Sharekhan is bullish on Jyothy Laboratories has recommended buy rating on the stock with a target price of Rs 225 in its research report dated January 24, 2019.
Sharekhan's research report on Jyothy Laboratories
In Q3FY19, Jyothy Laboratories (JLL) posted muted operating performance with revenues and operating profit growing by 6.3% y-o-y and 5% y-o-y respectively. The lower growth in Ujala Fabric Whitener and decline in Margo revenues led to lower revenue growth during the quarter. The recovery in the household insecticide performance and strong growth in the Henko portfolio provides visibility of double digit growth in the coming quarters. The OPM is expected to sustain at about 16%.
We maintain our Buy recommendation on the stock with revised TP of Rs. 225 in view of discounted valuations at ~24x FY2021E earnings and expected recovery in performance in the coming quarters.
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