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Jyothi Laboratories Ltd

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Jyothi Laboratories Ltd

Jyothi Laboratories Ltd
Household Products
FV – Rs 1; 52wks H/L – 427/270.1; TTQ – 4 K; CMP – Rs 362 (As On June 27, 2017);                      

            Market Cap – Rs 6560 Crs

Consolidated Financials and Valuations for FY17 (Amt in Rs Crs unless specified)


Equity Capital

Net worth
Long Term Debt
Total
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

Industry P/E

P/BV

Promoter’s
Stake
Beta
18.17 1089 6 1760 204 60 11.24 32.2 54.51 6 66.89 0.43

 

Consolidated Financials and Valuations for FY16


Equity Capital

Net worth
Long Term Debt
Total
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

Industry P/E

P/BV

Promoter’s
Stake
Beta
18.11 846 7 1657 158 47 8.72 41.5 54.51 7.7 66.89 0.43

 

Valuation Parameters:

  1. Long Term Debt to Equity – 0.01
  2. ROE % – 19
  3. Market Cap/Sales – 3.73

On business front, the said the company did well across all segments in FY17 and is hopeful of growing 10-12 % in FY18 says K Ullas Kamath, Joint MD & CFO in an interview to CNBC-TV18. http://www.moneycontrol.com/news/business/companies/jyothy-laboratories-hopeful-of-growing-10-12-in-fy18-2308135.html

The promoters of Jyothy Laboratories may extend the March 2017 deadline for its collaborator Henkel AG to exercise the option to invest in the company, top officials close to the development said. The maker of Ujala fabric whitener is in advanced negotiations to sell a stake to Germany-based Henkel AG & Co and the talks have been held in Dubai. Jyothy Labs purchased a 50.97 per cent stake in Henkel India in 2011, giving it detergent brands Henko, Mr White and Chek and personal care products such as Margo, Neem and Fa. Jyothy also got access to the northern and eastern markets in India after being a stronger player in southern India. 

Henkel has the option to pick up to 26 per cent stake in Jyothy after it acquired a 25 per cent shareholding by the German major will trigger a mandatory open-offer clause.  http://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/promoters-of-jyothy-laboratories-may-extend-deadline-for-its-collaborator-henkel-ag-to-pick-stake/articleshow/57410720.cms

The company Successfully commenced the commercial production of Ujala Fabric Whitener, Margo Soap & Maxo Liquid Vaporiser in FY 2017 at Guwahati (North Eastern State). These manufacturing units are entitled to avail the 100% income tax benefit u/s 80 IE for next 9 years.
 

Overview:

  • Jyothy Laboratories Ltd is a multi-brand, multi-product company focused on fast-moving consumer goods industry.
  • The Company is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks.
  • The Company operates through three segments: Soaps and Detergents, which includes fabric whiteners, fabric detergents, dish wash bar and soaps, including ayurvedic soaps; Home Care products, which includes incense sticks, scrubber, dhoop and mosquito repellents, and Others, which includes bodycare, tea and coffee. It offers its products under various brands, which include Henko, Mr. White, Ujala, More light, Chek, Pril, Exo, Maxo, Margo, Fa, Neem, Fabric Spa, Snoways, Busy easy and Wardrobe.
  • Its subsidiaries include Jyothy Consumer Products Marketing Ltd, Four Seasons Drycleaning Company Private Ltd, Snoways Laundrers & Drycleaners Private Ltd and Jyothy Fabricare Services Ltd.

Management:

  • M.P. Ramachandran – CMD
  •  K.Ullas Kamath – Joint MD & CFO

 

The Equity Capital is @ Rs 18.17 Crs consisting of 181683724 equity Shares of FV Rs 1 currently held 

20.22% Of the Promoter’s Holding is pledged.

Major Non – Promoter Holdings:

Sr.No Non – Promoters No. of shares held % of shares held
1 Sundaram Mutual Fund 1835000 1.01
2 Fidelity Investment Trust – Fidelity Series International Small Cap Fund 3611337 1.99
3 Emblem FII 3075000 1.69
4 Parvest Equity India 2264722 1.25
5 ICICI Prudential Life Insurance Company Limited 5950697 3.28
6 Prazim Trading and Investment Co. Pvt. Ltd. 4388955 2.42

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars FY17 FY16 FY15 FY14 FY13 FY12 FY11
Equity Paid Up 18.17 18.11 18.1 18.1 16.13 8.06 8.06
Networth 1089 846 780 734 583 612 631
Total Debt 156 54 449 527 552 562 66
Net Sales 1760 1657 1520 1328 1107 936 643
Other Income 11 10 7 4 8 28 17
PAT 204.15 157.96 121.12 81.21 19.65 44.58 68.76
Book Value (Rs) 60 47 43 41 36 76 78
EPS (Rs) 11.24 8.72 6.69 4.49 1.22 5.53 8.53

 

The company hopes to grow at 12% in FY18. The projections for FY18 would be –

Particulars FY18
Projected Sales (Rs.Crs) 1971
Projected PAT (Rs.Crs) 228
Projected EPS (Rs.) 13
Projected Price (Rs.) 428
 Forward P/E 33

 

 

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