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
Jyothy Laboratories Ltd. delivered a miss on all fronts in its Q4 FY21 result.
Even if one adjusts for the sales impact of ~8% YoY on account of common reporting standards implementation (shared during the conference call), average growth in the last two-years remains weak (in mid-single digits).
While there has been improvement in net working capital days and the company is now net debt free, topline growth is key for a company with sales of only Rs 19 billion.
The likelihood of 15% sales growth continues to appear difficult.
Sales growth compound annual growth rate has been 3.7% in the preceding five years.
With margin likely to under pressure due to material cost increase, earnings growth prospects remain weak.
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