CCL (CCL Products (India)) Share Price, Stock Quote

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Category	CCL	Agricultural
PE	30.02	119.32
PS	2.73	5.06
Growth	22.6 %	9.8 %

Summary of Latest Earnings Report from CCL Products (India)

Summary of CCL Products (India)'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

The management highlighted a cautiously optimistic outlook amid ongoing supply chain challenges and volatile green coffee prices. They emphasized a strategic focus on market share gains in both B2B (global) and B2C (domestic) segments, aiming to outpace the low single-digit category growth through innovation, distribution expansion, and premiumization. Key points:

Financial Performance: Q3 FY25 revenue grew 14.13% YoY to Rs.758.4 Cr, EBITDA rose 13.53% to Rs.127.22 Cr. Net profit remained flat (Rs.63 Cr) due to higher taxes on SEZ operations. YTD revenue stood at Rs.2,269.9 Cr (+17.8%), with EBITDA at Rs.396.46 Cr (+20.37%).
Domestic Growth: The B2C segment (branded business) grew robustly, contributing Rs.90 Cr in Q3 (Rs.220 Cr YTD) and is on track to achieve Rs.300 Cr for FY25. Distribution expanded to 120K outlets, with quick commerce/e-commerce driving growth in non-South markets.
Global Expansion: Capacity expansion (7,000 MT plant in India) is near completion, with Vietnam operations stabilizing. The company plans to enter underpenetrated markets (South America, Far East Asia) and focus on specialty/experiential coffee trends.
Margin Resilience: Despite commodity volatility, margins were sustained via long-term contracts, premium product mixes, and calibrated pricing. B2C margins are expected to improve structurally over time.
Debt & Working Capital: Gross debt reached Rs.2,000 Cr (Rs.1,200 Cr working capital), manageable via low interest rates (5.25%) and staggered repayments. No major capex is planned post-FY25, enabling gradual debt reduction.
Supply Chain Outlook: Coffee prices may soften post-Brazil's mid-2025 crop cycle. Near-term demand remains stable, with no significant elasticity impact observed in key markets.

The management reiterated confidence in achieving 15-20% EBITDA growth through operational discipline and market share gains, despite near-term headwinds.

Q&A Session

Last updated: Feb 25

1. Question: "Coffee growth is in single digits globally and in India. How does the company see itself positioned in B2B and B2C segments 5-6 years down the line?"
Answer: CCL aims to grow by gaining market share (currently 7-8% globally, 3-4% domestically) through innovation and geographic expansion, targeting coffee adoption in tea-dominant markets like India and China. B2C margins are expected to improve long-term despite price volatility.

2. Question: "How does the cost-plus model in B2B shield margins, and can B2C sustain higher margins amid rising coffee prices?"
Answer: B2C allows gradual price hikes (30"“40% already implemented) and grammage adjustments. While margins face short-term pressure, B2C is projected to deliver better margins over time as branding scales.

3. Question: "What price hikes have been taken in B2C, and how much inflation remains uncovered? How does LUP grammage reduction impact sales?"
Answer: 30"“40% price hikes executed, with 10"“15% more likely. LUPs (30"“35% of sales) saw 10"“15% grammage cuts. New crops (Brazil by May-June) may ease prices, but no softening is seen yet.

4. Question: "Q3 volume growth was 3"“4% YoY. Why did EBITDA margins decline sequentially despite stable gross margins?"
Answer: Margin dip stemmed from new facility startup costs and inter-company transfers. Per-kg margins improved despite lower volume growth, driven by strategic focus on higher-margin contracts.

5. Question: "How are rising coffee prices affecting demand for robusta/chicory blends in HoReCa, and what's the regional sales split?"
Answer: HoReCa faces pricing resistance, but CCL balances volume and price hikes. South India contributes 70% of B2C sales (down from 80"“85%), with expansion in non-South regions via e-commerce/quick commerce.

6. Question: "How does CCL plan to gain market share amid volatile coffee prices?"
Answer: Focus on innovation (e.g., specialty/flavored coffee), entering underserved markets (South America, Far East), and leveraging long-term client partnerships rather than competing on price.

7. Question: "What is the update on domestic B2C (300 crore target) and market share strategies?"
Answer: B2C is on track for Rs.300 crore (50% YoY growth), driven by distribution expansion (120k outlets) and modern trade/e-commerce. Reliance awarded CCL for growth in their FMCG portfolio.

8. Question: "How are global B2B clients responding to elevated coffee prices, and what's the B2C channel mix?"
Answer: Clients hesitate on long-term contracts, but CCL prioritizes partnerships with brand owners. B2C mix: 50"“60% general trade, 20% quick commerce, 25% modern trade, with non-South growth accelerating.

9. Question: "How is working capital and debt managed amid high coffee prices?"
Answer: Working capital reached Rs.1,200 crore due to prices, but debt (Rs.2,000 crore total) is managed via low-interest financing across global operations. Debt repayment (Rs.150"“200 crore/year) will reduce leverage.

10. Question: "Can EBITDA growth sustain if volume remains subdued?"
Answer: Yes. EBITDA growth (15"“20%) is driven by premium contracts and operational efficiency, not just volumes. Margins remain resilient via strategic pricing and cost control.

11. Question: "How do margins vary across sales channels (general trade vs. modern/e-commerce)?"
Answer: Unlike industry trends, CCL's margins are consistent across channels due to offline brand-building. Quick commerce/e-commerce growth (20% of sales) doesn't require deep discounts.

12. Question: "Are clients shifting from smaller players to CCL due to pricing pressure, and what's the capex outlook?"
Answer: Some smaller players struggle, but CCL focuses on long-term clients. No major capex planned post-FY25; focus shifts to debt reduction and capacity utilization.

Valuation
Market Cap	8.2 kCr
Price/Earnings (Trailing)	29.95
Price/Sales (Trailing)	2.73
EV/EBITDA	15.8
Price/Free Cashflow	-20.33
MarketCap/EBT	25.87

Fundamentals
Revenue (TTM)	3.01 kCr
Rev. Growth (Yr)	14.36%
Rev. Growth (Qtr)	3.04%
Earnings (TTM)	273.69 Cr
Earnings Growth (Yr)	-0.38%
Earnings Growth (Qtr)	-14.75%

Profitability
Operating Margin	10.54%
EBT Margin	10.54%
Return on Equity	15.14%
Return on Assets	6.8%
Free Cashflow Yield	-4.92%

Balance Sheet for CCL Products (India)

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	53.1%	50	33	34	31	38	20
Total current financial assets	37.1%	478	349	304	299	322	160
Inventories	3.7%	477	460	403	414	401	419
Current tax assets	-	0	0	24	0	0	-
Total current assets	19%	1,053	885	818	781	779	621
Property, plant and equipment	-0.7%	853	859	869	800	806	656
Capital work-in-progress	200%	40	14	11	44	16	147
Investment property	-	0	0	0	0	0	0
Non-current investments	0%	237	237	157	157	157	157
Total non-current financial assets	-0.4%	248	249	168	165	164	163
Total non-current assets	1.6%	1,172	1,153	1,079	1,037	1,016	995
Total assets	9.2%	2,225	2,038	1,897	1,818	1,795	1,616
Borrowings, non-current	152.2%	117	47	35	35	114	112
Total non-current financial liabilities	148.9%	118	48	35	35	114	112
Provisions, non-current	-81.2%	1.43	3.29	1.04	1.53	0	0
Total non-current liabilities	64.9%	189	115	102	110	192	185
Borrowings, current	6.4%	782	735	600	538	510	280
Total current financial liabilities	9.3%	870	796	656	604	553	427
Provisions, current	86%	9.22	5.42	14	5	0	0
Current tax liabilities	-	0	0	0	0.34	10	6.23
Total current liabilities	10.6%	895	809	686	613	577	437
Total liabilities	17.3%	1,084	924	788	723	769	622
Equity share capital	0%	27	27	27	27	27	27
Total equity	2.3%	1,140	1,114	1,108	1,095	1,025	993
Total equity and liabilities	9.2%	2,225	2,038	1,897	1,818	1,795	1,616

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-14.3%	145	169	141	83	65	56
Total current financial assets	-15.1%	570	671	545	535	475	379
Inventories	27.2%	1,002	788	604	578	546	519
Current tax assets	-	0	0	24	0	0	0
Total current assets	14%	1,984	1,741	1,489	1,247	1,145	991
Property, plant and equipment	-1.4%	1,232	1,250	1,280	1,257	1,024	882
Capital work-in-progress	45.4%	728	501	92	54	131	160
Investment property	-	-	0	0	0	0	0
Non-current investments	-	0	0	0	0	0	0
Total non-current financial assets	300%	49	13	11	9.93	9.15	7.59
Total non-current assets	13.6%	2,039	1,795	1,414	1,350	1,194	1,079
Total assets	13.8%	4,023	3,536	2,903	2,597	2,339	2,070
Borrowings, non-current	26.1%	654	519	247	201	114	112
Total non-current financial liabilities	26%	655	520	250	201	117	116
Provisions, non-current	-81.2%	1.43	3.29	1.04	5.01	0.95	0.95
Total non-current liabilities	24%	725	585	314	279	196	189
Borrowings, current	19.8%	1,320	1,102	892	715	696	449
Total current financial liabilities	16.7%	1,452	1,244	967	812	764	610
Provisions, current	86%	9.22	5.42	14	5	0	6.23
Current tax liabilities	-	0	0	0	0.34	10	-
Total current liabilities	16.7%	1,490	1,277	1,004	836	801	630
Total liabilities	19%	2,215	1,862	1,317	1,115	996	819
Equity share capital	0%	27	27	27	27	27	27
Total equity	8%	1,808	1,674	1,585	1,482	1,343	1,251
Total equity and liabilities	13.8%	4,023	3,536	2,903	2,597	2,339	2,070

Investor Care
Dividend Yield	0.81%
Dividend/Share (TTM)	4.5
Shares Dilution (1Y)	0.38%
Diluted EPS (TTM)	20.52

Financial Health
Current Ratio	1.33
Debt/Equity	1.09
Debt/Cashflow	0.03

Income Statement for CCL Products (India)

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-8%	402	437	432	405	327	352
Other Income	63.2%	1.93	1.57	2.51	3.86	0.79	0.65
Total Income	-7.8%	404	438	434	409	328	353
Cost of Materials	-13%	215	247	225	225	196	189
Employee Expense	11.5%	30	27	25	28	26	24
Finance costs	5.9%	19	18	14	13	12	10
Depreciation and Amortization	0%	12	12	12	19	11	11
Other expenses	-3.3%	88	91	96	116	99	83
Total Expenses	-3%	386	398	392	385	308	313
Profit Before exceptional items and Tax	-57.5%	18	41	42	24	20	39
Total profit before tax	-57.5%	18	41	42	24	20	39
Current tax	-62%	4.18	9.36	14	4.21	3.45	6.81
Deferred tax	24.5%	4.45	3.77	3.2	0.06	0.11	1.49
Total tax	-36.5%	8.62	13	17	4.27	3.56	8.3
Total profit (loss) for period	-69%	9.38	28	25	20	16	31
Other comp. income net of taxes	-	0	0	0	-0.69	0	-0.1
Total Comprehensive Income	-69%	9.38	28	25	19	16	31
Earnings Per Share, Basic	-128%	0.7	2.07	1.89	1.51	1.21	2.34
Earnings Per Share, Diluted	-128%	0.7	2.07	1.88	1.51	1.21	2.34
Debt equity ratio	0.2%	0.0117	0.01	077	083	088	071
Debt service coverage ratio	-2.3%	078	0.03	0.0305	0.0176	0.034	0.0259
Interest service coverage ratio	-	-	-	-	-	-	0

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	9.1%	1,456	1,335	923	795	823	809
Other Income	-88.5%	5.6	41	31	66	134	30
Total Income	6.3%	1,462	1,376	954	862	957	839
Cost of Materials	7.8%	787	730	497	344	418	459
Employee Expense	49.3%	101	68	59	53	50	41
Finance costs	76%	45	26	14	16	17	8.12
Depreciation and Amortization	50%	52	35	31	27	25	12
Other expenses	26.5%	392	310	225	199	177	140
Total Expenses	14.5%	1,342	1,172	771	651	658	661
Profit Before exceptional items and Tax	-41.4%	120	204	184	210	298	179
Total profit before tax	-41.4%	120	204	184	210	298	179
Current tax	-42.9%	21	36	39	49	52	52
Deferred tax	557.8%	3.93	0.36	18	2.76	7.18	0.65
Total tax	-31.4%	25	36	56	52	59	53
Total profit (loss) for period	-43.7%	95	168	127	159	239	125
Other comp. income net of taxes	-112.6%	-0.85	0.13	4.29	3.88	-5.77	-3.67
Total Comprehensive Income	-44.3%	94	168	131	163	233	122
Earnings Per Share, Basic	-47%	7.16	12.62	9.56	11.93	17.96	9.43
Earnings Per Share, Diluted	-47.1%	7.15	12.62	9.56	11.93	17.96	9.43
Debt equity ratio	0.2%	083	066	063	058	07	-
Debt service coverage ratio	-0.9%	0.0176	0.0259	0.0225	0.0222	0.0474	-

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	2.7%	758	738	773	727	664	608
Other Income	484.8%	2.77	0.54	1.33	4.11	1.13	0.73
Total Income	3%	761	739	775	731	666	608
Cost of Materials	-21.3%	385	489	501	465	429	358
Employee Expense	10.3%	44	40	38	46	36	32
Finance costs	15.4%	31	27	21	21	23	18
Depreciation and Amortization	4.3%	25	24	23	31	22	23
Other expenses	17.4%	136	116	126	148	127	113
Total Expenses	5.8%	689	651	687	660	599	539
Profit Before exceptional items and Tax	-17.4%	72	87	87	70	67	70
Total profit before tax	-17.4%	72	87	87	70	67	70
Current tax	-61.3%	4.32	9.58	12	5.8	3.57	6.98
Deferred tax	26.7%	4.51	3.77	3.47	-0.61	-0.16	1.86
Total tax	-34.8%	8.83	13	16	5.2	3.41	8.84
Total profit (loss) for period	-15.1%	63	74	71	65	63	61
Other comp. income net of taxes	-177.1%	-16.74	24	-10.7	-16	5.96	1.63
Total Comprehensive Income	-53.1%	46	97	61	49	69	62
Earnings Per Share, Basic	-18%	4.73	5.55	5.37	4.9	4.76	4.57
Earnings Per Share, Diluted	-17.8%	4.73	5.54	5.36	4.89	4.75	4.57
Debt equity ratio	0.4%	0.0137	0.01	0.0109	0.0111	096	083
Debt service coverage ratio	-2%	0.0105	0.03	0.0402	0.0279	0.0498	0.0728
Interest service coverage ratio	-	-	0	-	-	-	0

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	28.2%	2,654	2,071	1,462	1,242	1,139	1,081
Other Income	135.4%	6.32	3.26	4.09	3.39	4.5	3.34
Total Income	28.3%	2,660	2,074	1,466	1,246	1,144	1,085
Cost of Materials	42.9%	1,629	1,140	786	580	592	602
Employee Expense	29.5%	146	113	98	80	70	59
Finance costs	133.3%	78	34	16	17	18	8.46
Depreciation and Amortization	54%	98	64	57	49	47	32
Other expenses	19.4%	511	428	310	275	224	180
Total Expenses	34.8%	2,384	1,769	1,205	1,011	918	876
Profit Before exceptional items and Tax	-9.5%	276	305	261	235	225	209
Total profit before tax	-9.5%	276	305	261	235	225	209
Current tax	-37.1%	23	36	39	50	53	53
Deferred tax	353.9%	3.26	0.11	18	2.83	6.64	0.46
Total tax	-28.6%	26	36	57	53	59	54
Total profit (loss) for period	-7.1%	250	269	204	182	166	155
Other comp. income net of taxes	-165.1%	-14.62	25	19	3.25	13	11
Total Comprehensive Income	-20.1%	235	294	223	186	179	166
Earnings Per Share, Basic	-7.3%	18.8	20.21	15.36	13.7	12.47	11.64
Earnings Per Share, Diluted	-7.5%	18.76	20.21	15.36	13.7	12.47	11.64
Debt equity ratio	0.4%	0.0111	075	066	064	063	-
Debt service coverage ratio	-0.9%	0.0279	0.0367	0.0324	0.0269	0.0385	-

Cash Flow for CCL Products (India)

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	76%	45	26	0
Change in inventories	-865.6%	-30.62	5.13	-169
Depreciation	50%	52	35	31
Dividend income	-102.8%	0	37	26
Net Cashflows from Operations	3.4%	92	89	49
Income taxes paid (refund)	-17.6%	29	35	39
Net Cashflows From Operating Activities	17%	63	54	9.66
Cashflows used in obtaining control of subsidiaries	8079.8%	80	0.01	0
Purchase of property, plant and equipment	-1.3%	76	77	92
Dividends received	-102.8%	0	37	26
Interest received	-251.5%	0.5	1.33	0
Other inflows (outflows) of cash	-	-0.83	0	0
Net Cashflows From Investing Activities	-294.4%	-156.07	-38.83	-65.86
Proceeds from borrowings	-118.8%	-32.46	179	88
Repayments of borrowings	-378.7%	-241.48	88	15
Dividends paid	0%	67	67	67
Interest paid	76%	45	26	0
Net Cashflows from Financing Activities	4920.5%	95	-0.95	6.86
Net change in cash and cash eq.	-94.4%	1.78	15	-49.34

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	133.3%	78	34	0
Change in inventories	-251%	-210.13	-59.15	-199.45
Depreciation	54%	98	64	57
Adjustments for interest income	-16.3%	0	0.14	0
Net Cashflows from Operations	-64.2%	84	233	140
Income taxes paid (refund)	-17.6%	29	35	39
Net Cashflows From Operating Activities	-72.6%	55	198	101
Purchase of property, plant and equipment	54.7%	513	332	190
Interest received	-16.3%	0	0.14	0
Other inflows (outflows) of cash	-	-0.36	0	0
Net Cashflows From Investing Activities	-54.5%	-513.63	-332.12	-189.93
Proceeds from borrowings	54.5%	409	265	152
Repayments of borrowings	-	-295.73	0	60
Dividends paid	0%	67	67	67
Interest paid	133.3%	78	34	0
Net Cashflows from Financing Activities	242.3%	559	164	25
Effect of exchange rate on cash eq.	-	-13.77	0	0
Net change in cash and cash eq.	193.1%	86	30	-64.13

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
HINDUNILVR	Hindustan UnileverDiversified FMCG	5.46 LCr	63.6 kCr	+2.65%	+4.32%	50.71	8.58	+1.53%	+4.22%
ITC	ITCDiversified FMCG	5.32 LCr	84.7 kCr	+4.70%	-2.50%	26.04	6.28	+7.07%	-1.77%
NESTLEIND	Nestle IndiaPackaged Foods	2.3 LCr	20.04 kCr	+6.90%	-3.09%	68.37	11.47	+4.13%	+12.16%
TATACONSUM	TATA CONSUMER PRODUCTSTea & Coffee	1.16 LCr	17.11 kCr	+15.60%	+5.04%	100.52	6.76	+12.88%	-10.99%
BBTC	Bombay Burmah Trading Corpn.Packaged Foods	13.68 kCr	18.24 kCr	+8.92%	+22.46%	6.39	0.75	+4.45%	+1659.24%

Share Holdings

Understand CCL Products (India) ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Challa Shantha Prasad	24%
Challa Srishant	10.57%
Challa Rajendra Prasad	10.02%
AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS SMALL CAP FUND	5.47%
SBI MAGNUM COMMA FUND	3.46%
FRANKLIN INDIA SMALLER COMPANIES FUND	2.29%
HSBC SMALL CAP FUND	2.28%
MOTILAL OSWAL NIFTY SMALLCAP 250 INDEX FUND	1.43%
HELEANNA GABRIELLE GEORGALIS	1.4%
SVADHA INDIA EMERGING OPPURTUNITIES SCHEME 1	1.25%
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO ELSS TAX SAVER	1.17%
CUSTODY BANK OF JAPAN, LTD. RE: RB AMUNDI INDIA SMALL CAP EQUITY MOTHER FUND	1.12%
Challa Ajitha	0.76%
Mohan Krishna B	0.75%
ESOP or ESOS or ESPS	0.26%
Challa Soumya	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

CCL - CCL Products (India) Ltd. Share Price

What does CCL Products (India) Ltd. do?

Sector Comparison: CCL vs Agricultural Food & otherProducts

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from CCL Products (India)

Valuation

Fundamentals

Profitability

Balance Sheet for CCL Products (India)

Investor Care

Financial Health

Income Statement for CCL Products (India)

Cash Flow for CCL Products (India)

Is CCL Products (India) Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution