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Weak show of the household insecticides business (under the brand name Maxo), which forms about a fourth of Jyothy Laboratories’ (Jyothy Labs’) revenue, pulled down overall growth in the March quarter (Q4). Consequently, the company’s consolidated revenue grew 4.2 per cent year-on-year (y-o-y) to Rs 446 crore, missing the Bloomberg consensus estimate of Rs 478 crore.
While peer Godrej Consumer Products (GCPL), too, witnessed some pressure on its household insecticides revenues in Q4, this business grew four per cent; but for Jyothy Labs, the household insecticides’ revenues fell six per cent y-o-y in Q4, indicating it could have lost market share, unlike GCPL which maintained its leadership position. While the company believes household insecticides could improve in case of a normal
