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HDFC Securities Institutional Equities
Jyothy Laboratories Ltd.’s Q2 FY25 results were below our expectations, owing to broad-based performance slowdown across segments. Volume growth of 3% was a bit disappointing and management alluded subdued performance to floods in South India (40% of Jyothy’s sales).
However, volume growth has bounced back in September and the company is gunning for mid to high single digit volume growth in H2 FY25 on account of enhanced focus on increasing direct reach, pushing low unit packs in low market share markets.
We expect Jyothy Labs to see 8% volume growth in H2 FY25, which shall be far better than mid-tier consumer companies.
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