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Jyothy Laboratories revenues grow in single digit



Jyothy Laboratories Q4FY2017 (consolidated) – revenues grew in single digit; lower interest cost led to 11% increase in PBT.

Jyothy Laboratories (JLL) consolidated revenues grew by 4.2%yoy to Rs446.2crore driven by 8.4%yoy growth in the fabric care segment and 4.25yoy growth in the dishwashing segment, while household insecticide segment revenues declined by 6% during the quarter.

The higher raw material prices resulted in 188BPS decline in the gross margins to 43.9% and the OPM declined by 108BPS to 13.6% (in-line with our expectation).

The 35% decline in the interest cost led to 11.1% growth in the PBT to Rs44.6crore.

During the quarter there was tax reversal towards the tax losses incurred by Jyothy Consumer Products Marketing ltd (as merger has become effective since April 1 2016). Due to tax reversal PAT stood at Rs107.4crore in Q4FY2017 as against Rs9.9crore in Q4FY2016.

JLL registered mix performance in Q4FY2017 with single digit growth in revenues and PBT growing by double digits due to decline in the interest cost. We shall review our earnings estimates and shall come out with detailed note post the analyst meet. Currently we have a Hold recommendation on the stock.

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