Jyothy Labs Limited’s (JLL’s) Q3FY25 performance was muted with revenue growing by just 4%, while a ~110 bps y-o-y decline in OPM led to 4% y-o-y decline in PAT. Management does not expect any significant recovery in demand in Q4. OPM guidance maintained at 16-17% for the near term. JLL launched Jovia in the mass toilet soap segment to take benefit of downtrading by customers and Maxo Racquet to complete its HI portfolio.
OutlookThe stock has corrected by over 30% since its recent high and trades at 38x/34x/31x its FY25E/FY26E/FY27E EPS, respectively. We maintain Buy with a revised PT of Rs. 490.
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