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Motilal Oswal Report
Although Jyothy Laboratories Ltd.'s sales seemed optically healthy at 15.3% YoY, it was lower than our expectations, especially given the 6.2% sales decline in the base quarter.
This is unlike Q2 FY21, where it reported 8% growth despite a positive 8% growth in Q2 FY20.
While higher than expected operating margin and lower interest cost led to in line Ebitda and a beat on profit after tax, there is nothing to indicate that the sales trajectory going forward is going to recover sharply from the measly 2.5% compound annual growth rate in the past five years ending FY20.
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