Jyothy Labs Q3 Review - Beat On All Counts: ICICI Securities
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ICICI Securities Report
Jyothy Laboratories Ltd.’s Q3 revenue grew 15%, higher than consensus expectations, driven by -
1. strong execution – penetrating into rural markets, increasing throughput,
2. recovery in modern trade and canteen stores department channels (almost flat sales YoY) and
3. significant investment behind brands (ad-spends up 40% YoY).
Seen through the category-state construct, the company is the market leader (or a strong number two) in most categories and that should benefit in times like these.
We like the continued strong performance – 10% volume growth in nine months FY21.
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