The company reported strong set of numbers for the quarter significantly ahead of consensus estimates. Company reported strong revenue (net of excise duty) growth of 15.8% yoy to Rs516.8cr, 4% ahead of estimates.
Due to tax reversal of Rs65.6cr in the base quarter, company reported that PAT has declined by 29.3% yoy to Rs75.9cr.
The comparable revenue growth for the quarter stood at 17.2% yoy aided by 11.4% yoy volume growth.
Dishwashing segment reported 18.3% yoy growth (comparable growth of 21.3% yoy) in revenue and 751bps yoy expansion in the EBIT margin.
The stock is currently trading at Rs448.25 up by Rs56.55 or 14.44% from its previous closing of Rs391.70 on the BSE. The scrip opened at Rs402.70 and has touched a high and low of Rs459 and Rs399.10 respectively.
Jyothy Laboratories (JLL) is expected to witness volume boost owing to its power brands, newer products (toilet cleaner and plans to expand its product portfolio into Ayurvedic space) and passing of GST benefits, volume growth would be boosted. We expect the company to post revenue CAGR of 12% over FY18-20E and expect the PAT to grow at 18% over the same period. JLL will witness EBITDA margin expansion by 135 bps over the same period led by operating leverage and premiumisation.
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