Total expenditure rose by 10% to Rs 305.14 crore in Q1 FY24 from Rs 277.51 crore in Q1 FY23, primarily due to higher raw material costs (up 10.4% YoY), higher employee expenses (up 32% YoY) and higher other expenses (up 19.7% YoY).

Profit before tax in Q1 FY24 stood at Rs 37.26 crore, down by 16.9% from Rs 44.86 crore in Q1 FY23.

CCL Products is a leading manufacturer and exporter of instant coffee and private label coffee products. It has become the largest exporter of instant coffee worldwide with a global clientele base in over 90 countries.

The scrip declined 1.14% to end at Rs 729.95 on the BSE yesterday.