Sharekhan's research report on Jyothy Labs
Jyothy Labs Limited’s (JLL’s) Q2FY2025 performance was muted with revenue and PAT remaining flat y-o-y. OPM at 18.9% rose by 38 bps y-o-y. Management expects to post mid-high single-digit volume growth in Q3. If prices of key raw materials remain at elevated levels, management has guided for price increases across categories. OPM came in at 18.4% in H1FY2025. However, with higher raw-material prices and continued investments in brands, management has maintained its OPM guidance at 16-17% for FY2025.
Outlook
The stock trades at 41x/35x/31x its FY2025E/FY2026E/FY2027E EPS, respectively. We maintain Buy with a revised PT of Rs. 575.
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