Jyothy Laboratories Ltd. (JLL), a company having three brands, is set to transform
into a multi-brand company with the acquisition of an 83.7% stake in Henkel
India (Henkel), which owns seven brands. As a result of this synergy, we expect
JLLs consolidated revenue to post a CAGR of 35% to Rs1,627cr and profit to post
a CAGR of 36% to Rs166cr over FY2011-14E. We initiate coverage on JLL with a
Buy recommendation and a target price of Rs248, based on SOTP valuation.

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