We raise our FY22/FY23 sales forecast given rise in coffee prices in recent months but maintain our profitability (on per kg basis) estimates. We introduce FY24 forecast in this report. We now value the stock at a PER of 18x FY24E (earlier 22x FY24E) EPS and derive a target price of Rs459 (previous Rs446) and upgrade the stock to a BUY. Key Highlights and Investment Rationale Robust top-line growth: Net sales grew by 4.5% YoY to Rs3.4 bn in Q2FY22 mainly led by higher coffee prices. CCL's EBITDA margin improved 38bps YoY at 24.4% despite sharp rise in freight rates. The freight rates continue to remain high which could pose...