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Jyothy Labs Q1FY24 result: Profits up 101.7% YoY, revenue rises 15%

The company expects that the government's push towards raising rural incomes will result in a growth in rural consumption which the company is likely to benefit from

Jyothy Labs

Jyothy Labs

BS Web Team New Delhi

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Jyothy Labs' revenue went up by 15.1 per cent year-on-year (YoY) to Rs 687 crores in the first quarter of the financial year 2023-24 (Q1FY24), the company said in a BSE filing. The revenue of the company registered a quarter-on-quarter (QoQ) rise of 11.45 per cent for Q1FY24.

Profit after tax (PAT) also increased by 101.7 per cent YoY as it reached Rs 96.3 crore against Rs 47.7 crore during the same period last year. The PAT registered a QoQ increase of 63.30 per cent as it increased from Rs 59 crore to Rs 96.3 crore.

Gross margins also grew to 47.9 per cent YoY compared to 39.9 per cent in the same period last year.
 

Operating earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at 17.1 per cent (Rs 117.4 crore) against 10 per cent (Rs 59.8 per cent) during the same period last year, an increase of 96.3 per cent.

The company said that it continues to focus on top-line growth to gain market share. The company expects that the government's push towards raising rural incomes will result in a growth in rural consumption which the company is likely to benefit from.

Foreign institutional investors hold a 14.43 per cent stake in Jyothy Labs, whereas domestic institutional investors hold a 15.87 per cent ownership in the company. Promoters hold 62.89 per cent with the remaining 6.81 per cent in public hands.

Commenting on the financial results of Q1FY2024, M R Jyothy, Managing Director, Jyothy Labs Limited said “Our operating performance has been encouraging. We are focused on providing the best consumer experience through our brands in their day-to-day life. At the core of our operations, sustainability initiatives have been at the forefront to drive our long-term growth and profitability."

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First Published: Jul 25 2023 | 1:02 PM IST

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