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Axis Securities Report
Jyothy Laboratories Ltd.'s results were below our/street estimates. Revenue grew by 7% YoY, led primarily by volume growth. Furthermore, stable growth was witnessed across categories and channels barring Household Insecticides which de-grew by ~10% YoY.
Despite increased competitive intensity, the company’s continuous focus on increasing/scaling distribution reach (crossed 1.2 million direct reach in FY24), digital acceleration, new launches, and brand investment supported the overall volume growth in FY24.
Its gross margins improved notably by 378bps YoY to 49.5%, owing to the softening of the commodity prices while Ebitda grew by 18.8% YoY. Ebitda margins stood at 16.4%, up 163 basis points YoY despite strong gross margin expansion as ad-spends increased by 30% YoY.
Jyothy Labs reported adjusted profit after tax of Rs 78 crore, up 32% YoY.
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