Sharekhan: Buy Jyothy Labs; target of Rs 240

Sharekhan is bullish on Jyothy Labs has recommended buy rating on the stock with a target price of Rs 240 in its research report dated May 03, 2023.

Jyothy Labs Limited’s (JLL’s) operating performance largely met our expectations in Q4FY23, with consolidated revenues growing by 13% y-o-y to Rs. 617 crore while OPM expanded by432 bps y-o-y to 14.8% resulting in 61% y-o-y growth in PAT to Rs. 59.3 crore. JLL aims to focus on improving volume growth, improve market share in key categories, widen distribution reach and enhance digitisation to achieve double-digit revenue growth in the medium-long term. Further, JLL targets to achieve a historical OPM of 15-16% in the next 1-2 years. The company remains debt free with cash on books at Rs. 283 crore as on March 31, 2023.

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