Jyothy Laboratories' 4QFY16 results were slightly ahead of our estimates with its consolidated net sales growing by 12.4% to Rs4.5bn (v/s our estimate of Rs4.3bn) and net profit by 31.6% to Rs356mn (v/s our estimate of Rs346mn). Quarterly volume grew by an impressive 13.7% with power brands growing by 15.3%. We expect the Company to deliver revenue and earnings CAGR of 13% & 13.4% through FY16-18E and change...