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ICICI Securities Report
Channel inventory rationalisation exacerbated the weakness in some of Jyothy Laboratories Ltd.’s existing categories leading to two-year compound annual growth rate revenue decline of 2% in Q4 (adjusted growth up ~3% as it implemented continuous replenishment system which had an ~8% impact on primary sales in Q4).
High margin post-wash business was impacted for most of the year; ex-post-wash FY21 revenue growth was ~6% higher (18%).
Focus on rural expansion (adding sub-stockists, driving low unit packs), rationalising channel inventory and continued media intensity are positive steps despite near-term challenges.
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