CCL Products falls 3% after machinery breakdown in Vietnam

The exact loss or impact of the said breakdown can only be assessed and intimated in due course upon normalization of operations, said CCL Products in an exchange filing

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Shares of CCL Products fell nearly 3 percent to Rs 589.5 on August 28 after one of the company’s key equipment broke down in Vietnam. The breakdown is said to impact about 6 to 10 percent of CCL Products’ net profit on a consolidated basis as production will be interrupted during the quarter.

At 9.55 am, the stock was trading at Rs 591 on the NSE, over 2.5 percent lower than the previous close. “The exact loss or impact of the said breakdown can only be assessed and intimated in due course upon normalization of operations”, said CCL Products in an exchange filing on August 25, adding that the damage to the equipment and loss of profit are covered under insurance.

Shares of CCL Products have given 11 percent returns since January and 27 percent returns in the last one year.  The company on August 14 had announced a dividend of Rs 2.5 per share.

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CCL Products’ net profit increased 15 percent year-on-year to Rs 61 crore in the Q1FY24. The company is engaged in the manufacturing, trading and distribution of coffee. The company produces and exports more than 900 coffee blends across the globe.

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