Jyothy Labs Q4 Review - Facing The Challenges Well: ICICI Securities
Bottles of “Ujala Supreme fabric whiteners”, made by Jyothy Laboratories Ltd. (Photographer: Abhijit Bhatlekar/Bloomberg News)

Jyothy Labs Q4 Review - Facing The Challenges Well: ICICI Securities

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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.

Click on the attachment to read the full report:

ICICI Securities Jyothy Labs Q4FY21 Results Update.pdf


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