CCL Products (India) beats Q4 profit view on higher instant coffee sales

CCL Products (India)

16/05/2023 12:52

BENGALURU, May 16 (Reuters) - CCL Products (India) Ltd
 CCLP.NS  reported a 62% surge in quarterly profit on Tuesday,
beating analysts' estimates, boosted by rising sale of its
instant coffee.
    Consolidated net profit rose to 852.9 million rupees ($10.43
million) for the three months ended March 31 from 527 million
rupees a year earlier. Analysts, on average, expected profit of
636.9 million rupees, according to Refinitiv IBES data.
    The company, which exports coffee to over 90 countries,
reported revenue from operations increased 38.2% to 5.20 billion
rupees in the quarter from a year ago. 
    The capacity addition at CCL's Vietnam plant and firmer
coffee prices during much of last financial year fuelled volume
increase of spray-dried coffee in the March quarter, analysts at
CD Equisearch had said in a note. CCL also operates
manufacturing plants in India and Switzerland.
    Rival Tata Coffee  TACO.NS  reported a 20% rise in
fourth-quarter profit last month highlighting the growing demand
for the beverage.  urn:newsml:reuters.com:*:nL4N36L32B    
    Shares of the company, whose clients includes Reliance,
startup Blue Tokai and Israel-based Strauss Group, closed down
2.3% before the results. 



($1 = 81.7800 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru; editing by Eileen
Soreng)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))