Jyothy Labs Q1 net profit declines 20 percent to Rs 40 crore
FMCG player Jyothy Labs witnessed a 20 percent decline in its net profit for the first quarter ended June 30 to Rs 40 crore ($5.4 million), as compared to Rs 50 crore it reported in the year-ago period.
The company’s sales rose 21 percent during the quarter to Rs 525 crore, as against Rs 433 crore it reported in the corresponding period of the previous fiscal year.
Commenting on the Q1 results, K Ullas Kamath, joint managing director at Jyothy Labs in a statement said: “The company doubled its spending on advertising for the quarter while its margins took a hit due to the price rise, impacting its bottom line for the quarter. Our top line, however, reflects that our efforts such as appointing sub-stockists in rural areas, production of relevant SKUs, the introduction of low-unit packs for the rural areas have paid off."
During the quarter, Jyothy Labs strengthened its presence across general trade and e-commerce in the wake of the pandemic to help it tide over the period of Covid-19 disruptions and localised lockdowns.
Established in 1983, Jyothy Labs owns ten brands across categories with a strong presence in the personal care segment.
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