CCL Products Q1FY20 revenue was in line with our forecast while EBITDA was 17.8% above our estimate. The company's EBITDA grew 9.0% YoY to Rs694 mn due to 377bps improvement in EBITDA margin to 25.4%. Despite 9.0% YoY growth in EBITDA, net profit decreased 12.1% YoY to Rs347 mn mainly due to higher tax rate at 36% in Q1FY20 vs. 24% in Q1FY19. Newly set up freeze dried plant sales stood at ~350 kt while Vietnam...