External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>JYL’s 2QFY25 results were below our expectations, owing to broad-based performance slowdown across segments</li><li>Volume growth of 3% was a bit disappointing and management alluded subdued performance to floods in South India (40% of Jyothy’s sales)</li><li>However, volume growth has bounced back in September and the company is gunning for mid to high single digit volume growth in 2HFY25 on account of enhanced focus on increasing direct reach, pushing LUP in low market share markets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JYL’s 2QFY25 results were below our expectations, owing to broad-based performance slowdown across segmentsVolume growth of 3% was a bit disappointing and management alluded subdued performance to floods in South India (40% of Jyothy’s sales)However, volume growth has bounced back in September and the company is gunning for mid to high single digit volume growth in 2HFY25 on account of enhanced focus on increasing direct reach, pushing LUP in low market share markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs (2QFY25): Keeping the Faith Alive. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Estimates miss due to weak demand: Jyothy Labs' Q2FY25 results fell short of estimates due to muted consumer demand and floods in the south.</li><li>Revenue grew by only 0.2% YoY (miss), while volume increased by 3% YoY, driven by higher grammages and price cuts in select SKUs.</li><li>Segment-wise, Dishwash posted 1.3% growth, while Household Insecticides and Fabric Care remained flat, and Personal Care declined by 4.5% YoY due to a high base. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Estimates miss due to weak demand: Jyothy Labs' Q2FY25 results fell short of estimates due to muted consumer demand and floods in the south.Revenue grew by only 0.2% YoY (miss), while volume increased by 3% YoY, driven by higher grammages and price cuts in select SKUs.Segment-wise, Dishwash posted 1.3% growth, while Household Insecticides and Fabric Care remained flat, and Personal Care declined by 4.5% YoY due to a high base. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs Ltd - Growth Slowed Amid Softer Demand; Maintain BUY

<ul><li>Jyothy Labs’ fabric-care portfolio has seen ~14% revenue CAGR over FY20-24 and our checks show that similar momentum should continue over the medium term, as its detergent portfolio, like its ad campaign, is sarva gunn sampann— fully versatile and with enough weapons in its armoury to combat any challenge.</li><li>Our discussions with industry participants suggest that JYL has the following levers and tailwinds in its favour: (1) a comprehensive product portfolio; (2) a shift towards premiumisation; (3) distribution expansion initiatives; (4) scope for margin expansion, as it reaps the benefits of operating leverage, coupled with a pan-India manufacturing footprint (23 plants), given that value-end detergents are highly freight-intensive.</li><li>This report discusses Jyothy Labs’ progress in the fast-growing liquid detergent category.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs’ fabric-care portfolio has seen ~14% revenue CAGR over FY20-24 and our checks show that similar momentum should continue over the medium term, as its detergent portfolio, like its ad campaign, is sarva gunn sampann— fully versatile and with enough weapons in its armoury to combat any challenge.Our discussions with industry participants suggest that JYL has the following levers and tailwinds in its favour: (1) a comprehensive product portfolio; (2) a shift towards premiumisation; (3) distribution expansion initiatives; (4) scope for margin expansion, as it reaps the benefits of operating leverage, coupled with a pan-India manufacturing footprint (23 plants), given that value-end detergents are highly freight-intensive.This report discusses Jyothy Labs’ progress in the fast-growing liquid detergent category.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs: Disruptive Innovation. Maintain BUY

<ul><li>We maintain Jyothy Labs (JYL) as a high conviction BUY idea, with a TP of Rs 575 (40x June-26 EPS), as it is one of the few FMCG companies structurally poised for high single-digit volume growth, mid-teen EBITDA growth, and high-teen net income growth</li><li>We pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companies</li><li>Our confidence stems from the fact that a) JYL operates in categories which have a higher Total Addressable Market and, despite being a challenger brand, is trying to grab a pie of the same by making the product portfolio comprehensive, launching low unit packs, communicating product superiority vs competition, and providing value-for-money offerings, b) it’s got the basics of FMCG right under its new leadership – i) increasing the distribution network and, at the same time, improving productivity, ii) moving on to Above the Line (ATL) spends, away from BTL spends, iii) focusing on low unit packs across the product portfolio, so that it aligns with its objectives, c) competent key management personnel are ensuring smooth execution of the above strategy, which was not the case with the erstwhile management, who were more tuned towards doing M&amp;A transactions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain Jyothy Labs (JYL) as a high conviction BUY idea, with a TP of Rs 575 (40x June-26 EPS), as it is one of the few FMCG companies structurally poised for high single-digit volume growth, mid-teen EBITDA growth, and high-teen net income growthWe pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companiesOur confidence stems from the fact that a) JYL operates in categories which have a higher Total Addressable Market and, despite being a challenger brand, is trying to grab a pie of the same by making the product portfolio comprehensive, launching low unit packs, communicating product superiority vs competition, and providing value-for-money offerings, b) it’s got the basics of FMCG right under its new leadership – i) increasing the distribution network and, at the same time, improving productivity, ii) moving on to Above the Line (ATL) spends, away from BTL spends, iii) focusing on low unit packs across the product portfolio, so that it aligns with its objectives, c) competent key management personnel are ensuring smooth execution of the above strategy, which was not the case with the erstwhile management, who were more tuned towards doing M&amp;A transactions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs: Cruising Ahead. Maintain BUY

India

Jyothy Laboratories Limited develops and manufactures household products.

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Jyothy Laboratories (JYL IN)

Jyothy Labs (2QFY25): Keeping the Faith Alive. Maintain BUY

JYL’s 2QFY25 results were below our expectations, owing to broad-based performance slowdown across segments. Volume growth of 3% was a bit...

HDFC Securities

Jyothy Labs Ltd - Growth Slowed Amid Softer Demand; Maintain BUY

Estimates miss due to weak demand: Jyothy Labs' Q2FY25 results fell short of estimates due to muted consumer demand and floods in the south.

Axis Direct

Jyothy Labs: Disruptive Innovation. Maintain BUY

Jyothy Labs’ fabric-care portfolio has seen ~14% revenue CAGR over FY20-24 and our checks show that similar momentum should continue over the...

HDFC Securities

Jyothy Labs: Cruising Ahead. Maintain BUY

We pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companies

HDFC Securities

Jyothy Labs - Cruising Ahead

We pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companies

HDFC Securities

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