Thanks for your response. Can you please share some details on below mentioned questions:
Does that card works at every hotel/restaurant
that you want?
If you go backwards, you using Zaggle card for expenses, does this setup helps your employer to analyse the expense in better manner? I mean the experience with Zaggle should be better than it used to be with manual tracking via excel and emails. So is it really happening for your employer?
Thanks for your response. Can you please share some details on below mentioned questions:
Does that card works at every hotel/restaurant
that you want?
If you go backwards, you using Zaggle card for expenses, does this setup helps your employer to analyse the expense in better manner? I mean the experience with Zaggle should be better than it used to be with manual tracking via excel and emails. So is it really happening for your employer?
Assuming the co. indeed hits 1600Cr by 2030, thats a CAGR of 19%. How much valuation to give for a 19% grower? If we go by PEG ratio of 1 for e.g, then a PE of 19/20 in 2030. Assuming 20% NPM, the NP will be 320Cr, and a PE of 20, mcap comes to 6400Cr. Current mcap is 4800Cr. That will be absolute price appreciation of 33% in 6 years. Looks like the market is already pricing the 1600Cr sales in current price.
Disc: Invested, not an advice, only for discussion purpose
Assuming the co. indeed hits 1600Cr by 2030, thats a CAGR of 19%. How much valuation to give for a 19% grower? If we go by PEG ratio of 1 for e.g, then a PE of 19/20 in 2030. Assuming 20% NPM, the NP will be 320Cr, and a PE of 20, mcap comes to 6400Cr. Current mcap is 4800Cr. That will be absolute price appreciation of 33% in 6 years. Looks like the market is already pricing the 1600Cr sales in current price.
Disc: Invested, not an advice, only for discussion purpose
Jyothy labs –
Q1 FY 25 results and concall highlights –
Sales – 742 vs 687 cr, up 8 pc – led by volume growth of 11 pc !!!
Gross margins @ 52 vs 48 pc
EBITDA – 133 vs 117 cr, up 13 pc ( margins @ 18 vs 17 pc )
PAT – 102 vs 96 cr, up 6 pc ( LY, there was an exceptional gain of 9 cr due sale of a one off property )
A&P spends @ 61 cr ( 8.3 pc of sales ) vs 50 cr ( 7.3 pc of sales )
Cash on books @ 650 cr
Company expects demand momentum to continue because of normal monsoons
Category wise growth rates –
Fabric Care – grew 8.8 pc YoY ( form 43 pc of company’s revenues )
Dish Wash – grew 7.1 pc YoY ( form 33 pc of company’s revenues )
Personal Care – grew 11 pc YoY ( form 13 pc of company’s sales )
Household Insecticides – grew 2 pc YoY ( form 7 pc of company’s sales ) – impacted by heat wave in Q1. Should do better in Q2
**Should be able to clock double digit sales growth with EBITDA > 16 pc for full FY **
Company has launched liquid detergents @ disruptive price point of Rs 70/lit in MT outlets- under the Moonlight brand. Have received encouraging response
Company has reduced its dividend payout in FY 24. Aim is to build onto their cash positions for inorganic opportunities
Exo – did very well in East India in Q1. Exo – is already very strong in the South Mkts
A lot of volume growth for the company is being driven by expansion in distribution
Most of the variants of Margo launched over the last couple of years continue to do well
Rural mkts were slow previously, but are picking up now for the last few months. With further pickup in rural demand, company should be a beneficiary
Capex for the year should be around 50-60 cr
Modern Trade + E-Comm now constitute 15 pc of company’s sales. This figure was around 10 pc, about 3 yrs back
In the Household insecticides space, company has gained mkt share by 300 BPS (YoY)- mainly on the back of Liquid Vaporisers – this is a big achievement – IMHO. Because of this, HI category’s EBIT losses have also come down. As the scale and mix of HI business improves, it should show up on company level margins in next 2-3 yrs
Similarly as the personal care business expands, it should favourably impact company level margins as its a high margin segment
Company sales mix continues to remain at 40:60 in terms of South:Rest of India ( this mix has been largely the same over last 3-4 yrs )
Company intends its personal care portfolio to contribute to a minimum of 15 pc of sales vs 13 pc currently. Company is open to inorganic route to achieve that
Company is working on organic new product development as well. Will announce it when they r ready to launch
Disc: hold a small position, not SEBI registered, not a buy/sell recommendation, biased
Jyothy labs –
Q1 FY 25 results and concall highlights –
Sales – 742 vs 687 cr, up 8 pc – led by volume growth of 11 pc !!!
Gross margins @ 52 vs 48 pc
EBITDA – 133 vs 117 cr, up 13 pc ( margins @ 18 vs 17 pc )
PAT – 102 vs 96 cr, up 6 pc ( LY, there was an exceptional gain of 9 cr due sale of a one off property )
A&P spends @ 61 cr ( 8.3 pc of sales ) vs 50 cr ( 7.3 pc of sales )
Cash on books @ 650 cr
Company expects demand momentum to continue because of normal monsoons
Category wise growth rates –
Fabric Care – grew 8.8 pc YoY ( form 43 pc of company’s revenues )
Dish Wash – grew 7.1 pc YoY ( form 33 pc of company’s revenues )
Personal Care – grew 11 pc YoY ( form 13 pc of company’s sales )
Household Insecticides – grew 2 pc YoY ( form 7 pc of company’s sales ) – impacted by heat wave in Q1. Should do better in Q2
**Should be able to clock double digit sales growth with EBITDA > 16 pc for full FY **
Company has launched liquid detergents @ disruptive price point of Rs 70/lit in MT outlets- under the Moonlight brand. Have received encouraging response
Company has reduced its dividend payout in FY 24. Aim is to build onto their cash positions for inorganic opportunities
Exo – did very well in East India in Q1. Exo – is already very strong in the South Mkts
A lot of volume growth for the company is being driven by expansion in distribution
Most of the variants of Margo launched over the last couple of years continue to do well
Rural mkts were slow previously, but are picking up now for the last few months. With further pickup in rural demand, company should be a beneficiary
Capex for the year should be around 50-60 cr
Modern Trade + E-Comm now constitute 15 pc of company’s sales. This figure was around 10 pc, about 3 yrs back
In the Household insecticides space, company has gained mkt share by 300 BPS (YoY)- mainly on the back of Liquid Vaporisers – this is a big achievement – IMHO. Because of this, HI category’s EBIT losses have also come down. As the scale and mix of HI business improves, it should show up on company level margins in next 2-3 yrs
Similarly as the personal care business expands, it should favourably impact company level margins as its a high margin segment
Company sales mix continues to remain at 40:60 in terms of South:Rest of India ( this mix has been largely the same over last 3-4 yrs )
Company intends its personal care portfolio to contribute to a minimum of 15 pc of sales vs 13 pc currently. Company is open to inorganic route to achieve that
Company is working on organic new product development as well. Will announce it when they r ready to launch
Disc: hold a small position, not SEBI registered, not a buy/sell recommendation, biased
i’m also based out of a dubai, please add me in the group.
wow. same here man! bought 5k shares @285. saw decline till around 180. then saw promoter buying token amount of shares around 180. from there, it never looked back. waiting for 1600cr revenue in 2030 as guided by management in latest annual report. my 2030 eps estimate 45, PE 45 :- Price around 2000. i can go completely wrong. a big disclaimer :- 25% of my portfolio is in Supriya… so obviously heavily biased. added Dishman recently @160. positive cash flow company trading below book value. poor track record, too many one offs, think it’s perfect placed to take off if management starts to show some spine in business.
I am a user of Zaggle’s Zinger prepaid card – issued by my employer.
It can be used to pay for meals in hotels, restaurants etc. To me, it is just another way the employer is paying me. I haven’t had any issue using the Zaggle prepaid card. Also, I am agnostic to which card I use. Like many of my work colleagues, I first exhaust the prepaid balance in Zaggle and then use my own debit card.
Have you got any valid reason behind promotors exiting the stock? Also, although the PE ratio of the company is less than 24 but it is the peak PE along with peak OPM and stock price.