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Research
Views on Jyothy Laboratories 3QFY2016 Result: Angel Broking
Posted On : 2016-01-30 02:13:14( TIMEZONE : IST )
Views of Mr. Milan Desai (Research Analyst - Mid Caps, Angel Broking) on Jyothy Laboratories 3QFY2016 results:
3QFY2016 numbers in-line with estimates
"For 3QFY2016, Jyothy Labs reported numbers that were in-line with our estimate. Its consolidated top-line for the quarter increased by 6.9% YoY to INR 385cr, which is marginally lower than our estimates of INR 392cr. Aided by benign input prices, the gross margins witnessed a 205bp YoY expansion to 52.5% against our estimate of 199bp. On account of lower Employee Stock Options (ESOP) expense (INR 2.5 cr against INR 11.8cr in 3QFY15), the employee expense declined by 9.3% YoY to INR 44cr. On percentage of sales basis, employee expense declined by 205bp YoY to 11.5% of sales while other expenses increased by 93bp YoY to 27.8% of sales. Aided by lower raw material cost and employee expense, the EBITDA grew by 40.5% YoY to INR 51cr which is in-line with our estimate of INR 50cr. The EBITDA margin at 13.2% is higher than our estimate of 12.6% owing to lower than expected ESOP related expense. On the back of better operating performance, lower interest outgo (INR 0.8cr vs. INR 3.7cr for 3QFY15) and higher other income, the net profit grew by 47.8% YoY to INR 39cr which is marginally higher than our estimate of INR 36cr.
On segmental basis, revenue from Home Care segment grew by an impressive 25.1% YoY to INR 82cr while Soaps and Detergent segment grew by modest 3.8% YoY to INR 287cr. The Home Care segment reported profit of INR 6cr (vs. INR 0.7cr in 3QFY15) while EBIT for the Soaps and Detergent came in at INR 43cr as against INR 42cr in 3QFY15. We currently have a NEUTRAL rating on the stock and may revise our rating post management interaction."
Shares of JYOTHY LABORATORIES LTD. was last trading in BSE at Rs.285.3 as compared to the previous close of Rs. 282.85. The total number of shares traded during the day was 11615 in over 499 trades.
The stock hit an intraday high of Rs. 294.65 and intraday low of 283. The net turnover during the day was Rs. 3354993.
