(Rating: BUY, TP: Rs511, Upside: 16.1%)
- View - We increase our EPS estimates by 3% and 5% in FY22/23 to factor in higher top line and reiterate our BUY rating on the company with a PT of Rs 511 based on 20x FY24E earnings. We are factoring in a 21%/19%/23% growth in revenue/EBITDA/PAT over FY21-24E with 21% average ROCE.
- Result summary - Overall steady performance with revenue/EBITDA/PAT growth of 13%/15%/14% with about 70% utilization in India and 80% plus in Vietnam, logistics issue continue but order booking remains strong.
- Topline - Revenue growth of 13% yoy to Rs 3.3bn - Standalone business grew 26% from a low base, subsidiaries declined 8% with Vietnam business coming off from a high base while India branded business grew 48%.
Shares of CCL PRODUCTS (INDIA) LTD. was last trading in BSE at Rs. 442.75 as compared to the previous close of Rs. 439.7. The total number of shares traded during the day was 30981 in over 1669 trades.
The stock hit an intraday high of Rs. 450.95 and intraday low of 428.05. The net turnover during the day was Rs. 13743171.