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IDBI Capital Report
CCL Products India Ltd.'s Q4 FY23 Ebitda was slightly ahead of our estimate. Its Q4 FY23 sales jumped 38% YoY to Rs 5,201 million. Ebitda grew by 34%% YoY to Rs 1,131 million in line with volume growth- indicating that the company was able to maintain absolute margins.
Net profit jumped 62% YoY to Rs 853 million. The volume growth for FY23 exceeded 20% and the company targets 20% volume growth in FY24 on the back of expansions (mainly in Vietnam).
We expect strong growth in its sales/net profit over FY23-25E given strong demand in the overseas markets.
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