jyothy laboratories, 1q fy 2014

7/27/2019 Jyothy Laboratories, 1Q FY 2014

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Please refer to important disclosures at the end of this report 1

JLLs 1QFY2014 highlights (Standalone)

Y/E March (` cr) 1QFY14 1QFY13 % chg. (yoy) 4QFY13 % chg. (qoq)Net Sales 319 281 13.4 273 17.1Operating profit 49 33 49.6 34 44.0

OPM (%) 15.2 11.5 369bp 12.4 284bp

Adj. PAT 29 14 103.5 12 142.8

Source: Company, Angel Research, Note:Merged numbers of JLL and JCPL

Jyothy Laboratories (JLL) reported a strong set of numbers for 1QFY2014. The

top-line grew by 13.4% yoy to `319cr, mainly led by the soaps and detergent

segment. The gross margin improved by 689bp on account of better realization

and sales mix, leading to an expansion of 369bp in operating margin on a yoy

basis to 15.2%. The depreciation for the quarter stood at `15cr which included

amortization of goodwill. Further, there was no tax reported in 1QFY2014 as the

company got a tax shield due to the carry forward losses of the acquired

company - JCPL. Consequently, JLL reported a profit of `29cr, registering a

robust growth of 103.5% on a yoy basis.

After amalgamation, strong performance to follow

The successful amalgamation of JLL and JCPL has put all the synergies in place.

The company now has 10 brands in its kitty. The company has successfullyconsolidated the manufacturing units, merged distribution channel, reduced

distributors margins and revamped supply chain and management. Also, the

strategies for its 7 power brands - Ujala,Maxo, Exo, Henko, Fa, Pril, andMargo

are in place. Further the company plans to spend ~10-12% of net sales towards

advertisement. We expect all these cost cutting strategies, coupled with strong

brand building strategies, to result in a strong performance for the company.

Outlook and valuation: Post the successful amalgamation of JLL and JCPL, theoutlook for the company is positive. We expect the companys revenue to grow at

a CAGR of 22.4% over FY2013-15E to `1,523cr with an EBITDA margin of

14.2% and PAT of`

65cr in FY2015E. We maintain our Buy recommendation onthe stock with a target price of `199 based on a target PE of 20.0x for FY2015E.Key financials (Standalone)

Y/E March (` cr) FY2011 FY2012 FY2013* FY2014E* FY2015E*Net sales 600 663 1,017 1,244 1,523% chg 4.7 10.5 53.5 22.3 22.4

Adj. net profit 80 84 42 98 165% chg 0.2 4.9 (49.7) 132.3 68.1

OPM (%) 13.2 12.5 11.9 14.1 14.2EPS (`) 5.0 5.2 2.6 5.9 10.0

P/E (x) 34.8 33.2 66.0 28.4 16.9

P/BV (x) 4.3 4.1 3.9 3.4 3.0

RoE (%) 15.2 12.7 6.1 12.7 18.8

RoCE (%) 0.1 0.1 0.0 0.1 0.1

EV/Sales (x) 4.2 4.4 3.2 2.6 2.0

EV/EBITDA (x) 31.5 35.1 27.1 18.5 14.4

Source: Company, Angel Research; Note: * Merged numbers of JLL and JCPL; CMP as of August 12, 2013

BUYCMP `168

Target Price `199

Investment Period 12 Months

Stock Info

Sector

Net debt (`cr) 474

Bloomberg Code

Shareholding Pattern (%)

Promoters 63.7

MF / Banks / Indian Fls 12.6

FII / NRIs / OCBs 17.3

Indian Public / Others 6.5

Abs.(%) 3m 1yr 3yr

Sensex (6.0) 6.8 2.7

JLL (3.9) 23.6 21.8

52 Week High / Low 211 / 128

FMCG

Market Cap (`cr) 2,793

Beta 0.3

JLY IN

Avg. Daily Volume 40,794

Face Value (`) 1

BSE Sensex 18,947

Nifty 5,612

Reuters Code JYOI.BO

Tejashwini Kumari022-39357800 Ext: 6856

[email protected]

Jyothy LaboratoriesStrong performance on all fronts

1QFY2014 Result Update | FMCG

August 13, 2013


2/14

Jyothy Laboratories | 1QFY2014 Result Update

August 13, 2013 2

Exhibit 1:1QFY2014 JLLs Performance highlights (Standalone)

Y/E March (` cr) 1QFY14 1QFY13 % chg. (yoy) 4QFY13 % chg. (qoq) FY2013* FY2012 % chgNet Sales 319 281 13.4 273 17.1 1,017 663 53.5Net raw material 168 168 0.3 155 8.2 568 373 52.3(% of Sales) 52.7 59.6 57.0 55.8 56.2

Employee Cost 30 28 10.5 23 32.6 111 78 42.4

(% of Sales) 9.6 9.8 8.4 10.9 11.7

Other Expenses 72 54 33.9 60 19.1 219 130 68.6

(% of Sales) 22.5 19.1 22.2 21.5 19.6

Total Expenditure 271 249 8.7 239 13.3 897 580 54.6Operating Profit 49 33 49.6 34 44.0 121 83 45OPM (%) 15.2 11.5 369bp 12.4 284bp 11.9 12.5 (67)bp

Interest 17 15 11.8 18 (4.8) 66 19 240.1

Depreciation 15 15 (1.1) 16 (3.7) 62 17 262.0

Other Income 13 12 8.5 13 (2.1) 51 57 (10.5)

PBT 30 14 110.1 14 117.3 44 104 (57.5)(% of Sales) 9.3 5.0 5.0 4.3 15.7

Tax - - - - - - 20 (100.0)

(% of PBT) - - - - 19.0

Reported PAT 30 14 110.1 14 117.3 44 84 (47.5)Extraordinary Expense/(Inc.) 1 - 2 2 -

Adjusted PAT 29 14 103.5 12 142.8 42 84 (49.7)PATM 9.0 5.0 4.3 4.2 8.3

Source: Company, Angel Research, Note: * Merged numbers of JLL and JCPL

Robust performance on all fronts

JLL reported a strong set of numbers for 1QFY2014 on all fronts. The revenue

from soaps and detergents segment witnessed a strong growth of 16.5% on a yoy

basis and came in at `253cr, mainly because of rebound in Ujala sales. After the

relaunch of Ujala in new packaging, its sales shot up by 37% in 1QFY2014 (25%

value growth and 10% volume growth). Also, the successful brand communication

of five out of the seven power brands (except Maxo and Henko) resulted in healthy

volume growth. The revenue from home care segment remained flat on a yoy

basis at `58cr, mainly due slowdown inMaxo.

The gross margin improved by 689bp on account of better realization and sales

mix leading to an expansion of 369bp in operating margin on a yoy basis to

15.2%. The companys ad spend for 1QFY2014 stood at `39cr (12.1% of net

sales), which included a one-time investment of `5cr in developing new

advertisements.

The depreciation for the quarter stood at `15cr, which included amortization of

goodwill. Further, there is no tax reported for the quarter because after the

amalgamation, the company has got a tax shield due to carry forward losses of

JCPL. Other income for the quarter stood at `13cr. Consequently, the company

reported a profit of `29cr, a whopping 103.5% growth on a yoy basis.


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August 13, 2013 3

Way forward

Going forward the company is optimistic about delivering strong performance

from its slow moving brands Maxo and Henko, through breakthrough

innovations. The Management expects Maxo to clock ~20% growth in FY2014E.

Investments towards establishing a pan India presence for the entire brand

portfolio are to continue. Also, Ujala detergent, which was a laggard in the soaps

and detergents category due to inventory clearance, is expected to rebound from

next quarter with the introduction of new packaging and rolling over in South

(earlier it was present only in Kerala).

Moreover, the revenue from non-South region in the quarter has improved, which

is good news for the company, as it shows the acceptance and success of brand

launches on a pan India basis.

Exhibit 2:Thrust on Regional Brands becoming NationalRevenue share (in %) 1QFY2014 1QFY2013South 42 49

Non South 58 51

Source: Company, Angel Research


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August 13, 2013 4

Investment arguments

Successful amalgamation has built a strong foundation for growth

With the successful amalgamation of JLL and JCPL, JLL now owns 10 brands underfour segments, namely 1) Fabric care (Ujala, Henko, Mr. White and Chek), 2)

Utensils care (Exo and Pril), 3)Personal Care (Margo, Fa and Neem) and 4)

Household insecticides (Maxo).

Secondly, it also strengthens JLLs urban market presence. The consolidated entity

now has 1,700 distributors in urban areas and 200 super stockists & 2,000 sub

stockists in rural areas of the country. With the completion of consolidation along

with rationalization of channel margin, JLL has now started drawing synergistic

benefits since 1QFY2014E.

Thirdly, JLL is in process of consolidating its manufacturing units. In order to avail

to benefits of scale, the company has shut down three manufacturing units and

intends to run the others at ~70% capacity utilization, which will eventually bring

down the cost of production. In 1QFY2014, the company has closed factories at

Bhubaneswar and Chennai and shifted production to Uttaranchal and

Pondicherry.

Fourthly, JLL will enjoy tax shields on account of accumulated losses of the

acquired company - JCPL which will help the company in improving the net profit

picture.

We believe that with successful amalgamation of JCPL and various cost saving

strategies employed by the company, coupled with supply chain and managerialrevamp, the company will be able to post a strong performance going ahead.

Advertisement spend to result in strong brand building

The company plans to spend ~10-12% of net sales towards advertisement

activities in order to reposition its brands. The new ad campaigns of Ujala (with

new packaging), Pril, Margo and Fa are already on air since June 1, 2013. These

have resulted in robust top-line growth in 1QFY2014. The company spent `39cr

on advertisement and sales promotion (12.1% of net sales) in 1QFY2014, which

included `30cr on advertisement and rest on sales promotion. We expect this to

further help the company in strong brand building, which in turn will drive volume

growth.


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August 13, 2013 5

Branding Strategy

The company is focusing mainly on seven of its brands which they have named as

7 Power brands. The brand-wise key strategies are:

Ujala: The company launched Ujala in new packaging (changed for the first

time in the last 30 years) with a new tag line of Safedi ke age Ujala.

Moreover, the company is planning to grow its market shares across India.

Also, it has launched Ujala Detergent, a brand extension of the Ujala brand

from liquid blues to detergents (catering to the middle class), in Southern India

(detergents are currently present only in Kerela).

Exo: The company has come up with new communication to focus more on

anti-bacterial quality of Exo.

Maxo: The company currently has 11% market share in the household

insecticide segment (coil 16.2% and vaporizer/liquid 4.8%) and is planning

to take it up to 13% in FY2014E (coil - 25% and vaporizer/liquid 10%).

Maxos sales and profitability were affected in the past few quarters due to

price hike and reduction in trade margin. The company will start investing in

the brand in 2HY2014E with a new ad campaign and packaging, which will

strengthen it and boost its sales.

Fa: Thecompany has positioned Fa with the punch-line of Feel Fantastic in

the womens deodorant segment and the new TV commercials (TVC) for it are

already on air since June 2013. Also, the company has changed the SKU of

the deo bottle from 150ml to 125ml so that it is easy to carry. Fa is currently a

`15cr brand while the company aims to make it a `100cr brand in the next

three years.

Margo: With the new TVC already on air, the company is planning to make

Margo available pan India and increase its market share from 10% in FY2013

to 12% in FY2014E. It is also planning to revamp Margo Glycerin in FY2014E,

which is currently available mostly in eastern India. It also plans to do brand

extension by entering the face wash segment.

Pril: New TVCs for Pril are already on air since June 2013, leading to Prils

strong growth. The dish wash liquid category is growing at a rate of ~35%

with top 10 cities contributing 75% of sales. JLL is focusing on these cities toimprove brand visibility.

Henko:Henko currently has 3% market share in the premium detergent. The

company is planning for a re-launch of the brand in new package and price

point in 2HY2014E.


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August 13, 2013 6

Financials

JLL (Standalone) Healthy growth going ahead

Exhibit 3:Sales growth for JLL (Standalone)Y/E March FY2014E* FY2015E*

Home care 294 361

(% Growth) 20.2 22.5

Soaps and Detergents 932 1,142

(% Growth) 23.3 22.5

Others 18 20

Total Sales 1,244 1,522


The Management has guided for ~25% sales growth; however, we have

incorporated a revenue growth of 22.3% and 22.4 to `1,244cr and `1,523cr for

FY2014E and FY2015E, respectively. We expect the homecare segment to register

a CAGR of 21.3% to `361cr and soaps and detergents segment to grow at a

CAGR of 22.9% to `1,142cr over FY2013-15E.

Exhibit 4:Healthy sales growth going forward

Source: Company, Angel Research; Note: * Merged numbers of JLL and JCPL

Exhibit 5:Segmental sales contribution


The company has employed several cost saving strategies and is aiming at an

~15% EBITDA margin. However, we remain conservative on the same with a

14.1% and 14.2% operating margin for FY2014E and FY2015E respectively.

Further, with the recognition of goodwill of `143cr and `303cr of intangible assets,

which the company plans to amortize over a period of 10 years with an equal

amortization value of `45cr every year, we expect the depreciation cost to be `65cr

and `66cr for FY2014E and FY2015E. We expect interest cost to reduce in the

coming years with declining debt level and expected cut in interest rates. We expect

the debt on the book to be `477cr and `357cr resulting in an interest outgo of

`57cr and `41cr for FY2014E and FY2015E respectively. Moreover, JLL will enjoy

tax shields on accumulated losses of JCPL which will help JLL in improving its net

profit. We expect JLLs net profit to grow at a CAGR of 96.9% over FY2013E-15E

to`

165cr in FY2015E.

573

600

663

1017

1244

1523

63.7

4.710.5

53.5

22.3 22.4

0

20

40

60

80

0

200

400

600

800

1000

1200

1400

1600

FY2010 FY2011 FY2012 FY2013* FY2014E* FY2015E*

(%)

(`

cr)

Revenue (LHS) Revenue growth (RHS)

213 218 245294

361

387 446 756 932 11420

200

400

600

800

1000

1200

FY2011 FY2012 FY2013E* FY2014E* FY2015E*

(`cr)

Home care Soaps and Detergents


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August 13, 2013 7

Exhibit 6:Cost saving strategies to boost margin


Exhibit 7:Tax shield to aid PAT growth


94 79 83 121 175 216

16.4

13.212.5 11.9

14.1

14.2

8

10

12

14

16

18

0

40

80

120

160

200

240

FY2010 FY2011 FY2012 FY2013* FY2014E* FY2015E*

(%)

(`c

r)

EBITDA (LHS) EBITDA Margin (RHS)

80 80 84 42 98 165

99.6

0.2 4.9

(49.7)

132.3

68.1

(75)

(50)

(25)

0

25

50

75100

125

150

0

20

40

60

80

100

120140

160

180

FY2010 FY2011 FY2012 FY2013* FY2014E* FY2015E*

(%)

(`c

r)

PAT (LHS) PAT growth (RHS)


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August 13, 2013 8

Outlook and valuation

With the successful amalgamation of JLL and JCPL, we believe that the company is

on track and has started yielding results. We expect the companys revenue to

grow at a CAGR of 22.4% over FY2013-15E to `1,523cr with an EBITDA margin

of 14.2% in FY2015E. Further, with lower interest outgo and tax shield, we expect

the companys profit to grow at a CAGR of 96.9% over the same period to `164cr

in FY2015E. At the CMP of `168, the stock is trading at a PE 16.9x for FY2015E.

We maintain our Buy recommendation on the stock with a target price of `199based on a target PE of 20.0x for FY2015E earnings.Exhibit 8:One-year forward PE band

Source: Company, Angel Research

Exhibit 9:Comparative analysis

Company Year end Mcap(` cr) Sales(` cr) OPM(%) PAT(` cr) EPS(`) RoE(%) P/E(x) P/BV(x) EV/EBITDA(x) EV/Sales(x)JLL (Standalone) FY2014E* 2,793 1244 14.1 98 5.9 12.7 28.4 3.4 18.5 2.6 FY2015E* 2,793 1523 14.2 165 10.0 18.8 16.9 3.0 14.3 2.0Emami# FY2014E 10,355 1,990 21.9 387 17.6 43.7 26.0 10.1 22.8 5.0

FY2015E 10,355 2,340 22.3 457 20.7 42.0 22.0 8.2 19.1 4.3

Marico FY2014E 13,031 5,273 14.8 0 7.3 21.4 27.9 5.4 17.0 2.5

FY2015E 13,031 6,044 14.9 0 8.7 21.0 23.3 4.5 14.5 2.2

Dabur FY2014E 29,031 7,183 16.8 0 5.3 39.2 31.1 10.9 24.3 4.1 FY2015E 29,031 8,297 16.9 0 6.3 36.7 26.5 8.7 20.6 3.5

Source: Company, Angel Research, Note: * Merged numbers of JLL and JCPL, # Bloomberg estimates

Risk factors

Raw-material cost

The companys raw material costs are linked to the price of crude and rupee

depreciation. Any further rupee depreciation and rise in crude oil prices may pose

risk to the companys business.

Slowdown in the economy

The prevailing slowdown in the economy is a concern for the company. If it

continues, it may pose a risk to the companys prospects.

0

50

100

150

200

250

Aug-09

Feb-10

Aug-10

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

(`)

Price (`) 15x 20x 25x 30x


9/14


August 13, 2013 9

Company background

With the successful amalgamation of the JLL and JCPL, JLL now owns 10 brands

under four segments, namely 1) Fabric care (Ujala, Henko,Mr. White and Chek),

2) Utensils care (Exo and Pril), 3)Personal Care (Margo, Fa and Neem) and

4) Household insecticide (Maxo). It has now 1700 distributors in urban area and

200 super stockists & 2,000 sub stockists in rural area. JLLs products are available

in ~2.9mn outlets in India (as of March 31, 2013).


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August 13, 2013 10

Profit and Loss (Standalone)

Y/E March (` cr) FY2011 FY2012 FY2013* FY2014E* FY2015E*Total operating income 600 663 1,017 1,244 1,523% chg 4.7 10.5 53.5 22.3 22.4Net Raw Materials 311 373 568 671 823

% chg 0.1 19.6 52.3 18.3 22.5

Personnel 75 78 111 124 149

% chg 11.1 3.7 42.4 12.5 20.0

Other 134 130 219 274 335

% chg 33.5 (3.6) 68.6 25.3 22.4

Total Expenditure 521 580 897 1070 1307

EBITDA 79 83 121 175 216% chg (15.8) 5.1 45.3 44.9 23.7

(% of Net Sales) 13.2 12.5 11.9 14.1 14.2

Depreciation & Amortisation 11 17 62 65 66

EBIT 68 66 59 110 150% chg (18.2) (3.3) (10.6) 85.6 37.2

(% of Net Sales) 11.4 10.0 5.8 8.8 9.9

Interest & other Charges 0 19 66 56 40Other Income 28 57 51 45 55

(% of Net Sales) 4.6 8.6 5.0 3.6 3.6

Recurring PBT 68 47 -7 54 110% chg (18.1) (31.3) (115.1) (860.4) 106.3

PBT (reported) 95 104 44 98 165Tax 15 20 0 0 0

(% of PBT) 16.0 19.0 0.0 0.0 0.0

PAT (reported) 80 84 44 98 165Extraordinary Expense/(Inc.) 0 - 1.83 - -

ADJ. PAT 80 84 42 98 165% chg 0.2 4.9 (49.7) 132.3 68.1

(% of Net Sales) 13.4 12.7 4.2 7.9 10.8

Basic EPS (`) 5.0 5.2 2.6 5.9 10.0Fully Diluted EPS (`) 5.0 5.2 2.6 5.9 10.0% chg (9.9) 4.9 (49.7) 125.6 68.1

Note: * Merged numbers of JLL and JCPL


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August 13, 2013 11

Balance Sheet (Standalone)

Y/E March (` cr) FY2011 FY2012 FY2013* FY2014E* FY2015E*SOURCES OF FUNDSEquity Share Capital 8 8 16 17 17Share capital suspense a/c 55 55 55

Reserves& Surplus 645 665 653 751 867

Shareholders Funds 653 674 724 822 939Total Loans 58 553 537 467 347

Other Long Term Liabilities 4 3 2 2 2

Long Term Provisions 5 6 9 10 11

Deferred Tax (Net) 16 15 - - -

Total Liabilities 736 1,251 1,272 1,302 1,299APPLICATION OF FUNDSGross Block 272 282 654 686 707

Less: Acc. Depreciation 62 73 90 111 132

Less: Impairment 3 5 35 66 96

Net Block 206 203 528 510 479Capital Work-in-Progress 10 3 3 3 3

Lease adjustment - - - - -

Goodwill - - 143 129 115

Investments 80 378 25 25 25

Long Term Loans and advances 67 549 496 496 496

Other Non-current asset 0 0 0 - -

Current Assets 475 224 364 396 497Cash 278 51 38 2 16

Loans & Advances 23 49 44 37 46

Inventory 68 79 167 234 297

Debtors 103 43 110 119 134

Other current assets 2 2 4 4 4

Current liabilities 103 106 287 258 315

Net Current Assets 372 118 76 138 181Misc. Exp. not written off - - - - -

Total Assets 736 1,251 1,272 1,302 1,299



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August 13, 2013 12

Cash Flow (Standalone)

Y/E March (` cr) FY2011 FY2012 FY2013E* FY2014E* FY2015E*Profit before tax 95 104 44 98 165

Depreciation 11 17 62 21 21Change in Working Capital (21) 26 29 (98) (29)

Direct taxes paid (15) (20) - - -

Others (76) (11) (75) 21 (17)

Cash Flow from Operations (5) 116 60 41 141(Inc.)/Dec. in Fixed Assets (30) (2) (372) (33) (21)

(Inc.)/Dec. in Investments (62) (298) 353 - -

(Inc.)/Dec. in LT loans & adv. (67) (481) 52 0 -

Others 76 50 84 73 63

Cash Flow from Investing (83) (732) 117 41 42Issue of Equity 1 - 8 0 -

Inc./(Dec.) in loans 58 494 (16) (70) (120)

Dividend Paid (Incl. Tax) (47) (23) (49) (49) (49)

Others 233 (82) (134) - -

Cash Flow from Financing 246 389 (190) (118) (169)Inc./(Dec.) in Cash 157 (227) (13) (36) 14

Opening Cash balances 121 278 51 38 2Closing Cash balances 278 51 38 2 16



13/14


August 13, 2013 13

Key Ratios (Standalone)

Y/E March FY2011 FY2012 FY2013* FY2014E* FY2015E*Valuation Ratio (x)P/E (on FDEPS) 34.8 33.2 66.0 28.4 16.9P/CEPS 30.7 27.6 26.9 23.5 15.0

P/BV 4.3 4.1 3.9 3.4 3.0

EV/Net sales 4.2 4.4 3.2 2.6 2.0

EV/EBITDA 31.5 35.1 27.1 18.5 14.3

EV / Total Assets 3.5 2.4 2.6 2.5 2.4

Per Share Data (`)EPS (Basic) 5.0 5.2 2.6 5.9 10.0

EPS (fully diluted) 5.0 5.2 2.6 5.9 10.0

Cash EPS 5.6 6.3 6.4 7.2 11.2

DPS 2.5 2.5 2.5 2.5 2.5

Book Value 40.5 41.8 44.9 49.5 56.6

DuPont AnalysisEBIT margin 11.4 10.0 5.8 8.8 9.9

Tax retention ratio 0.8 0.8 1.0 1.0 1.0

Asset turnover (x) 1.7 0.8 1.0 1.1 1.3

ROIC (Post-tax) 16.4 6.7 5.6 9.6 13.2

Cost of Debt (Post Tax) 1.2 5.1 12.1 11.2 9.8

Leverage (x) (0.5) 0.2 0.7 0.5 0.3

Operating ROE 9.4 6.9 1.3 8.7 14.3

Returns (%)ROCE (Pre-tax) 0.1 0.1 0.0 0.1 0.1

Angel ROIC (Pre-tax) 19.5 8.2 5.6 - -

ROE 15.2 12.7 6.1 12.7 18.8

Turnover ratios (x)Asset TO (Gross Block) 2.3 2.4 2.2 1.9 2.2

Inventory / Net sales (days) 40 40 44 59 64

Receivables (days) 53 40 27 35 32

Payables (days) 77 66 80 88 88

WC cycle (ex-cash) (days) 56 37 14 40 40

Solvency ratios (x)Net debt to equity (0.5) 0.2 0.7 0.5 0.3Net debt to EBITDA (3.8) 1.5 3.9 2.5 1.4

Int. Coverage (EBIT/ Int.) 166.5 3.4 0.9 2.0 3.8



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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.

Disclosure of Interest Statement Jyothy Laboratories

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

jyothy laboratories, 1q fy 2014

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