Buy Jyothy Labs, target price Rs 240: Sharekhan by BNP Paribas

Sharekhan by BNP Paribas has buy call on Jyothy Labs with a target price of Rs 240. The current market price of Jyothy Labs is Rs 198.1.

Jyothy Labs, incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 7270.73 Crore) operating in FMCG sector.

Jyothy Labs key Products/Revenue Segments include Personal Care and Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 622.65 Crore, down -.84 % from last quarter Total Income of Rs 627.93 Crore and up 12.71 % from last year same quarter Total Income of Rs 552.44 Crore. Company has reported net profit after tax of Rs 59.26 Crore in latest quarter.

The company’s top management includes Mr.M P Ramachandran, Mr.R Lakshminarayanan, Ms.M R Jyothy, Ms.M R Deepthi, Mr.Aditya Sapru, Mr.Nilesh Mehta, Ms.Bhumika Batra. Company has B S R & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 37 Crore shares outstanding.

Investment Rationale
Improving cash flows, focus on achieving double-digit volume growth, andattractive valuations make it a good mid-cap pick in the consumer goods space.

Promoter/FII Holdings
Promoters held 62.89 per cent stake in the company as of 31-Mar-2023, while FIIs owned 13.77 per cent, DIIs 16.81 per cent.