Broad based growth; Reasonable Valuations Warrant an Upgrade Backed by 10.2% volume growth, Jyothy Laboratories (JYL) reported 8.9% yoy rise in consolidated sales to Rs4.4bn in 1QFY17. While EBITDA grew 36.9% yoy to Rs791mn, consolidated net profit stood at Rs459mn. Cash profit rose by 25% yoy to Rs544mn in 1QFY17. We expect JYL to post 13% & 14% CAGR in revenues and earnings through FY16-18E. The stock currently trades at reasonable valuation of 25.4x FY18E earnings which coupled with expected uptick in growth makes it an attractive investment opportunity. Hence, we revise our recommendation on the...