Jyothy Laboratories (JYL) posted 9% growth in consolidated revenues to Rs4bn in 2QFY16, slightly ahead of our estimate of Rs3.9bn. Both EBITDA and net profit were ahead of our expectation as they grew 46% to Rs485mn and by 54% to Rs388mn, respectively. Absolute fall in A&P; spends aided EBITDA and net profit to perform better. Volume growth stood at 9%. On an expected EPS of Rs10.1 for FY17E, the stock is...