External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>On 4 th Jun’24, election results were short of expectation with larger dent seen in Uttar Pradesh and Maharashtra.</li><li>Though NDA has won 292 seats, the Modi 3.0 government will be coalition government and overall market sentiments is likely to shift towards defensive sector like FMCG.</li><li>With huge setback, Modi 3.0 is expected to see some populist measures with some reforms or policy allocation to the bottom of the pyramid to address the rural challenges. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On 4 th Jun’24, election results were short of expectation with larger dent seen in Uttar Pradesh and Maharashtra.Though NDA has won 292 seats, the Modi 3.0 government will be coalition government and overall market sentiments is likely to shift towards defensive sector like FMCG.With huge setback, Modi 3.0 is expected to see some populist measures with some reforms or policy allocation to the bottom of the pyramid to address the rural challenges. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

<ul><li>Missed the estimates: Jyothy Labs’ results were below our estimates.</li><li>Revenue grew 7% YoY, led primarily by volume growth. Stable growth was witnessed across categories and channels barring Household Insecticides which de-grew by ~10% YoY.</li><li>Despite increased competitive intensity, the company’s continued focus on increasing/scaling up distribution reach (crossed 1.2 Mn direct reach in FY24), digital acceleration, new launches (Ujala &amp; Henko liquid detergents, Margo Neem Naturals) and brand investment aided the overall volume growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Missed the estimates: Jyothy Labs’ results were below our estimates.Revenue grew 7% YoY, led primarily by volume growth. Stable growth was witnessed across categories and channels barring Household Insecticides which de-grew by ~10% YoY.Despite increased competitive intensity, the company’s continued focus on increasing/scaling up distribution reach (crossed 1.2 Mn direct reach in FY24), digital acceleration, new launches (Ujala &amp; Henko liquid detergents, Margo Neem Naturals) and brand investment aided the overall volume growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs Ltd - Long Term Outlook Remains Strong; Maintain BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).</li><li>Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.</li><li>Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico - Acceleration in Diversified Portfolio While Core Stabilises

<ul><li>Jyothy Labs Ltd (JLL) was founded in 1983 and was initially a single-product company with Ujala fabric whitener as the only product.</li><li>However, the company has since expanded and diversified its operations nationwide over the years. In FY11-12, JLL acquired Henkel India Ltd.</li><li>(HIL) which had brands such as Henko, Mr.White, Pril, Fa, Margo, and Neem. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs Ltd (JLL) was founded in 1983 and was initially a single-product company with Ujala fabric whitener as the only product.However, the company has since expanded and diversified its operations nationwide over the years. In FY11-12, JLL acquired Henkel India Ltd.(HIL) which had brands such as Henko, Mr.White, Pril, Fa, Margo, and Neem. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Jyothy Labs Ltd. - 11 MARCH 2024

<ul><li>Topline growth remains muted: Most staple companies under our coverage have indicated a subdued demand environment, particularly in the mass end of the segment, as rural areas continue to face pressure.</li><li>Moreover, increased competitive intensity has further hampered volume growth. Anniversarization of price hikes and price cuts has resulted in muted topline growth.</li><li>Hopeful for demand recovery: Easing inflation, higher government spending, and increased urban remittances are expected to drive rural demand in the coming quarters.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline growth remains muted: Most staple companies under our coverage have indicated a subdued demand environment, particularly in the mass end of the segment, as rural areas continue to face pressure.Moreover, increased competitive intensity has further hampered volume growth. Anniversarization of price hikes and price cuts has resulted in muted topline growth.Hopeful for demand recovery: Easing inflation, higher government spending, and increased urban remittances are expected to drive rural demand in the coming quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Jyothy Laboratories Limited develops and manufactures household products.

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Jyothy Laboratories (JYL IN)

Top Sector Ideas - FMCG Q4FY24

Though NDA has won 292 seats, the Modi 3.0 government will be coalition government and overall market sentiments is likely to shift towards...

Axis Direct

Jyothy Labs Ltd - Long Term Outlook Remains Strong; Maintain BUY

Revenue grew 7% YoY, led primarily by volume growth. Stable growth was witnessed across categories and channels barring Household Insecticides...

Axis Direct

Marico - Acceleration in Diversified Portfolio While Core Stabilises

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the...

ICICI Securities Limited

Pick of the Week: Jyothy Labs Ltd. - 11 MARCH 2024

Jyothy Labs Ltd (JLL) was founded in 1983 and was initially a single-product company with Ujala fabric whitener as the only product.

Axis Direct

Top Sector Ideas - FMCG Q3FY24

Most staple companies under our coverage have indicated a subdued demand environment, particularly in the mass end of the segment, as rural areas...

Axis Direct

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