Jyothy Laboratories Ltd (JLL) is an Indian FMCG player with products across Fabric care, Dishwashing, Mosquito repellents & Personal Care. We revise down our target to Rs135 on account of COVID-19 led disruption but maintain Accumulate due to drop in stock price. For Q4FY20, revenue de-grew by ~24%YoY. ~Rs.150cr impacted due to COVID-19 led disruption in year end seasonal sales. EBITDA margin declined sharply by 550bps YoY due to fall in sales along with fixed costs (staff and committed advertisement costs)....