I really do not know what the J Curve is !
I look at the consolidated numbers for any business and found out these.
If one will look at the Ratios ,
The ROCEs have improved from 12% to current 20+% and are at same levels in last 4 Years
The debtor days have been in the range of 50-60 Days
The Receivables to Sales are in the range of 15-16% from last many years
The Asset Turnover has improved from 2 in 2014 to 3 in 2018.
There is no dilution , the debt is in control and balance sheet looks strong.
Though i have not compared it with September 2018 Data and even if it is somewhat lower in September 2018 , i don’t think such a short span of 6 Months is a good criteria to judge the ratios.
It will be tough for CCL to compete with the Giants but one thing should be noted that they have been in the market from long (Around 1994) and have grown their sales at around 10% Compounded in last 10 Years. May be the market is big and growing or may be due to their innovation and low cost products. I exactly do not remember where i have read this but it was mentioned that the CCL Products are way cheaper than Nescafe and there is no difference in Taste of both the products.
Marketing expenses are usual in any course of business unless they get extremely high. They were offering One+ One free offer from some time but that did not incur any loss to the company. They are also going to phase out the offer slowly. I believe that the focus is on building the Brand and reaching out to customers as of now.