Please refer to important disclosures at the end of this report
CCL Products (India) Limited was founded with the vision of creating only the
finest and the richest instant coffee in the world. CCL Products is engaged in the
manufacture of Soluble Instant Spray Dried Coffee Powder, Spray Dried
Agglomerated / Granulated Coffee, Freeze Dried Coffee, Roasted Coffee, Roast
& Ground Coffee, as well as Freeze Concentrated Liquid Coffee. Growth in
business from Vietnam plant and improvement in sales from domestic markets
both in the institution and branded segments led to growth in sales and net profit
margins of the company. The management has maintained its volume growth
guidance of 12-15% for FY17. Management has not monetised any of the earlie
received licenses due to lack of appropriate price in market. They expect to
receive `1-1.5cr in FY17. Management has committed to previous level o
targets for FY17.
ith sufficient production capacity abroad and expected
sustainable operating profit margins on the back of strong relationship with
export customers along with the back-to-back nature and pre-sale of contracts
entered by the company could help the company reach the targeted growth. The
growth in operating cash flow coupled with low capex plans are expected to
strengthen the balance sheet. The company has good consistent profit growth o
38% CAGR and healthy return on equity (RoE) of 22% over the last 5 years. The
company has been maintaining a healthy dividend payout of 24.66%. Hence
CMP `350
Stock Info
Bloomberg Code
Shareholding Pattern (%)
Promoters 44.8
MF / Banks / Indian Fls 6.0
FII / NRIs / OCBs 33.8
Indian Public / Others 15.4
Abs. (%) 3m 1yr 3yr
Sensex 8.2 17.6 32.0
CCL Products 30.5 89.0 671.3
Reuters Code CCLP.BO
BSE Sensex 28,946
Nifty 8,935
Face Value (
Tea & Coffee
Market Cap (
cr) 4,658
52 Week High / Low 372/180
Avg. Daily Volume 21,004
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
CCL Products (India)
Others | Tea & Coffee
March 14, 2017
CCL Products (India) | Tea & Coffee
March 14, 2017
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Disclosure of Interest Statement CCL Products (India)
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
over 12 months investment
: Reduce
-5% to -15%
< -15