Jyothy Labs Q3 PAT climbs 77% YoY to Rs 67 cr

Jyothy Labs reported 77.2% jump in consolidated net profit of Rs 67.4 crore on 13.7% rise in revenue from operations to Rs 613 crore in Q3 FY23 over Q2 FY22.

The company continues to deliver consistent double digit revenue growth for the quarter as well as on a 2 year CAGR basis. The business has been resilient inspite of high commodity inflation impacting the consumption across categories.

Profit before tax jumped 77.97% to Rs 84.25 crore in Q3 FY23 as compared with Rs 47.34 crore in Q3 FY22.

Total expense rose 3.88% to Rs 279.63 crore in Q3 FY23 as compared with Rs 269.18 crore in Q3 FY22. Cost of material consumed was at Rs 279.63 crore (up 3.88% YoY), Employee benefit expense stood at Rs 66.40 crore (up 7.27% YoY).

Operating EBITDA rose 37.9% to Rs 84.4 crore in Q3 FY23 as against Rs 61.2 crore in Q3 FY22. Operating EBITDA margin was 13.8% in Q3 FY23 as compared with 11.3% in Q3 FY22.

Fabric Care sales increased by 26% for Q3FY23 over same period last year. The segment has seen improvement in sales across all brands. Its expanded distribution has helped reaching out to consumers having affordability of its detergent powder segment.

Dishwashing sales increased by 10% for Q3 FY23 over the same period last year. Its distribution focus across channels has helped to reach out to new consumers and delivered consistent double digit growth. Further, lower unit packs (LUP) continue to gain acceptance and are selling strong on the rural markets thereby thrusting growth in revenues.

Personal Care sales increased by 11.6% for Q3FY23 over same period last year. Its Neem based Margo soap register a good growth as consumers prefer the soap for its authenticity and heritage of 100 years which has strengthened the brand equity over the years.

Household Insecticides sales decreased by 15.6% for Q3FY23 over same period last year. The decline is primarily due to degrowth in the category owing to seasonal and industry issues. Its growth outlook is positive. On a 3 year CAGR basis, the portfolio is up by 0.7%.

M R Jyothy, managing director, Jyothy Labs, said, We continue to drive execution led growth to build scale. We have been witnessing a good traction for all our product categories and are determined to achieve consistent growth momentum for future.

Jyothy Labs is principally engaged in manufacturing and marketing of fabric care, dishwashing, personal care and household insecticides products.

The scrip rose 0.62% to Rs 204 on the BSE.

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