In-line performance; focus on volume-driven growth

Company
11 Mar 2024
5 Min read 
  • Jyothy Laboratories (JYL) reported in-line sales growth of 11% YoY.
  •  Volume growth stood at 11% YoY, driven by fabric care segment.
  •  Gross margin and EBITDA margin improved YoY.
  •  Expect 10%/11% revenue/EBITDA CAGR over FY24-26E.
  •  Neutral rating maintained with a TP of INR 500 on 40x Dec25E P/E.
  •  Company focusing on volume-driven growth and market share gain.
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