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Addition of small packs capacity (more than three times expansion), rising salience of direct brand sales, higher freeze-dried volume and upcoming capacity expansion (Vietnam and India freeze dried coffee doubling) over the medium term are some of the key growth drivers for CCL Products India Ltd., in our view.
Since there are multiple moving parts at play, we have done a scenario analysis in order to gauge the impact on the earnings and potential upside from the current market price.
As per our base-case scenario, we expect 750 basis points return on capital employed expansion over FY21-25E.
The same numbers under our bull-case and bear-case scenarios are 920 basis points and 410 basis points, respectively.
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