.1% y-o-y in July 2016 compared to a 5.8% y-o-y rise in June 2016– the highest rate since August 2014. Inflation continued to be driven mainly by a sharp rise in food prices, especially vegetables and pulses. Inflation has moved up since reaching a low of 4.9% y-o-y in March 2016 and has averaged 5.9% over the 3-month period ended July 2016.Meanwhile, at 6.1%, India’s CPI inflation lies beyond the RBI’s target band of 2-6%, this after two years of…

Consumer Price Index (CPI) inflation came in at 6.1% y-o-y in July 2016 compared to a 5.8% y-o-y rise in June 2016– the highest rate since August 2014. Inflation continued to be driven mainly by a sharp rise in food prices, especially vegetables and pulses. Inflation has moved up since reaching a low of 4.9% y-o-y in March 2016 and has averaged 5.9% over the 3-month period ended July 2016.Meanwhile, at 6.1%, India’s CPI inflation lies beyond the RBI’s target band of 2-6%, this after two years of…

INDIA: Reserve Bank of India's Inflation Targeting Regime Fails to Curb Inflation

Consumer Price Index (CPI) inflation increased to 5.4% y-o-y in April 2016 compared to a 4.8% y-o-y rise in March 2016. Inflation was driven higher mainly by price increases in food and transportation.Food prices increased 6.3% y-o-y in April 2016, compared to a 5.2% y-o-y rise in March 2016. The contribution of food prices to overall inflation increased from 2.4% in March 2016 to 2.9% in April 2016. This was largely due to a sharp jump in vegetable prices that increased 5.0% y-o-y in April…

Consumer Price Index (CPI) inflation increased to 5.4% y-o-y in April 2016 compared to a 4.8% y-o-y rise in March 2016. Inflation was driven higher mainly by price increases in food and transportation.Food prices increased 6.3% y-o-y in April 2016, compared to a 5.2% y-o-y rise in March 2016. The contribution of food prices to overall inflation increased from 2.4% in March 2016 to 2.9% in April 2016. This was largely due to a sharp jump in vegetable prices that increased 5.0% y-o-y in April…

India: Consumer Price Index Inflation Back Above 5.0%

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>CCL Revenue Soars 36.5% YoY, Beats Estimates: For Q1FY26, CCL reported revenue of Rs 1,056 Cr, up 36.5% YoY, significantly ahead of our estimate of 14% growth, driven by healthy double-digit volume expansion.</li><li>The domestic business remained robust, contributing ~Rs 150 Cr, of which the branded and retail segments contributed ~Rs 100 Cr.</li><li>This strong performance continues to drive steady market share gains across channels and geographies. </li></ul>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 Revenue Soars 36.5% YoY, Beats Estimates: For Q1FY26, CCL reported revenue of Rs 1,056 Cr, up 36.5% YoY, significantly ahead of our estimate of 14% growth, driven by healthy double-digit volume expansion.The domestic business remained robust, contributing ~Rs 150 Cr, of which the branded and retail segments contributed ~Rs 100 Cr.This strong performance continues to drive steady market share gains across channels and geographies. 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 Beat on Revenue; Margins Miss

<ul><li>Revenue stood at Rs 836 Cr, up 15% YoY in Q4FY25, beating our estimate of 12%. This growth was led by a 10% volume growth.</li><li>Meanwhile, growth is being driven evenly across exports, B2B, private label, and in-house brands to avoid overdependence on any one vertical.</li><li>The management also highlighted that it aligned with industry-wide hikes, raising prices by 30– 35% on larger packs, while maintaining Rs 5/Rs10 price points through blend tweaks and grammage cuts.</li></ul>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.

Revenue stood at Rs 836 Cr, up 15% YoY in Q4FY25, beating our estimate of 12%. This growth was led by a 10% volume growth.Meanwhile, growth is being driven evenly across exports, B2B, private label, and in-house brands to avoid overdependence on any one vertical.The management also highlighted that it aligned with industry-wide hikes, raising prices by 30– 35% on larger packs, while maintaining Rs 5/Rs10 price points through blend tweaks and grammage cuts.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 - Beats on All Front: Maintain BUY

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)

Bleak Future for Consumer Staples

The Index of Industrial Production (IIP) for October 2016 was announced on the evening of December 9, 2016. As against the consensus expectation of...

Hemindra Hazari

INDIA: Reserve Bank of India's Inflation Targeting Regime Fails to Curb Inflation

Consumer Price Index (CPI) inflation came in at 6.1% y-o-y in July 2016 compared to a 5.8% y-o-y rise in June 2016– the highest rate since August...

Rajan Govil

India: Consumer Price Index Inflation Back Above 5.0%

Consumer Price Index (CPI) inflation increased to 5.4% y-o-y in April 2016 compared to a 4.8% y-o-y rise in March 2016. Inflation was driven higher...

Rajan Govil

CCL Products Ltd - Strong Beat on Revenue; Margins Miss

For Q1FY26, CCL reported revenue of Rs 1,056 Cr, up 36.5% YoY, significantly ahead of our estimate of 14% growth, driven by healthy double-digit...

Axis Direct

CCL Products Ltd - Beats on All Front: Maintain BUY

The management also highlighted that it aligned with industry-wide hikes, raising prices by 30– 35% on larger packs, while maintaining Rs 5/Rs10...

Axis Direct

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