CCL Products (India) (CCL) Q2 24/25 earnings summary

Executive summary

• Achieved Q2 FY25 consolidated turnover of INR 738.2 crores (₹73,819.77 lakhs), up 21.5% year-over-year; net profit at INR 73.95 crores (₹7,395.39 lakhs), also up 21.5% year-over-year.

• H1 FY25 turnover reached INR 1,511.49 crores, a 20% increase over the previous year; net profit for H1 at INR 145.4 crores, up 19.6%.

• EBITDA for Q2 at INR 137.6 crores, up 24.3% year-over-year; H1 EBITDA at INR 269.2 crores, up 24%.

• Domestic business showed strong momentum, with gross turnover of INR 200 crores in H1 and branded sales of INR 135 crores.

• Standalone revenue for Q2 FY25 was ₹43,690.32 lakhs, up from ₹35,195.44 lakhs in Q2 FY24; standalone net profit was ₹2,762.48 lakhs.

Financial highlights

• Volume growth for the quarter was close to 10%, with EBITDA growth driven by both volume and better margin business.

• Capacity utilization for existing lines near 100%; new India capacity at 10-12% and new Vietnam line at 40-50%.

• Gross debt stands at INR 1,974 crores (₹1,97,367.54 lakhs), with INR 1,300 crores for working capital and the rest for CapEx.

• Capital work in progress (CWIP) at around INR 750 crores, reflecting ongoing trial operations and admin block expenditures.

• Basic EPS (consolidated) for Q2 FY25 was ₹5.55, up from ₹4.57 in Q2 FY24.

Outlook and guidance

• Volume growth guidance for FY25 maintained at 10-20% due to volatility in green coffee prices and short-term contracts.

• No new CapEx planned for the next 3-4 years; Vietnam FDC line expected to commercialize after current quarter.

• Gross block expected to reach INR 2,600 crores by end of FY26.

• Coffee prices expected to remain stable or soften slightly, with no significant drop anticipated in the near to mid-term.

• Board and auditors reviewed and approved the unaudited results, with no modifications in the audit report.