Jyothy Laboratories Q1 net down 46 pc to Rs 24 cr

FMCG firm Jyothy Laboratories today reported 45.87 per cent decline in consolidated net profit at Rs 24.3 crore for the June quarter.
The company had posted a net profit of Rs 44.9 crore during the same period previous fiscal, Jyothy Laboratories said in a BSE filing.
Net sales during the quarter under review stood at Rs 385 crore as against Rs 452.6 crore for the corresponding quarter last year, down 14.93 per cent.
The company said "decline in revenue is mainly due to destocking in channel."
"During the quarter, the company started working closely with all its stakeholders for a smooth transition to a landmark tax reform for our country, Goods and Services Tax (GST)," Jyothy Laboratories Chairman and MD M P Ramachandran said.

The stock closed 4.57 per cent up at Rs 390 on BSE.