External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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

CCL Products India

CCL Products: Decent Performance Despite Prevailing Uncertainties