The consolidated net sales of the company for the quarter ended September 2007 increased by 11% to Rs 95.76 crore compared to Rs 86.48 crore in the corresponding quarter of previous year. The operating profit margin (OPM) decreased by 650 basis points to 11.7%. The net profit of the company decreased by 74% to Rs 3.28 crore.

The company’s consolidated revenue for the half year ended September 2007 remained almost stable. It stood at Rs 167.97 crore compared to Rs 167.47 crore in the corresponding period of the previous year. The OPM of the company saw a decline of 480 basis points to 11.6%. The net profit of the company decreased by 63% to Rs 8.12 crore.

For the quarter ended September 2007, the revenue on standalone basis increased by just 4% to Rs 51.96 crore compared to Rs 49.84 crore during the corresponding quarter of the previous year. The OPM of the company declined by huge 900 basis points to 20.1%. The net profit of the company during the quarter declined by 74% to Rs 3.10 crore.

During half year ended September 2007, the company’s net sales on standalone basis increased by 12% to Rs 90.17 crore compared to Rs 80.77 crore during the corresponding quarter of previous year. The OPM of the company declined by vast 1230 basis points to 19.1%. The company registered a decline of 65% in its net profit to Rs 7.44 crore.

The consolidated net sales of the company for the quarter ended September 2007 increased by 11% to Rs 95.76 crore compared to Rs 86.48 crore in the corresponding quarter of previous year. The OPM decreased by 650 basis points to 11.7%. This is due to increase in other expenditure by 300 basis points to 10%, staff cost by 180 basis points to 4%, power & fuel cost by 170 basis points to 4% and packaging material cost by 50 basis points to 7%. However, raw material cost decreased by 80 basis points to 64%. As a result, the operating profit of the company declined by 29% to Rs 11.23 crore.

The company has reported growth in other income by 16% to Rs 0.22 crore. The profit before interest, depreciation and tax (PBIDT) decreased by 28% to Rs 11.46 crore. Interest paid by the company during the quarter increased by huge 136% to Rs 4.76 crore, while depreciation has jumped by 169% to Rs 3.34 crore. This has affected the profit before tax (PBT), which declined by 74% to Rs 3.35 crore.

Total tax outgo during the quarter decreased by 55% to Rs 0.02 crore. Minority interest declined by 63% to Rs 0.06 crore. As a result, there is marginal decline in net profit compared to PBT, which fall by 74% to Rs 3.28 crore.

The company’s consolidated revenue for the half year ended September 2007 remained almost stable. It stood at Rs 167.97 crore compared to Rs 167.47 crore in the corresponding period of the previous year. The OPM of the company saw a declined by 480 basis points to 11.6%. The fall in margin is due to increase in other expenditure by 450 basis points to 20%, power & fuel cost by 160 basis points to 4%, packaging material cost by 120 basis points to 7% and staff cost by 80 basis points to 3%. However, the raw material cost saw a decline of 340 basis points to 63%. As a result, the operating profit of the company decreased by 29% to Rs 19.56 crore.

Other income of the company increased by 249% to Rs 1.01 crore. PBIDT declined by 26% to Rs 20.56 crore. Interest paid by the company during the quarter increased by 117% to Rs 7 crore, while depreciation inclined by 109% to Rs 5.19 crore. This has affected PBT, which declined by 62% to Rs 8.38 crore.

Total tax outgo fall by 36% to Rs 0.03 crore. The company’s profit after tax before minority interest decreased by 62% to Rs 8.35 crore. Minority interest slipped by 10% to Rs 0.23 crore. The net profit of the company decreased by 63% to Rs 8.12 crore.

Standalone Results

For the quarter ended September 2007, the revenue on standalone basis increased by just 4% to Rs 51.96 crore compared to Rs 49.84 crore in the corresponding quarter of the previous year. The OPM of the company declined by huge 900 basis points to 20.1%. The decline is due to increase in power & fuel cost by 350 basis points to 8%, staff cost by 220 basis points to 4%, packaging material cost by 170 basis points to 13% and raw material cost by 20 basis points to 52%. However, the company’s other expenditure cost decreased by 30 basis points to 6%. As a result, the operating profit decreased by 28% to Rs 10.46 crore.

Other income of the company rose by 17% to Rs 0.22 crore. The PBIDT declined by 27% to Rs 10.68 crore. Interest paid was up by 196% to Rs 4.26 crore while depreciation increased by 175% to Rs 3.30 crore. Total tax outgo decreased by 55% to Rs 0.02 crore. The net profit of the company during the quarter declined by 74% to Rs 3.10 crore compared to Rs 12.02 crore during the corresponding quarter of previous year.

For half year ended September 07

During half year ended September 2007, the company’s net sales on standalone basis increased by 12% to Rs 90.17 crore compared to Rs 80.77 crore during the corresponding period of previous year. The OPM of the company declined by vast 1230 basis points to 19.1%. The decline in margin is due to increase in raw material and power & fuel cost by 270 basis points to 52% and 7%. Packaging material cost inclined by 170 basis points to 13%, staff cost by 90 basis points to 2% and other expenditure by 80 basis points by 10%. As a result, the company’s operating profit decreased by 32% to Rs 17.32 crore.

Other income saw a huge jump by 253% to Rs 1 crore. The PBIDT of the company declined by 29% to Rs 18.24 crore. Interest paid increased by 167% to Rs 5.66 crore while depreciation inclined by 113% to Rs 5.10 crore. Total tax outgo of the company decreased by 36% to Rs 0.03 crore. The company registered a decline of 65% in its net profit to Rs 7.44 crore compared to Rs 21.11 crore during the corresponding period of previous year.

Recent Developments

CCL Products commenced commercial operations of the expanded capacity of freeze dried coffee on 28^th June 2007. Unfortunately, on 6^th July 2007 an electric fire accident occurred in the freeze dried plant. This will take 3 to 4 months for the company to bring the operation to normalcy. However, the company does not expect any financial impact, as the plant is fully insured.

Valuation

The scrip was trading at Rs 279.95 on 1^st October 2007 on BSE.

The promoter’s shareholding in the company is at 28.88%.