SYNOPSIS
* CCL Products (India) Ltd manufactures Soluble Instant Spray Dried Coffee Powder, Spray Dried Agglomerated and granulated Coffee, freeze Dried Coffee, and Freeze Liquid Coffee.
* In Q4 FY14, Net profit jumps to Rs. 178.33 million an increase 63.56% against Rs. 109.03 million in the corresponding quarter of previous year.
* The company’s net sales registered a growth of 23.46% and stood at Rs. 2186.26 million from Rs. 1770.79 million over the corresponding quarter of previous year.
* Operating profit is Rs 423.68 million as against Rs. 331.20 million in the corresponding period of the previous year.
* The Company has recommended a final dividend of Rs. 1.20 per equity share of face value Rs .2.00 each for the year ended 31 March, 2014.
* During the financial year FY14, Net sales stood at Rs. 7168.22 million as against Rs. 6526.14 million in the corresponding period of the previous year.
* During the financial year FY14, Net profit rose to Rs. 644.19 mn as compared to Rs. 474.27 mn in the corresponding period of the previous year.
* Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 18% over 2013 to 2016E respectively.
QUARTERLY HIGHLIGHTS (CONSOLIDATED)
Results Updates- Q4 FY14
CCL Products (India) Ltd is Global Leaders in soluble coffee private label manufacturing, reported its financial results for the quarter ended 31 MARCH, 2014.
The company’s net profit jumps to Rs. 178.33 million against Rs. 109.03 million in the corresponding quarter ending of previous year, an increase of 63.56%. Revenue for the quarter rose by 23.46% to Rs. 2186.26 million from Rs. 1770.79 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs. 1.34 a share during the quarter as against Rs. 8.20 over previous year period. Profit before interest, depreciation and tax is Rs. 423.68 million as against Rs. 331.20 million in the corresponding period of the previous year.
OUTLOOK AND CONCLUSION
* At the current market price of Rs 65.95, the stock P/E ratio is at 12.33 x FY15E and 11.39 x FY16E respectively.
* Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs.5.35 and Rs. 5.79 respectively.
* Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 18% over 2013 to 2016E respectively.
* On the basis of EV/EBITDA, the stock trades at 6.66 x for FY15E and 6.08 x for FY16E.
* Price to Book Value of the stock is expected to be at 2.07 x and 1.77 x respectively for FY15E and FY16E.
* We recommend ‘BUY’ in this particular scrip with a target price of Rs. 80.00 for Medium to Long term investment.
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