CCL Products India Ltd. share price target

CCL Products (India) Ltd. (CCL) declared its Q4FY18 results recently. Consolidated net revenues increased by 7% to `321crs. Consolidated EBITDA for Q4 grew by 11% yoy basis to `71crs. Margins were expanded by 70bps to 22.2% this quarter vs. Q4FY17. PAT grew by...

CCL Products (India) Ltd. (CCL) declared its Q3FY18 results recently. Consolidated net revenues decreased by 5.2% to `274 crs due to high base in Q3FY17. This was on account of plant shutdown in Q2, which resulted in higher execution of orders in Q3FY17. Hence the results were not comparable yoy basis. Consolidated EBITDA for Q3 grew by 12% Q-O-Q...

For Q3FY18, CCL products (CCL) posted subdued set of results on a strong base of Q3FY17. The management expects a strong fourth quarter to achieve the yearly revenue growth guidance of 10%. Revenues degrew by ~5% yoy and while the operating margins were also lower on yearly basis. Outlook and Valuation: We maintain our estimates in view o..

CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With a total capacity of 35,000 TPA (tonne per annum), the company has a global market share of ~6.5%. It also has a leading market share of 24% in Indian instant coffee exports CCL exports (contributing over 90% to revenue) to over 90 countries,..

CCL Products (India) Ltd. (CCL) declared its Q2FY18 results recently. Consolidated net revenues increased by 105.9% to `296crs on account of low base in Q2FY17. Volume for H1FY18 grew by ~20% yoy. The results were not comparable due to plant shutdown in Q2FY17. Consolidated EBITDA for Q2 grew by 100.8% Y-O-Y basis to `58crs. Margins were...

CCL Products (India) Ltd. (CCL) declared its Q1FY18 results recently. Consolidated net revenues declined by 2.1% to `245.4 crs. Volume for Q1 de-grew by ~4-5% yoy due to high base in Q1FY17 (some orders booked for Q2FY17 had executed in Q1FY17). Consolidated EBITDA for Q1de-grewby 26.7% Y-O-Y basis to `46crs.Margins contracted by...

Profits yo-yoed for much of the last fiscal for the loss in productivity (sales tumbled 39.5%) in the second quarter due to shutdown of plants in both Vietnam and India was followed by a rapid recovery in the third quarter both income from operations and post tax earnings surged by 34.6% and 76.4% respectively. Increased demand for agglomerated products in Vietnam led to setbacks in volume growth in Q4, prompting setting up 3000 mt of agglomeration capacity, which would be production ready by Q2. Most discussed domestic market penetration too gathered steam for sales nearly doubled last fiscal. Volume loss in Vietnam in Q4 percolated to lower...

CCL Products (India) Ltd. (CCL) declared its Q4FY17& FY17 results recently. Consolidated Net Revenues grew by 12.3% to `297crs. in Q4. Consolidated EBITDA for Q4 grew by 5% Y-OY basis to `64 crs. Margins contracted by150 bps to 21.5% vs. 23% this quarter. For FY17, consolidated net revenues grew by 4.5% to `963.5 crs. EBIDTA for FY17 grew by 14% to...

ICICI Securities Ltd | Retail Equity Research CCL Products, India's largest exporter of bulk instant coffee, is set to grow at revenue and earnings CAGR of 12.6% and 16.7% in FY16-19E, respectively, largely driven by its capacity expansion and increasing utilisation levels. At present, CCL has a combined capacity of 30000 tonnes per annum (TPA) from its facilities across India, Vietnam and Switzerland. In addition to the capacity expansion, the strong relationship with clients and focus on strengthening the presence of own brand,...

CCL is setting-up a greenfield 5,000 MT freeze dried coffee plant in Chittur district of Andhra Pradesh which will commence production by mid-CY18.The benefits of this expansion will be visible from FY19 onwards. Thus, we estimate volumes at standalone operations to post a CAGR of ~11% over FY17-19E. Moreover, with the ramp up of Vietnam plant, capacity utilisation has shown remarkable improvement since FY15. We expect volumes at Vietnam operations to grow at a CAGR of ~26% over FY17-19E. Hence, we project CCL's overall sales volume to grow at a CAGR of 15.5%...