Jyothy Labs (JLL) reported net sales growth of 8.7% YoY to | 422 crore (I-direct estimate: | 441 crore) on the back of 10.3%, 9.4% & 14.1% growth in fabric care, dishwashing & personal care segments respectively. However, household insecticides segment declined 11.4%. Consolidated revenues grew 8.9% on the back of 10.2% volume growth .Power brand sales grew 8% (9.6% volume growth). Ujala, Margo, Exo, Henko, Pril grew 10.8%, 12.2%, 10%, 9.6% & 8.4%, respectively. However, Maxo reported a decline of 11.3% due to extended summer impacting insecticide sales adversely. ICICI Securities Limited value the stock at 27x its FY18E EPS of | 12.1 to arrive at a target price of | 328/share with BUY rating.