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. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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

CCL Products India

CCL Products: Stable Performance Amid Crisis