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HDFC Securities
Jyothy Laboratories
CMP: ₹202.35
Target: ₹235
Jyothy Laboratories Ltd (JLL) came into being in 1983 . Starting from the momentous launch of Ujala, carving out a new product category of liquid fabric whitener, JLL today manufactures and distributes brands across product categories as diverse as fabric care, household insecticide, utensil cleaners, etc, besides marketing tea and coffee brands.
The company has had a history of successful new product launches, has had the gumption to enter competitive market segments and create brands that are either Number 1 or Number 2 or strong challenger brands in every category where it is present. With the new strategies (such as new brand communication, new campaigns, relaunch in new packaging, brand extensions, geographical extensions), we expect JLL’s revenue growth to accelerate in both soaps & detergents and home care segment in the coming quarters. We expect JLL’s consolidated operating margins to improve significantly over FY13-15 on the back of improved product mix, reduction in trade margins and cost rationalisation.
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