External broker reports(aggregated public sources), Axis Direct

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External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>CCL Products (CCLP) delivered a decent performance in Q4FY22 with consolidated revenue of Rs 376 Cr (Our est: Rs 381 Cr), up 13% YoY on account of ~7% volume growth and higher realizations.</li><li>However, the company's GPM came in at 51.2% and declined by 642bps YoY mainly on account of the deferment of large consignments (500-600 tonnes) to Russia on account of the war</li><li>CCL Products is one of our high conviction BUY with a revised TP of Rs 560/share (Rs 585/share earlier), as we continue to value it at a target P/E multiple of 23x its FY24E EPS.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CCL Products (CCLP) delivered a decent performance in Q4FY22 with consolidated revenue of Rs 376 Cr (Our est: Rs 381 Cr), up 13% YoY on account of ~7% volume growth and higher realizations.However, the company's GPM came in at 51.2% and declined by 642bps YoY mainly on account of the deferment of large consignments (500-600 tonnes) to Russia on account of the warCCL Products is one of our high conviction BUY with a revised TP of Rs 560/share (Rs 585/share earlier), as we continue to value it at a target P/E multiple of 23x its FY24E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCL Products: Decent Performance Despite Prevailing Uncertainties

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>Established in 1995, CCL Products (CCLP) is the largest manufacturer and exporter of Instant coffee in India with a total manufacturing capacity of 35k tonnes. CCLP’s 25 years experience in the industry and expertise in customized coffee blends has led it to become one of the largest private label manufactures in the world with +5% market share. It has over 250 proprietary blends in its portfolio with clients spread across 90 countries.</p><p>We recommend BUY with TP of Rs. 430/share.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Established in 1995, CCL Products (CCLP) is the largest manufacturer and exporter of Instant coffee in India with a total manufacturing capacity of 35k tonnes. CCLP’s 25 years experience in the industry and expertise in customized coffee blends has led it to become one of the largest private label manufactures in the world with +5% market share. It has over 250 proprietary blends in its portfolio with clients spread across 90 countries.We recommend BUY with TP of Rs. 430/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>CCL Products (CCLP) delivered better than expected Q1FY22 on revenue front but EBITDA/PAT were lower than expectations. Consol. Revenue at Rs 326Cr, up 13% YoY, (est. Rs 320Cr) on account of better realization. GPM improved by 520 bps YoY and came in at 50.5% on account of higher realization and higher proportion of premium (Freeze Dried Coffee) FDC volumes but were lower QoQ on account of seasonality in the business. Higher operating expenses (Other Exp as a % of sale up by 270 bps) weighed down on margins by 200bps YoY at (estm 24.7%) with an absolute EBITDA of Rs. 72Cr. PAT came in at Rs 44Cr (est.Rs. 49 crs) was higher 14% YoY. Expect Sales/EBITDA/PAT CAGR of 11%/14%/15% over FY21-FY24E driven by healthy order book, superior product mix (ramp up of FDC unit/ higher share of smallpacks) &amp; capacity expansion plans. Delay in replacement of the MEIS scheme and COVID led production disruption remain key downside risk to our estimates.</p>
<p>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).</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

CCL Products (CCLP) delivered better than expected Q1FY22 on revenue front but EBITDA/PAT were lower than expectations. Consol. Revenue at Rs 326Cr, up 13% YoY, (est. Rs 320Cr) on account of better realization. GPM improved by 520 bps YoY and came in at 50.5% on account of higher realization and higher proportion of premium (Freeze Dried Coffee) FDC volumes but were lower QoQ on account of seasonality in the business. Higher operating expenses (Other Exp as a % of sale up by 270 bps) weighed down on margins by 200bps YoY at (estm 24.7%) with an absolute EBITDA of Rs. 72Cr. PAT came in at Rs 44Cr (est.Rs. 49 crs) was higher 14% YoY. Expect Sales/EBITDA/PAT CAGR of 11%/14%/15% over FY21-FY24E driven by healthy order book, superior product mix (ramp up of FDC unit/ higher share of smallpacks) &amp; capacity expansion plans. Delay in replacement of the MEIS scheme and COVID led production disruption remain key downside risk to our estimates.
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).
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCL Products: Stable Performance Amid Crisis

<p>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.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

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.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

CCL Products India Ltd is a manufacturer and exporter of powdered and granulated coffee. The company exports instant coffee under different international and domestic brand names.

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CCL Products India (CCLP IN)

CCL Products: Decent Performance Despite Prevailing Uncertainties

CCL Products is one of our high conviction BUY with a revised TP of Rs 560/share (Rs 585/share earlier), as we continue to value it at a target P/E...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

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Pick of the Week: CCL Products (India)

Established in 1995, CCL Products (CCLP) is the largest manufacturer and exporter of Instant coffee in India with a total manufacturing capacity of...

Axis Direct

CCL Products: Stable Performance Amid Crisis

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). CCL Products (CCLP) delivered...

Axis Direct

Company Update:CCL Products

We interacted with the management of CCL Products (CCLP) to get an update on the overall business in light of unlocking economies domestically and...

Axis Direct

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