ICICI Direct's research report on Jyothy Laboratories
Jyothy labs (JLL) is an FMCG company with a presence in fabric whiteners, detergents, dishwashing products, household insecticides (HI) & personal care products. It has leading brand Ujala in fabric whitener with 83.7% market share and a sizeable dish washing & HI business with mid-teens market share. The company has 23 manufacturing facilities in India. Its pan-India distribution reach is close to 3.0 million outlets with direct reach of 1.0 million. Its major brands include Ujala & Henko in fabric care, Exo & Pril, in dishwashing, Margo in soaps and Maxo in HI categories.
Outlook
We maintain our HOLD rating on the stock. We value the stock at Rs 205, valuing the business at 26x FY24 earnings.
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