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IDBI Capital Report
CCL Products India Ltd.'s Ebitda was inline with our estimate. Its Q3 FY23 sales jumped 26% YoY to Rs 5,353 million.
CCL Products took a maintenance shutdown at its domestic plant which led to single digit volume growth during the quarter.
Ebitda grew by 9% YoY to Rs 1007 million inline with volume growth- indicating it the company was able to maintain absolute margins. Net profit grew by 25% YoY to Rs 731 million. We introduce FY25 forecasts in this report.
We expect strong growth in its sales/net profit over FY22-25E given strong demand in the overseas markets.
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