Jyothy Labs Limited (JLL) registered disappointing performance in Q4FY2020, with consolidated revenues and PAT declining by ~24% and 60%, (volumes fell by 22%). OPM dropped by 544 bps to 10.3% affected by lower operating leverage. The inventory filling of seasonal products such as household insecticides (Maxo mosquito repellents) and soaps (Margo) with distributors was affected by lockdown at the end of March 2020 (impact on revenues and PAT was Rs. 150 crore and Rs. 50 crore respectively). However, with strong leftover inventory, April and May saw sales growing y-o-y despite lower...