CCL Product's Q1FY22 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 Rs3,261 mn mainly on higher offtake. EBIDTA grew 14.5% YoY to Rs720 mn. However, sharp increase in tax expense (+35% YoY to Rs99 mn) restricted its net profit...