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Jyothy Laboratories Ltd. BUY

- 1 - Monday, 13th August, 2018

This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.

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Target Price ₹ 270 CMP₹ 220 FY21E P/E 35

Index Details Post acquisition, Jyothy Laboratories Ltd (JLL) has demonstrated

impeccable growth with Revenues, EBITDA & PAT witnessing 10.9%,

21.3% and 29.2% CAGR growth respectively. Along with strong

performance debt has seen substantial reduction with return ratios

climbing. The market too has re-rated the stock reflected in the

buoyant prices. While the stock is not cheap we still believe that going

forth the robust growth should continue.

We initiate coverage with a BUY for a price target of Rs 270

representing an upside of 22.7% from the CMP of Rs 220 over the next

24 months. We expect the revenues to grow by 12% CAGR to INR 2485

crores by FY2021. On the back of robust revenues, we expect the

EBITDA and PAT to grow to Rs 410 crores (18.8% CAGR) & Rs 277.3

crores (15.7% CAGR) respectively by FY21. Operating margins are

also set to improve by 120 bps to 16.5% by FY21. Return ratios ROE

& ROCE are also expected to remain elevated at 17.1% and 18.6%

respectively.

Our optimism stems from the following:-

• We expect sales to set a boost on the back of new innovate

products, T-Shine & Maxo Genius machine. JLL’s T-shine has

gained 5% market share in Kerala and is expected to double its

market share shortly. Over the next three years T-shine and

Maxo genius are expected to achieve a combined turnover of

Rs 250 crores.

• Resurgence of soap brand Margo given the new found affinity

of the market for natural products should help sustain the 23%

CAGR growth of the last six years.

Sensex 37,644

Nifty 11,355

Industry FMCG

Scrip Details

MktCap (`cr) 7999.2

BVPS (`) 31.5

O/s Shares (Cr) 36.36

AvVol 7406

52 Week H/L 249/204.7

Div Yield (%) 0.11

FVPS (`) 1.0

Shareholding Pattern

Shareholders %

Promoters 66.85

Public 33.15

Total 100.0

Jyothy vs. Sensex ess

- 2 -Monday, 13th August, 2018


• Relaunch of its product Ujala Crisp & Shine. Being a new

category in itself there is negligible competition and hence the

opportunity is there for the asking for Ujala Crisp and Shine.

Ujala Crisp & Shine has demonstrated strong growth of 19.2%

after its recent campaign of 2017.

• Growth in non-core markets of Ujala liquid is helping the

mature brand develop new levers of growth. Other brand Exo

& Pril are expected to maintain a high growth of 10.9% for the

forecast period.

• We initiate a BUY for a price target of Rs 270 representing an

upside of 22.7% from the CMP of Rs 220 over the next 24

months. Given its track record of high and sustained earnings

growth, the stock is due for a re-rating.



❖ Company Background

Founded in 1983, Jyothy Laboratories Ltd is a pan India play FMCG company. It

is the largest player in the fabric whitener space with a market share of 80%. The

company’s business divisions are Fabric Care, Personal care, air care,

Household Insecticide, Utensil Cleaners, Toilet cleaners and Laundry services.

Since its inception, the company has focused on research and development,

product designing and superior customer service. It has 19 manufacturing units

and has a distribution network comprising of 1,400 stockists and 4,000 sub

stockists.

Business Verticals of Jyothy Laboratories

Source: Company, Ventura Research,

Historical key events

Source: Company, Ventura Research



❖ Key Investment Highlights

❖ Acquisition of Henkel India proved to be value accretive.

Prior to Henkel acquisition JLL was a fringe player in the FMCG space.

JLL was a fledgling FMCG company with revenues skewed towards one single

product Ujala and negligible sales from its other products. Over the period FY07-

11, revenues grew at a CAGR of 13% to Rs. 644 crs. At the same time, EBITDA

and net earnings grew at a CAGR of 8.2% and 6.3% to 79.4crs and 65.7crs

respectively. EBITDA margins were more or less stagnant at 12%.

Successful performance post acquisition of Henkel

Henkel AG had decided to exit its India operations in FY2012 and sighting an

opportunity, JLL decided to purchase this business. It made sense not only from

the perspective of product expansion but also enabling it to enhance its distribution

reach geographically.

JLL acquired controlling stake in Henkel India in FY12.

• First it bought out the stake of 14.9% from Spic group company Tamil Nadu

Petroproducts Ltd. (TNPL) at Rs 35 per share.

• Later JLL acquired a 50.97% in Henkel AG stake for Rs 118.7crores at Rs 20

per share. (As part of the deal, debt of Rs 454 crores was refinanced &

preference shares worth Rs 43.9 crores were taken on the books).

In order to build on this acquisition a crack team was appointed to spearhead the

operations and also bring about synergies of the two businesses. As part of the

reorganization drive

• JLL reduced employees of the newly acquired company to 50 from 475.

• Further it consolidated manufacturing operations in a bid to improve operational

efficiencies and utilization.

• The merger helped to significantly add to the distribution strength as JLL was

predominantly rural while Henkel was more urban facing.



Key Managerial Personnel

M.P.Ramchandran Chairman

and M.D. M.P.Ramchandran remains the driving force behind company’s progress. His vision and understanding of the customer’s pulse has led to the company to emerge as a formidable player in the FMCG segment.

K.Ullas Kamath Joint M.D. Ullas Kamath has been promoted as the Joint Managing Director from January 2012. A qualified Chartered Accountant and Company Secretary, he has topped it with a Degree in Law and has attended the Advanced Management Programme at Wharton Business School and Harvard Business School. It is under his leadership that the company has diversified and become a multi product FMCG company. He has spearheaded the successful setting up of Fabric Spa and the Henkel acquisition.

M.R.Jyothy Wholetime Director

A postgraduate in Management with an additional diploma in Family Managed Business Administration, M.R.Jyothy contributes significantly to the sales, marketing and brand communication aspects of the company. She has recently completed the Owner / President Management Programme from Harvard University.

Nilesh Mehta Independent Director

Nilesh Mehta was the Managing Partner of Aureos Capital since January 2005. He is a qualified CA with a postgraduate degree from IIM. He is a veteran in the field of private equity and mergers and acquisitions of mid cap Indian companies.


Over the period the FY12-FY18, the merger was significantly value additive

Revenues grew at a CAGR of 11% to Rs 1769 crores. EBITDA and PAT grew to

Rs 270.8 crores and Rs 178.8 crores at a CAGR of 21.3% and 29.4%

respectively. Debt to Equity also significantly improved from 1.0 to 0.53. ROE and

ROCE grew from 8.7% and 9% to 16.4% and 18% respectively.

Growth expected to accelerate.

Going ahead on the back of the resurgent economy and enhanced rural

consumption we expect revenue to grow at a CAGR of 11.9% to Rs 2485 crores

by FY21. This growth is to be driven by:

• Innovation led growth of existing brand- Maxo, Ujala Crisp & Shine.

• New Product development - T-shine (Toilet cleaner).

• Resurgence of natural products – Margo seeing good traction.

• Niche product portfolio gaining from rapidly increasing adoption.



Source: Company, Ventura research

Key Milestones of JLL

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❖ Innovation lead growth of existing brands

Maxo insecticide brand doing well despite intense competition

Maxo a mosquito repellant was launched in 2000 in coil form. In FY 2017, the

company launched an innovative and advanced product Maxo Genius machine.

Normally, mosquito repellant machines have high liquid consumption with

vaporizer leading to a usage period lasting for 15 days only. To improve the

efficiency of liquid consumption, JLL launched Maxo Genius machine which has

a chip based technology to auto shift from high to low mode, thereby the liquid

vaporizer consumption is slowed down leading to significantly expanding the

usage period to 45 days.

This innovation is expected to lead to an increase in the market share of JLL which

stands at 20% in the mosquito repellant segment.

Further Reckitt Benckiser has announced its intentions to divest its mosquito

repellant business globally. Since then there has been a disproportionate

increase in A & P spend to boost India sales. Despite this aggressive rollout by

its competitors Maxo has been able to not only defend market share but also gain

some.

Product portfolio dynamics


nasir.sheikhHighlight



JLL Market share vis a-vis its competitors


Ujala Crisp and Shine

Ujala is the flagship brand of JLL which is available across diverse categories of

fabric whitener, detergent powder and fabric enhancer. Ujala brand was extended

into the fabric enhancer category under the sub-brand Crisp & Shine.

Crisp & Shine with its unique Poly Fx formula, is an innovative product which

imparts an impressive crispness, superior form, brilliant shine and pleasant

fragrance, bringing forth the perfect ‘executive look’.

JLL’s Ujala Crisp and Shine will be achieving 10% market share in Kerala shortly

and JLL’s future strategy is to launch in all remaining southern states before going

pan India. Being a new category in itself there is negligible competition and hence

the opportunity is there for asking for Ujala Crisp and Shine.

❖ New Product Development

T-shine

T-shine marks JLL’s entry into the Rs 1600 crores toilet cleaner markets. Unlike its competitors’ products Domex (HUL) and Harpic (Reckitt Benckiser), which are toxic by virtue of HCL, T-shine is an organic acid and hence leaves no stains for discoloration of the bathroom pot. It is marketed as acid free and has received good receptivity in the market having already gained 5% share in Kerala. The management is optimistic on doubling the Kerala market share over the next six months.

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Once this milestone is achieved the product is expected to be rolled out in other southern states. Once the milestone of 10% is achieved in the new proposed state we expect a rapid pan India roll out. Over the next three years we expect T-shine and maxo Genius Machine to achieve a combined turnover of Rs 250 crores.

❖ Resurgence of natural products

Margo seeing a good traction

Vintage neem-based Margo (since 1920) is seeing a sudden revival given the market’s new-found love for natural products. We expect Margo which has got good bland recall to be a beneficiary. Compared to the Urban usage, rural soap consumption is languishing at 29%. This means that the opportunity is huge in the overall Rs 17000-crore market which is growing at 12% CAGR. We expect revenue from this segment to grow at a CAGR of 9.8% from Rs 166 crores to Rs 220 crores by FY21.

JLL soap segment revenue from FY 15-21E


❖ Niche products portfolio gaining rapidly from increasing adoption

i) Fabric care

The fabric care business has experienced degrowth over the last three years.

Ujala sales which commands a 75% market share had peaked and Ujala stiff &

shine did not go down well with customers.

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To overcome the stagnant sales JLL is focusing on non-core markets which have

started showing results. Also, Stiff & Shine has been replaced with Crisp & Shine

which has found acceptance by the market and experiencing good traction.

The company also has forayed into the detergent space through Ujala detergent

powder and Ujala fastwash. Ujala Supreme was woven around an unique

proposition Ujala Supreme has Ultra Radiance Molecules, that help it to dissolve

faster, penetrate deeper.

Henko Stain champion and Henko Lintelligent are also showing good traction.

We expect fabric care revenues to grow at a CAGR of 10% to Rs 780 crores by

FY21.

JLL Fabric care segment revenue from FY 15-21E


Henko franchise grows IDD campaign Ujala Crisp&Shine Campaign

at a strong 10.4% launched growing grows at 19.2% in Dec

at 21.6%

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ii) Dishwashing

In the dishwashing segment (market size of Rs 3000 crores) which is expected to

grow at a brisk 11.7% CAGR over the next three years, JLL is present through its

brands Pril & Exo. In the dishwashing space, HUL with its product Vim is the

dominant player (55% market share), with Pril and Exo being the second largest

(17.8% market share).

Pril

Pril Liquid has an advanced German Active + Molecules formula that provides

holistic protection to the hands as well as keeps dishes clean.. It is available in 4

variants: Pril Lime, Pril Orange, Pril Lemon Fresh and Pril Anti Bacterial with

Neem.

Exo

Exo dish wash leveraged the ‘Touch & Shine’ proposition during the year,

emphasizing the power of cleaning tough greasy utensils with relative ease. Post

the campaign of Exo by JLL, Exo Dishwash Bar and Exo Bactoscrub grew by 20%

& 23% respectively.

Revenue from the dishwashing segment which has grown at 8.7%, over faster

than the market (10.2% CAGR to Rs 220 crores by FY21).

JLL Dishwashing segment revenue from FY 15-21E

Source: Company, Ventura Research. Note:- Detail sales breakup of Exo and Pril available from FY17.



iii) Household Insecticide

Maxo is JLL’s mosquito repellant brand which was launched in 2000 in the coil

insecticides format. Since then in 2006-07 JLL further expanded to liquids &

aerosols format.

Of the total insecticides portfolio, 70% of the Rs 244crs sales (FY18) are in coil

format and the rest are in the form of Liquid & aerosols. JLL envisages expanding

its presence in the liquid segment in the next 3years. Maxo Coil has a 18.4%

market share in the coil format and Maxo LV has a 7.2% market share in LV

category.

In line with the trend towards liquids and away from coils, we also expect the same

to play out with Maxo. This leaves enough room for margin expansion. However,

we have not built this into our model and it represents an upside risk.

We expect Household Insecticide revenues to grow at a CAGR of 17.1% to Rs

391 crores by FY21.

JLL Household Insecticide segment revenue from FY 15-21E

Source: Company, Ventura Research.

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____________________________________________________________________ Source: Company, Ventura Research.

iv) Other Products

Exo floorshine, FA deodrant, and Maya Agarbatti are some of the JLL’s other

products gaining market share in their respective segments.

JLL has an annual capex outlay of Rs 70 crores at Guwahati (which has extended

tax benefits). JLL will manufacture Maxo liquid vaporizers and Margo at this plant.

❖ Profitability to get a boost.

EBITDA AND PAT Margins

________________________________________________________________ Source: Company, Ventura Research

With all products having gained critical mass EBITDA margins have expanded

quite nicely over the period from FY12-18 (from 9% to 15%). Going ahead we

expect margins to improve further as contributions from high margin products will

increase. As the business throws up more cash and the company scales back on

dividend payout we believe that a large proportion of the cash would be used to

retire debt. Consequently, interest costs are expected to come down.



JLL’s interest cost has reduced by 29.5% from Rs 68.2 crores to Rs 48.07 in

FY18. Interest cost as a % of sale reduced from 6.2% in FY13 to 2.7% in FY18.

JLL’s Debt-Equity ratio has also fallen from 0.93 to 0.53 FY18.

❖ Large acquisition on the cards.

Since the LBO of Henkel all milestones have been met successfully. Revenues

are up 2.8times while the EBITDA & PAT experienced faster growth of 3.4times

& 2.9times respectively. Cashflows are on an increasing trend with efficient

operations, lower interest outgo and the conscious decision to lower dividend

payout to retain cash and bolster the balance sheet.

Also the management has committed to grow inorganically by virtue of an

acquisition. The cash conservation is precisely for this purpose and the

management is building a war chest of Rs 800-1000 crores. This is to be used as

currency for the acquisition along with debt. The proposed intent is expected to

take the company to the next level of growth. However, we have not included the

same in our model being purely aspirational.

Operating cashflows are expected to grow at a CAGR of 43.4% from Rs 157 crore

in FY17 to Rs 462.4 crore in FY20. Cash flow generation outstrips the investment

needs.

JLL Interest cost & Int cost as % of sale


JLL Debt-equity and Interest coverage ratio




Operating Cashflow on a rise


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❖ Financial Performance

In Q1FY19, Jyothy laboratories reported a healthy 20.6% growth in topline to Rs 405 crores from Rs 385.8 crores in the same quarter of the previous year. The EBITDA margin increased 410bps to 10.9% from 15%, mainly on account of increasing rural demand post GST. The PAT Margin increased by 160bps from 6.3% in Q1FY18 to 7.9% in Q1FY19. The strong growth is attributable to close to 30% growth in the Exo, Maxo and Margo brands during the quarter. Pril liquid grew by 23.0% during the quarter.

Financial performance (Rs in crores)




❖ Financial Outlook

The revenue growth trajectory is expected to continue due to the launch of new

products like Maxo genius machine and T-shine. We expect revenue to grow at a

CAGR of 12% over the period FY 18-21 to Rs 2485 crore from Rs 1769 crore

reported in FY 18. Further, the EBIDTA and PAT margins are expected to go upto

17% and 13% in FY21 from 15.3% and 10% respectively.

Revenues, EBITDA AND PAT Margins

________________________________________________________________ Source: Company, Ventura Research

Return ratios ROE and ROCE are also expected to get bumped up by 679bps and 943bps to 21.9% and 24.4% from 15.2% and 15% respectively by FY21.

JLL to enjoy high ROE and ROCE


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➢ Debt servicing to not be an issue. JLL has enough cash to repay its long-term debts in due course. The debt equity ratio is expected to come down from 0.3 in FY18 to 0.17 in FY21, while the Debt/EBITDA ratio is expected to move from 1.28 in FY18 to 0.5 by FY21.

Debt to equity ratio to decline


❖ Key risks and threats

• Prices of basic commodities like Benzene, Crude, Naptha, Palm and Palm

Karnel may have a direct impact on the products falling under detergent and dish washing category.

• Volatility in prices of Polyethylene Terephthalate (PET) and Polypropylene (PP) may lead to an increase in prices of containers.

• Any rise in the price Kraft paper can impact the secondary packaging cost for the products of the company.

• An economic slowdown can affect the FMCG demand of the economy. Rupee depreciation is likely to exert cost pressures on companies People will spend less money on the discretionary items which will hit the FMCG Industry.

• Intense Competition from other FMCG players can also affect the fortunes of Jyothy Laboratories.

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❖ Valuation

We initiate coverage on JLL as a BUY, with a price objective of Rs 270. (35x

FY21E P/E) representing a potential upside of 22.7% from the CMP of Rs. 220.

At present the stock is trading at 32.4x and 28.4x its estimated P/E for FY20 and

FY21. We believe that the valuation multiple is justified due to high growth

opportunities and higher return ratios enjoyed by JLL.

Peer Valuation




Peer comparison on financial parameters

Source: Ventura Research



JLL PB trend

Source:Company, Ventura Research

JLL PE trend

Source:Company, Ventura Research

JLL EV/EBITDA trend




Financials & Projections



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