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Nirmal Bang Report
We recently interacted with the management of CCL Products India Ltd. in order to understand the demand outlook, impact of Russia-Ukraine issue, if any, expansion plans and growth drivers for the business-to-business and business-to-consumer businesses going ahead.
CCL Products' management indicated that demand for spray-dried coffee continues to remain healthy and consequently, it is mulling a greenfield expansion of 16 kilo tonnes per annum (likely in India).
Vietnam capacity addition (more than two times) is also on track and should start contributing to revenue from Q4 FY23, per management.
We believe that despite the near term weakness on account of the Russia-Ukraine issue and muted demand for freeze dried coffee, underlying demand for spray dried coffee continues to be robust and CCL Products’ goal of clocking 50 kilo tonnes per annum volume by FY25-end is on track.
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