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Last Updated : May 09, 2019 02:58 PM IST | Source: Moneycontrol.com

Buy Jyothy Laboratories; target of Rs 220: ICICI Direct

ICICI Direct is bullish on Jyothy Laboratories has recommended buy rating on the stock with a target price of Rs 220 in its research report dated May 09, 2019.

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ICICI Direct's research report on Jyothy Laboratories


Jyothy Labs’ (JLL’s) revenues grew 6.3% to Rs 504.3 crore on the back of strong 21.6% growth in the dishwash segment. However, revenues for fabric care, household insecticide (HI) & personal care segments was flat during the quarter, due to strong growth in base quarter and tapering growth in rural regions. Power brands Exo & Pril saw strong growth of 24.7% & 11.7%, respectively. However, Maxo & Henko brands declined 4.4% & 4.7%, respectively, whereas Margo & Ujala witnessed muted growth of 4.8% & 1.5%, respectively. EBITDA margins contracted 260 bps to 16.4% on account of a 250 bps contraction in gross margins. Net profit increased 11.1% to Rs 67.1 crore on account of deferred tax credit of Rs 11 crore. The company declared a dividend of Rs 3 per share.


Outlook


EBITDA margins contracted 260 bps to 16.4% on account of a 250 bps contraction in gross margins. Net profit increased 11.1% to Rs 67.1 crore on account of deferred tax credit of Rs 11 crore. The company declared a dividend of Rs 3 per share.


For all recommendations report, click here


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First Published on May 9, 2019 02:58 pm
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