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CCL Products: Ready to be sipped

Higher volume guidance and capacity expansion make CCL a perfect blend

November 26, 2021 / 11:19 AM IST
CCL Products: Ready to be sipped

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The September 2021 quarter results of CCL Products (CCL; CMP: Rs 383; Nifty: 17540) were broadly in line with Street expectations. CCL has revised its volume guidance to 15 percent plus, post the September-quarter earnings, from the 10-15 percent given earlier. September 2021 quarter results Consolidated revenues grew by 4.5 percent on account of better realisation. Both gross profit and gross margins improved year on year (YoY) on the back of higher proportion and better realisation in freeze dried coffee (premium...

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