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Note: The artciles are not research reports but assimilation of information available on public domain and it should not be treated as a research report.

Registration status with SEBI: I am not registered with SEBI under the (Research Analyst) regulations 2014 and as per clarifications provided by SEBI: “Any person who makes recommendation or offers an opinion concerning securities or public offers only through public media is not required to obtain registration as research analyst under RA Regulations”

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Wednesday, February 25, 2009

Jyothy Laboratories Ltd:-Recession proof business and a fmcg play

Scripscan:Jyothy Laboratories Ltd
Cmp:55
Traded in:Nse-bse

Story:Jyothy Laboratories manufactures and markets household products under segments like fabric care, insecticide and dishwash detergent. Some of its leading brands include Ujala, Maxo, Exo, Jeeva and Maya. A strong brand equity, wide distribution network and focus on rural markets have been the companys strengths.It has a strong sales force of 1,500 people servicing 2,500 distributors across India. Its flagship brand Ujala, a liquid fabric whitener, enjoys 69% market share in its category. Its insecticide brand Maxo has grown to command a 22.3% market share by value. The Ujala range of products in the fabric care segment comprises around half of the companys revenues; Maxo contributes another 34%, while Exo makes up 11%.The company also has joint ventures with CCL Products and Balajee Telebrands to market and distribute their respective products, viz coffee and dhoop (incense). Recently, the company acquired trademarks rights of More Light and Ruby in the fabric whitener category. More Light is being targeted at the lower end of the fabric whitener category, while Ujala will be positioned as a premium brand.The company is foraying into laundry services through its subsidiary, Jyothy Fabricare Services (JFSL). With an initial capex of Rs 40 crore, it is conducting a pilot launch of this service in the IT-BPO hub of Bangalore. While the service is not the first of its kind in India, the timing seems to be right, given rising urban prosperity and increasing incidence of double-income households.To increase profitability, the company is also shifting to in-house manufacturing against outsourcing.Jyothy Labs is a cash-rich zero-debt company with sound financials. Its gross sales have grown at compounded annual rate (CAGR) of 8% since 03 to reach Rs 465.5 crore in FY08. The net profit during the same period jumped over 39% to Rs 50 crore.With a lower tax burden, new product launches and increasing market share, the company aims to grow by 20% year-on-year to achieve a turnover of Rs 675 crore by 2010.Investors are hunting for recession proof solid stable businesses and jyothy labs being one of the very few may just satiate desires of investors fraternity.So folks buy it to get decent returns in the days and months to come.

Regards,
ARUN
I can be reached at:arunanalyst@rediffmail.

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