CCL Products India Ltd. share price target

Partially helped by robust growth in domestic business, CCLP posted 12.8% growth in revenues in Q1 at Rs 326.12 crs compared to Rs 289.20 crs in the same quarter a year ago., but slightly lower than Rs 331.58 crs reported in Q4. Part of the fall in revenues in Q1 compared to Q4 is attributed to higher off take of small packs of freeze dried coffee in Q4. Despite rise in green coffee prices and rise in freight costs, OPM expanded by 40 bps in Q1 all thanks to improved product mix. Helped by nearly 15%...

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...

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).

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.

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

Given the fair visibility on volume, and earnings growth we raise our multiple to 20x FY23E EPS (17x earlier) thus revising our TP to Rs. 385 (Rs. 325 earlier). Maintain BUY.

CCL Product's Q4FY21 net sales was in line with our estimate while EBIDTA was 15% above our estimate. Net sales increased by 25.3% YoY to Rs3,316 mn on improvement in offtake. EBIDTA grew 20.5% YoY to Rs852 mn led by higher sales. However, sharp...

. We retain our TP of Rs. 325 continuing to value it at at 17x FY23E EPS. Maintain BUY.

We maintain BUY retaining our TP of Rs 325, continuing to value the stock at 18x its FY22E P/E multiple.