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Jyothy Laboratories Limited

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Strictly Private & Confidential Jyothy Laboratories Limited May 31,2010
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Page 1: Jyothy Laboratories Limited

Strictly Private & Confidential

Jyothy Laboratories Limited

May 31,2010

Page 2: Jyothy Laboratories Limited

Contents

Company Overview

Financial Summary for 2009-10

Category-wise Analysis

Jyothy Fabricare Services Limited (JFSL) – Status Update

1

Page 3: Jyothy Laboratories Limited

Company Overview

� A FMCG company with presence in the fabric care, household insecticide, surface cleaning,

personal care and air care segments

� Promoted by Mr. M.P. Ramachandran in 1983

� Mr. Ramachandran has over 37 years of experience in production, sales and management

� Leadership through Key Brands:

� Ujala: #1 in Fabric Care: 72 % all-India market share by value and 57.1 % by volume for April to

2

March 2010*

� Maxo: 22.2 % all-India market share by value and 23.7 % by volume for April to March 2010*

� Exo: 24.1 % South India market share by value and 21.5 % by volume for April to March 2010*

# Liquid Blue Category

*Source: A.C. Nielsen

Page 4: Jyothy Laboratories Limited

Company Overview (Cont’d.)

� Extensive Distribution Network

� Available in ~ 2.7 mn outlets in India as of March 31, 2010 (Source: A.C. Nielson)

� Sales staff of over 1,800 people servicing approx. 3,500 distributors

� Field staff have a direct reach of ~ 1 million outlets

� Strong presence in both rural and urban markets

� Manufacturing

28 manufacturing facilities in 15 locations across India – some of these are tax efficient units

3

� 28 manufacturing facilities in 15 locations across India – some of these are tax efficient units

Offering Value-for-Money Products to the Common Man

Page 5: Jyothy Laboratories Limited

Financial Summary

2009-10

4

2009-10

Page 6: Jyothy Laboratories Limited

Profit & Loss Account

Year Ended 31,

March 2009

(9 months)

Gross Sales 75,046 57,511 45,194

Net sales 57,476 45,001 35,154

Other income 1,819 1,006 775

Total Income 59,295 46,007 35,929

Cost of Goods Sold (31,277) (24,256) (19,822)

Employee Cost (6,831) (5,512) (4,320)

Advertisement & Sales Promo Expenses (3,686) (2,487) (1,788)

Particulars (Rs. in lacs)

12 months

ended 31,

March 2009

12 months

ended 31,

March 2010

5

Advertisement & Sales Promo Expenses (3,686) (2,487) (1,788)

Other Expenses (6,288) (5,526) (4,223)

EBITDA 11,213 8,226 5,776

Depreciation (1,046) (889) (681)

Interest and Finance Charges (61) (40) (37)

Profit before exceptional item and tax 10,106 7,297 5,058

Tax (2,101) (1,484) (1,047)

Profit after tax 8,005 5,813 4,011

EPS 11.03 8.01 5.53

Book Value Per Share 54.97 48.55 48.55

Page 7: Jyothy Laboratories Limited

Balance Sheet

As On 31, As On 31,

March 2010 March 2009

Share Capital 726 726

Reserves and Surplus 39,166 34,506

Net Worth 39,892 35,232

Total Loans (Sales Tax Deferral) (17) (17)

Particulars (Rs. in lacs)

6

^ Net Current Assets (excl cash) defined as (Inventory+ Sundry Debtors + Other current assets sales promotion items-Current Liabilities-Provisions)

Total Loans (Sales Tax Deferral) (17) (17)

Net Block 19,809 18,511

Capital Work in Progress 346 611

Investments 1,798 1,726

Cash and Bank Balances 12,117 10,017

Net Current Assets (Excluding Cash)^ 5,838 4,385

Page 8: Jyothy Laboratories Limited

Financials Highlights – Profit & Loss

460593

0

200

400

600

800

2009 2010

Total Income (Rs in crores)

82

112

18.28

19.51

5

8

11

14

17

20

0

20

40

60

80

100

120

140

2009 2010

EBITDA (Rs crores) & EBITDA Margin (%)

PAT (Rs crores & PAT Margin (%)EPS (INR)

Total Income increased by 29%

EBITDA increased by 37%

7

5880

12.92 13.9

5

8

11

14

17

20

0

20

40

60

80

100

2009 2010

8.0

11.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2009 2010

EPS (INR)

EPS increased by 38%

PAT increased by 38%

Page 9: Jyothy Laboratories Limited

Financials Highlights – Balance Sheet

4855

0

20

40

60

80

2009 2010

Book Value (INR) Fixed Assets (Rs in crores)

Cash & Bank Balance ( Rs in Crores)Net Worth ( Rs in crores)

185 198

0

50

100

150

200

250

2009 2010

8

352399

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2009 2010

Net Worth ( Rs in crores)

Note: * Advertisement and Sales Promotion

100121

0

20

40

60

80

100

120

140

2009 2010

Page 10: Jyothy Laboratories Limited

Financials Highlights – Dividend Payout

3242 4220

30

40

50

Dividend Pay Out (%) Dividend Per Share

42

3

4

5

9

32

0

10

2008 2009 2010

Note: * Advertisement and Sales Promotion

2 2

4

0

1

2

2008 2009 2010

Page 11: Jyothy Laboratories Limited

Category-wise performance

10

Category-wise performance

Page 12: Jyothy Laboratories Limited

Brand Tree

Fabric Care 46% (45%)

Net Sales : Rs. 26,602 lacs(Rs. 15,909 for 2009)

Mosquito Repellent 31% (33%)

Net Sales : Rs. 17,831 lacs(Rs. 11,530 for 2009)

Dishwashing Products 16% (15%)

Net Sales : Rs. 9,422 lacs(Rs. 5,251 for 2009)

Other Products 7% (7%)

Net Sales : Rs. 3,621 lacs(Rs. 2,463 for 2009)

Category-wise Revenue Mix for FY2010

11

Page 13: Jyothy Laboratories Limited

Financial Snapshot - Sales

FY2010 Category-wise Revenue Breakdown FY2009 Category-wise Revenue Breakdown

46.3%

16.4%

6.3%

Fabric Care

Mosquito Repellent

Dishwashing48.8%

13.9%

6.7%

Fabric Care

Mosquito Repellent

12

46.3%

31.0%

Dishwashing

Other Products

Net Sales - 12 months ended March 2010

48.8%

30.7%

Repellent

Dishwashing

Other Products

Net Sales - 12 months ended March 2009

Page 14: Jyothy Laboratories Limited

Financial Snapshot - Sales

Category-wise Net Sales FY10 Compared with 12MFY09

2010 2009 Growth %

Fabric Care 26,602 21,955 21%

Mosquito Repellent 17,831 13,802 29%

12 Months Ended March Category

Rs in Lacs

21,955

13,802

26,602

17,831

15,000

20,000

25,000

30,000

13

Mosquito Repellent 17,831 13,802 29%

Dishwashing 9,422 6,243 51%

Other Products 3,621 3,001 21%

57,476 45,001 28%

6,243

3,001

9,422

3,621

0

5,000

10,000

Fabric Care Mosquito

Repellent

Dishwashing Other Products

2008-09 2009-10

Page 15: Jyothy Laboratories Limited

Fabric Care: UJALA (Brand Size – Rs. 302 crores)

Brand Facts

� Launched in 1983 – A 27-year old Brand

� Largest brand in the fabric whiteners segment

Positioning

� Positioned as a liquid fabric whitener that do not cause the clothes to “blue” or

appear patchy

Market Share

� #1 in Product Category: 72% all-India market share by value for March 2010*

� Kerala – 99.99% by value for March 2010*

Brand Extension

� Washing Powder – Launched in 2003 in Kerala & extended to other southern states

Largest Brand in Fabric Whiteners

14

* Source: A.C. Nielsen

in January 2009.

� Ujala Stiff and Shine – Launched in Kerala in 2005 and nationally in March 2008

Consolidation Through Acquisition

� Acquisition of “Ruby” liquid blue and “More Light” brand in 2007-08.

Going Forward 2010-11

� Detergent – Rollout in other states underway

� Looking for Brand Extensions

*

Page 16: Jyothy Laboratories Limited

Ujala Brand Extension

� Propose to extend Ujala Detergent Powder to other states

� Signed up with “Sachin Tendulkar as Brand Tendulkar as Brand Ambassador for UJALA

Page 17: Jyothy Laboratories Limited

Fabric Care: Ujala (Cont’d.)

2.71.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

Ujala Brand Performance — Net Sales Liquid Fabric Whitener Market Shares

69

53

74

59

72

56

72

57

40

60

802007 2008 2009 2010

(Rs bn) (%)

16

1 includes Ujala detergents and Ujala Stiff and Shine

1.9

2.2

2.7

0.0

0.2

0.4

0.6

0.8

1.0

1.2

FY08 FY09 FY10

0

20

Value Volume

```

Source: A.C. Nielsen

1 For calculating CAGR Financial Year is taken as April to March

Page 18: Jyothy Laboratories Limited

Mosquito Repellent: MAXO (Brand Size Rs. 257 crores)

Brand Facts

� One of the leading brands in the mosquito repellent segment;

launched in 2000

Positioning

� Positioned as a mosquito repellant offering “corner to corner”

protection

Market Share

� 22 % all-India market share by value for March 2010*

Brand Extension

� Liquids /Aerosols

� DEPA products for outdoor application

Largest Player in Rural Market

17

� DEPA products for outdoor application

Going Forward 2010-11

� Focus on liquid/aerosol

� Brand Investments / New Campaign – “RAAT ACCHI TOH DIN

ACCHA”

� Bought technology DEPA (a repellant formulation for all Blood

sucking insects and Mosquitoes) from “DRDO” (Defense

Research & Development Organization) Ministry of

Defense, Government of India.

*Source: A.C. Nielsen

Page 19: Jyothy Laboratories Limited

Maxo - DRDO

� Bought technology DEPA (a repellant formulation for all Blood sucking insects and Mosquitoes) from “DRDO” (Defense Research & Development Organization) Ministry of Defense, Government of India to Government of India to manufacture and market across the globe.

� Launch of these products is scheduled in Aug/Sept 2010.

Page 20: Jyothy Laboratories Limited

Mosquito Repellent: Maxo

1.2

1.4

1.6

1.8

2.0

2.2

2.4

Maxo Brand Performance — Gross Sales Maxo Coils Market Shares

21

23

21

24

21

2322

24

15

20

25

302007 2008 2009 2010

(Rs bn) (%)

19

1.1

1.4

1.8

0.0

0.2

0.4

0.6

0.8

1.0

1.2

FY08 FY09 FY10

0

5

10

15

Value Volume

Source: A.C. Nielsen1 For calculating CAGR Financial Year is taken as April to March

Page 21: Jyothy Laboratories Limited

Dishwashing Products: EXO (Brand Size Rs.146 crores)

Brand Facts

� Exo Dishwash Bar - India’s first anti-bacterial dish wash

launched in 2000

� Features Cyclozan, which gives a protective cover

against bacterial contamination of utensils

Positioning

� Positioned as a brand giving consumers protection against

bacterial contamination of utensils in addition to the promise

of “clean and shiny” utensils – EXO Family HEALTHY Family.

Market Share

24.1 % market share by value in Southern India for March

20

� 24.1 % market share by value in Southern India for March

2010*

Brand Extension

� Dishwashing liquid - Exo Liquid

� Dishwashing scrubber - Exo Safai

Going Forward 2010-11

� National roll out started in phased manner from October 2009

� Presently available in 3.5 lakh retail outlets

� National Campaign1 Southern states include T.N., Karnataka, Kerala and A.P.

*Source: A.C. Nielsen

Page 22: Jyothy Laboratories Limited

Dishwashing Products: Exo

941500

600

700

800

900

1,000

Exo Brand Performance — Net Sales Exo Dish Wash Bar Market Shares

17 17

20 2020 20

24

22

15

20

252007 2008 2009 2010

(Rs mn) (%)

21

323

624

941

0

100

200

300

400

FY08 FY09 FY10

0

5

10

Value Volume

Source: A.C. Nielsen1 For calculating CAGR Financial Year is taken as April to March

Page 23: Jyothy Laboratories Limited

Jyothy Fabricare Services Limited (JFSL) – Status Update

• Launched Fabric Spa – “World class laundry at affordable price

at your doorstep – November at Bangalore

• Opened 5 Fabric Spa premium stores at Indira Nagar - Sadashiv

Nagar – Koramangla - Mantri Mall – Hyper City (White Field) –

Initial Response is encouraging

22

• Snoways – Economy added 22 more outlets – Total 30 now

• Own laundry facility with 70,000 sq. feet of Built up area

commenced processing from November 2009.

• Processing/Washing - Institution 25,000 pcs a day

Retail 3,000 pcs a day

Page 24: Jyothy Laboratories Limited

Jyothy Fabricare Services Limited (JFSL) – Status Update

• Got 12 trains bedroll for washing on

trial basis – daily washing approx:

2000 bed rolls

• Got Excellance Award from South

Western Railways

23

• Bid for BOOT

Central Mumbai – 12 Ton/day

Southern Railways – 10 Ton/day

Page 25: Jyothy Laboratories Limited

JFSL – Board

• Mr M P Ramachandran

• Mr K Ullas Kamath

• Ms M R Jyothy

• Mr Vijay Rodha

• Mr Laxminarayan

24

• Mr Laxminarayan

Page 26: Jyothy Laboratories Limited

JFSL Brands & Services

Institutional

Retail Premium

Rentals

25

Door to Door

Retail Economy

Page 27: Jyothy Laboratories Limited

JFSL – Some clients as on March 2010

Hotels & Resorts Airlines ServicedApartments

Others

Royal Orchid Luftansa Oakwood - Prestige Fitness One

ITC – Fortune Air France Sterling Suites Big Bazar – Food Court

Mapple Singapore Airlines Living Space Golden Chariot

Hotel IRIS Paramount Chalet India Talwalkars

Grand Inn Jet Palm Meadows Club

26

Grand Inn Jet Palm Meadows Club

Golden Residency LSG Skychef HAL

Bangalore Gate Taj Sats

Hotel Atria

Ramanashree

Hotel 9 Marks Inn

Page 28: Jyothy Laboratories Limited

JFSL – Going Forward

• Consolidate – Bangalore Operations

• Achieve cash breakeven by 31st March 2011

• Plan to go to other cities – Chennai/Hyderabad/Pune – 2011-12

• Explore franchise route on PAN India – 2012-15

27

Page 29: Jyothy Laboratories Limited

Fabric Spa Building

28

Page 30: Jyothy Laboratories Limited

Fabric Spa Factory

29

Page 31: Jyothy Laboratories Limited

JFSL Institution

30

Page 32: Jyothy Laboratories Limited

JFSL Institution

31

Page 33: Jyothy Laboratories Limited

Fabric Spa Outlet

32

Page 34: Jyothy Laboratories Limited

Fabric Spa Outlet

33

Page 35: Jyothy Laboratories Limited

Thank You

34

Thank You


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