Jyothy Labs Limited’s (JLL’s) operating performance largely met our expectations in Q4FY23, with consolidated revenues growing by 13% y-o-y to Rs. 617 crore while OPM expanded by432 bps y-o-y to 14.8% resulting in 61% y-o-y growth in PAT to Rs. 59.3 crore. JLL aims to focus on improving volume growth, improve market share in key categories, widen distribution reach and enhance digitisation to achieve double-digit revenue growth in the medium-long term. Further, JLL targets to achieve a historical OPM of 15-16% in the next 1-2 years. The company remains debt free with cash on books at Rs. 283 crore as on March 31, 2023.
OutlookStock trades at a discounted valuation of 23.8x/19.8x its FY2024E/FY2025E EPS. We maintain Buy with an unchanged PT of Rs. 240.
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