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. The company has leading brand Ujala in fabric whitener with 83.6% market share. It has a sizable dish washing & HI business with mid-teens market share. Large part of the revenue is generated from Kerala and Tamil Nadu. The company has 23 manufacturing facilities in India. Its pan-India distribution reach is close to 2.8 million outlets with direct reach of 1.0 million. Its major brands include Ujala & Henko in fabric wash, Exo & Pril in dishwashing, Margo in soaps and Maxo in HI categories.
Outlook
We continue to maintain our HOLD rating on the stock. We value the stock at Rs 215, valuing the business at 25x FY25 earnings.
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