BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Although Jyothy Laboratories Ltd.’s sales seemed optically healthy at 15.3% YoY, it was lower than our expectations, especially given the 6.2% sales decline in the base quarter.
This is unlike Q2 FY21, where it reported 8% growth despite a positive 8% growth in Q2 FY20.
While higher than expected operating margin and lower interest cost led to in line Ebitda and a beat on profit after tax, there is nothing to indicate that the sales trajectory going forward is going to recover sharply from the measly 2.5% compound annual growth rate in the past five years ending FY20.
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