CCL Products Q1 Results Review – Volume-Led Growth Continues; Maintain Buy: Axis Securities

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Axis Securities Report

CCL Products India Ltd.’s consolidated revenue for Q1 FY25 was Rs 773 crore, reflecting an 18% YoY growth, driven by approximately 15% volume growth. Gross margins declined by 170 basis points to 38.1%, impacted by hyperinflation in coffee prices. Ebitda increased to Rs 130 crore, a 22.5% YoY rise, while Ebitda margins improved to 16.8%, up 61 bps YoY, due to higher value contracts and smaller pack sizes.

CCL Products' adjusted profit after tax stood at Rs 71 crore, a 17.7% YoY increase, surpassing expectations.

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CCL Products Expecting 15–20% Volume Growth In Two–To-Three Years

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