External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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 reported an in line operating performance in 2QFY23.</li><li>While standalone sales growth was 11.8%, overall volume growth was low ~1%.</li><li>Three-year EBITDA CAGR continues to be in low single digits and is likely to remain at a similar rate over the next couple of quarters.</li></ul><p><em>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.</em></p>

JYL reported an in line operating performance in 2QFY23.While standalone sales growth was 11.8%, overall volume growth was low ~1%.Three-year EBITDA CAGR continues to be in low single digits and is likely to remain at a similar rate over the next couple of quarters.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 Laboratories - In Line, Margin to Recover with a Lag

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Jyothy labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) &amp; personal care products.</li><li>It has leading brand Ujala in fabric whitener with 83.7% market share and a sizeable dish washing &amp; HI business with mid-teens market share.</li><li>The company has 23 manufacturing facilities in India.</li></ul><p><em>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.</em></p>

Jyothy labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) &amp; personal care products.It has leading brand Ujala in fabric whitener with 83.7% market share and a sizeable dish washing &amp; HI business with mid-teens market share.The company has 23 manufacturing facilities in India.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 (JLL) - Margins to Partly Recover; Crude Inflation Still Persists

<div><div><div><div><ul><li>Sales in 4QFY22 were in line. Gross margin was affected due to elevated raw material prices.</li><li>Revenue growth is key for a company with sales of only ~INR22b. The likelihood of a consistent 15% sales growth (essential for any re-rating) continues to appear difficult, despite JYL’s efforts to ramp up its total and direct reach.</li><li>With margin likely to remain under pressure over the next few quarters due to high input costs, its earnings growth prospects remain weak.</li></ul><ul style="list-style-type: none;"><li> </li><li> </li></ul></div></div></div></div><p><em>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.</em></p>

Sales in 4QFY22 were in line. Gross margin was affected due to elevated raw material prices.Revenue growth is key for a company with sales of only ~INR22b. The likelihood of a consistent 15% sales growth (essential for any re-rating) continues to appear difficult, despite JYL’s efforts to ramp up its total and direct reach.With margin likely to remain under pressure over the next few quarters due to high input costs, its earnings growth prospects remain weak.  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 Laboratories - Sales in 4QFY22 Were in Line.

<p>About the stock: Jyothy Labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) &amp; personal care products. The company has leading brand Ujala in fabric whitener with 84.9% market share. It has a sizable dish washing &amp; HI business with mid-teens market share. Large part of the revenue is generated from Kerala and Tamil Nadu.</p><ul><li>The company has 23 manufacturing facilities in India. Its pan-India distribution reach is close to 2.8 million outlets with direct reach of 0.86 million. Its major brands include Ujala &amp; Henko in fabric wash, Exo &amp; Pril, in dishwashing, Margo in soaps &amp; Maxo in HI categories</li></ul><div class="content-highlight"><em>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.</em></div>

About the stock: Jyothy Labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) &amp; personal care products. The company has leading brand Ujala in fabric whitener with 84.9% market share. It has a sizable dish washing &amp; HI business with mid-teens market share. Large part of the revenue is generated from Kerala and Tamil Nadu.The company has 23 manufacturing facilities in India. Its pan-India distribution reach is close to 2.8 million outlets with direct reach of 0.86 million. Its major brands include Ujala &amp; Henko in fabric wash, Exo &amp; Pril, in dishwashing, Margo in soaps &amp; Maxo in HI categoriesContent 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 Laboratories: Margin Meltdown on High Commodity Inflation

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>For Q1FY22, revenue grew by 21%YoY backed by healthy growth across all categories owing to higher growth in General Trade (GT) and E-Com channels. Dishwashing grew by 22%, Personal care (13.5% YoY), and Household Insecticides-HI (13%YoY) on YoY basis. JLL's enhanced focus on essential hygiene products along with healthy rural demand aided volume growth. Fabric care segment grew by 27% YoY (Vs de-growth of 24% in YoY quarter) but is still to reach pre-covid levels due to work from home culture and closure of schools.</p><div class="content-highlight"><em>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.</em></div>

For Q1FY22, revenue grew by 21%YoY backed by healthy growth across all categories owing to higher growth in General Trade (GT) and E-Com channels. Dishwashing grew by 22%, Personal care (13.5% YoY), and Household Insecticides-HI (13%YoY) on YoY basis. JLL's enhanced focus on essential hygiene products along with healthy rural demand aided volume growth. Fabric care segment grew by 27% YoY (Vs de-growth of 24% in YoY quarter) but is still to reach pre-covid levels due to work from home culture and closure of schools.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 Limited: Healthy Volumes Amidst Challenges

India

Jyothy Laboratories Limited develops and manufactures household products.

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Jyothy Laboratories (JYL IN)

Jyothy Laboratories - In Line, Margin to Recover with a Lag

JYL reported an in line operating performance in 2QFY23. While standalone sales growth was 11.8%, overall volume growth was low ~1%.

Motilal Oswal

Jyothy Labs (JLL) - Margins to Partly Recover; Crude Inflation Still Persists

Jyothy labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) & personal...

ICICI Securities Limited

Jyothy Laboratories - Sales in 4QFY22 Were in Line.

Revenue growth is key for a company with sales of only ~INR22b. The likelihood of a consistent 15% sales growth (essential for any re-rating)...

Motilal Oswal

Jyothy Laboratories: Margin Meltdown on High Commodity Inflation

Jyothy Labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) & personal...

ICICI Securities Limited

Jyothy Labs Limited: Healthy Volumes Amidst Challenges

For Q1FY22, revenue grew by 21%YoY backed by healthy growth across all categories owing to higher growth in General Trade (GT) and E-Com channels....

Geojit

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