Report as on 18 May 2023 at 09:34 PM

VERY POSITIVE
RESULTS IN MAR 23
Sales Jyoti Resins

Mar 2023 - 65 Cr
Dec 2022 - 67 Cr
CMP: 1,474.60
Operating Profit

Mar 2023 - 20 Cr STOCK INFO:
BSE – 514448/ NSE –
Dec 2022 - 16 Cr Market Cap - Small Cap (Rs. 1,830 cr)
Sector – Chemicals
52 w H/L (Rs.) – 1818.5/688.4
Dividend Yield: 0.16%
Debt Equity: -0.3%
Return on Equity: 53.93%
Price to Book: 24.18

Figures in Rs crore; Basis standalone data as of Mar 2023

www.marketsmojo.com
Jyoti Resins
CMP: 1,474.60
Report as on 18 May 2023 at 09:34 PM

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ANALYSIS Past Risk Return Analysis

Absolute Risk Volatility
With a growth in Net Profit of 35.06%, the
Adjusted
company declared Very Positive results in Mar 23
-The company has declared positive results for the Jyoti Resins 97.94% 2.10 46.55%
last 11 consecutive quarters SENSEX 13.32% 0.99 13.40%
-NET SALES(HY) At Rs 131.69 cr has Grown at 23.86 %
-ROCE(HY) Highest at 57.96 % RETURNS SUMMARY (Price + Dividend)
-PBDIT(Q) Highest at Rs 20.05 cr. The stock gave a total returns of 98.95% in the last 1 year
Outperforming Sensex returns of 13.32%
Stock is technically in a Bullish range
5000%
-The technical trend has improved from Mildly
Bullish on 08-May-23 and has generated -1.26%
2500%
returns since then
-The stocks MACD and KST technical factors are also 0%
Bullish
-2500%
Consistent Returns over the last 3 years
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-Along with generating 97.94% returns in the last 1

r-2
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year, the stock has outperformed BSE 500 in each of

the last 3 annual periods Jyoti Resins and Adhesives Ltd SMLCAP

Investors Returns (3 years) –

Despite the size of the company, domestic mutual Period 6M 1Y 2Y 3Y

funds hold only 0% of the company Stock (%) 17.53% 98.95% 641.04% 4138.72%
-Domestic mutual funds have capability to do in-depth Sector (%) -5.56% -5.56% 12.27% 157.98%
on-the-ground research on companies- their small
Sensex (%) -0.38% 13.32% 22.39% 104.57%
stake may signify either they are not comfortable at the
price or the business

MOJO PROFESSIONAL 1
Jyoti Resins Report as on 18 May 2023 at 09:34 PM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
Registered members of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 18th May, 2023 at 09:34 PM, and
may not be valid if you are reading it later.

Some factors/ data may have changed after the

report was generated.

To access the LATEST version of this report.

Click Here

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

FINANCIAL TREND
Positive

WITH A GROWTH IN NET PROFIT

results for

OF 35.06%, THE COMPANY 11

DECLARED VERY POSITIVE consecutive
quarters

RESULTS IN MAR 23

Near term Operating Profit trend

Rs 20.1 cr is quite positive 20.05
Operating Profit (Rs Cr) 16.33
Operating Profit Highest at Rs 20.05 cr. and Grown 13.35
- Quarterly each quarter in the last five quarters
10.89
7.56

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Company's efficiency has

improved
30.8%
30.81

24.52
Operating Profit to Sales 20.34
Operating Profit Highest at 30.81% and Grown 17.04
Margin - each quarter in the last five quarters 13.16
Quarterly

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Near term PBT trend is very

67.5% positive
19.62
PBT less Other Income (Rs Cr) 15.98
PBT Growth At Rs 19.62 cr has Grown at 67.5 % 12.92
10.61
over average PBT of the previous four quarters of Rs 7.35
11.72 Cr

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

FINANCIAL TREND

Near term PAT trend is positive

16.41

Rs 16.4 cr PAT (Rs Cr)

Highest at Rs 16.41 cr. 12.15
PAT - Quarterly in the last five quarters 9.07 8.81
6.92

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Near term sales trend is positive 129.56 131.69

23.9% Net Sales (Rs Cr)

At Rs 131.69 cr has Grown at 23.86 %
106.32

Half Yearly Sales Year on Year (YoY)

Growth

Mar 2022 Sep 2022 Mar 2023

The company has displayed

58.0% increased efficiency by generating 51.58
57.96

higher profit on overall capital 42.38

ROCE - Half (equity and debt) 36.7 38.41

Yearly
ROCE (%)
Highest at 57.96 %
in the last five half yearly periods
Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

FINANCIAL TREND

Increasing profitability; company 13.68

Rs 13.7 cr has created higher earnings for

shareholders
10.13

Earnings per 7.56 7.34

EPS (Rs) 5.77
Share (EPS) -
Highest at Rs 13.68
Quarterly
in the last five quarters

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Short Term liquidity is improving

Rs 30.9
30.88
Cash and Cash Equivalents 28.92

Highest at Rs 30.88 cr
cr
23.71 23.75 23.04
in the last six half yearly periods
Cash and Eqv -
Half Yearly
2.4

Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023

Mar'23 Dec'22 Change%

Net Sales 65.1 66.6 -2.3%
Key Operating Profit (PBDIT) excl Other Income 20.1 16.3 22.8%
Result Interest 0.0 0.0 0.0%
Highlights Exceptional Items 0.0 0.0
Standaloned Net Profit 16.4 12.2 35.1%
Operating Profit Margin (Excl OI) 30.8 24.5 6.3%
Standalone- figures in Rs
Cr

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

1,474.60 1,366.52 1,279.84

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Mildly Bullish (weekly)
Bollinger Band Mildly Bullish (monthly)
KST Bullish (weekly)
Dow Theory Mildly Bullish (weekly)

Consistent Returns over the last 3 years

3 Months 1 Year 3 Years

4101.68%
15.23%
97.94%

2.37%
10.20% 112.44%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

RETURNS

CONSISTENT RETURNS OVER THE LAST 3

YEARS
Along with generating 5000%
97.94% returns in the last 1
year, the stock has 2500%

97.94% outperformed BSE 500 in

each of the last 3 annual 0%

UP periods
-2500%

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Jyoti Resins and Adhesives Ltd BSE500

Consistent Winner against Small Cap companies

Jyoti Resins and Adhesives Ltd has been in
the First Quartile in the last 1 year

1st
Quartile
1st
Quartile
1st
Quartile
Stock has been in the 1st quartile in 2022 and
in the 1Y period

1Y 2022 2021
24.31% 236.19% 165.27%

Company 1 Month 3 Month 1 Year 3 Years

Jyoti Resins -0.51% 15.23% 97.94% 4101.68%
Return
Gujarat Fluoroch 2.25% 9.97% 25.49% 1023.26%
Comparison
Solar Industries -2.6% -6.53% 30.43% 334.52%
with Peers
Closest peers by Deepak Nitrite 5.1% 8.97% -3.47% 292.16%
market cap Navin Fluo.Intl. 0.28% 10.39% 18.88% 208.66%

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

SHAREHOLDING

MUTUAL FUND HOLD ONLY 0% OF THE

COMPANY
Domestic mutual funds have capability to do in-
depth on-the-ground research on companies- their
small stake may signify either they are not
comfortable at the price or the business No holdings in Mutual Fund last few quarters

Non Institution
48.85%
Shareholding Snapshot : Mar 23
FIIs Majority shareholders : Promoters
0.33%
Pledged Promoter Holdings : None
Mutual Funds : Held in 0.00 Schemes (0.00%)
FIIs : Held by 2 FIIs (0.33%)
Promoters
50.82% Promoter with highest holding : Jagdish Nathalal Patel (15.21%)
Highest Public shareholder : Naisha It Solutions Private Limited (7.7%)
Individual Investors Holdings : 38.15%

FII
2.5%

2.00% 2.00%
holding has increased by 0.33% 2%

Number of FIIs holding stake in the company has 1.5%

increased to 2 from 0
1%
0.74%

0.5% 0.33%

0.00%
0%
Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Mar'23 Dec'22 QoQ Mar'22 YoY Comments
Total Operating income 65 67 -2.3% 57 13.3%
Total Expenditure (Excl Depreciation) 45 50 -10.4% 50 -9.8% Fall in previous quarter and same
quarter last year
Operating Profit (PBDIT) excl Other Income 20 16 22.8% 8 165.2% High Growth in previous quarter
and same quarter last year
Other Income 2 0 929.4% 2 -1.1%
Operating Profit (PBDIT) 22 17 32.1% 9 133.7% High Growth in previous quarter
and same quarter last year
Interest 0 0 0% 0 0%
Exceptional Items 0 0 0% 0 0%
Depreciation 0 0 14.3% 0 110.5% High Growth in previous quarter
and same quarter last year
Profit Before Tax 21 16 32.3% 9 134.3% High Growth in previous quarter
and same quarter last year
Tax 5 4 24.3% 2 126.9% High Growth in previous quarter
and same quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 16 12 35.1% 7 137.1% High Growth in previous quarter
and same quarter last year

Standalone results triggered in Rs Cr

Margins
Mar'23 Dec'22 Sep'22 Jun'22 Mar'22 Avg. (4 Comments
Qtrs)
OPM 30.8% 24.5% 20.3% 17.0% 13.2% 18.8% Higher than average (4 Qtrs) – Promising
GPM 33.5% 24.8% 20.6% 17.4% 16.2% 19.7% Higher than average (4 Qtrs) – Promising
NPM 25.2% 18.2% 13.4% 14.2% 12.0% 14.5% Higher than average (4 Qtrs) – Promising

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 43.58% VS 79.64% IN MAR
2022
Standaloned Net Profit: YoY Growth in year ended Mar 2023 is 135.02% vs 62.37% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is
155.07% vs 127.90% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is -40.00% vs -28.57% in Mar 2022 43.58%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has improved from NET SALES
Mar 2022

Mar'23 Mar'22 Change(%)

Net Sales 261.25 181.96 43.58%
Key Operating Profit (PBDIT) excl Other Income 60.63 23.77 155.07%
Annual Interest 0.03 0.05 -40.00%
Results Exceptional Items 0.00 0.00
Standaloned Net Profit 46.44 19.76 135.02%
Operating Profit Margin (Excl OI) 23.21 13.06 10.15%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2023 is 43.58% vs Standaloned Net Profit-YoY Growth in year ended Mar 2023
79.64% in Mar 2022 is 135.02% vs 62.37% in Mar 2022
400 50 46.44

261.25
181.96
200 25 19.76
101.29 12.17
68.69 73.54 8.10
2.20
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is 155.07% vs 127.90% in Mar 2022 Mar 2023 has improved from Mar 2022
100 40

60.63 23.21
50 20 14.05 13.06
23.77 10.30
10.33 10.43 4.15
2.85
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Figures in Rs Crore

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

-82.76% Borrowings
Mar'22
0.05
Mar'21
0.29
Change%
-82.76%

Increase
Other Long Term Liabilities 0.41 0.29 41.38%
Fixed Assets 46.27 38.89 18.98%
Investments 0.07 0.07 0.00%
in Borrowings in quarter Current Assets 104.90 98.86 6.11%
ended Mar 2022 vs in
Figures in Rs Cr
Mar 2021

Other Long Term Liabilities: YoY Growth in year ended Mar 2022 is 41.38% vs 52.63% in Mar 2021
Fixed Assets: YoY Growth in year ended Mar 2022 is 18.98% vs 106.97% in Mar 2021
Investments: YoY Growth in year ended Mar 2022 is 0.00% vs 0.00% in Mar 2021
Current Assets: YoY Growth in year ended Mar 2022 is 6.11% vs 1.44% in Mar 2021

Cash From Operation - YoY Growth in year ended Mar

-74.98% 2022 is -74.98% vs 51.38% in Mar 2021
Mar'22 Mar'21 Change%
GROWTH Cash Flow from Operating Activities 2.61 10.43 -74.98%
Figures in Rs Cr

15

10.43
10

6.89

5 4.29
3.07 2.61

0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

PEER COMPARISION

PEER COMPARISON
Jyoti Resins Tanfac Inds. Thirumalai Vishnu Primo
Chem. Chemicals Chemicals
Size
Market Cap (Cr.) 1,770 1,893 1,804 1,803 1,704
Annual Sales (TTM) (Cr.) 261 375 2,132 1,391 721
Annual Net Profit (TTM) (Cr.) 42 56 90 137 159
Growth Factors (TTM)
Net Sales Growth 1 year 43.6% 17.1% 6.7% 30.1% 95.5%
Operating Profit Growth 1 year 136.4% -1.6% -66.2% 53.5% 6978.8%
Net Profit Growth 1 year 111.2% 5.3% -68.1% 67.8% 729%
Net Sales Growth 5 year 35.3% 18.2% 10.2% 16% 19.5%
Operating Profit Growth 5 year 101.8% 35.2% -13% 26.6% 101.4%
Net Profit Growth 5 year 109.3% 42.2% -12.1% 53.9% 78.3%
Capital Structure Factors
EBIT to Interest 54.5 68.4 4.1 6.1 30.4
Debt to EBITDA - 0 2.8 1.7 0.3
Net Debt to Equity -0.3 -0.4 -0 0.9 0.1
Sales to Capital Employed 3.5 3.5 1.8 1.8 1.6
Management Quality Factors
ROCE (latest) 72.6% 64.6% 11.2% 26.4% 51.5%
ROE(latest) 39.4% 30.5% 7.5% 33% 44.1%
Tax Ratio 26.4% 25.6% 30.6% 26.4% 26.1%
Operating CF to Net Profit 13.2% 84.8% 143.1% 110.2% 123.8%
Dividend Payout Ratio 9.9% 16.9% 9.1% 3.5% -
Valuation Factors
PE Ratio 42.4 33.7 20.1 13.2 10.7

Price to Book 16.7 10.3 1.5 4.4 4.7

PEG Ratio 0.4 6.4 - 0.2 0
Dividend Yield 0.2% 0.3% 1.4% 0.1% -
EV to EBITDA 31.1 24.3 9.6 9.4 8
EV to Capital Employed 23.2 17.1 1.5 2.8 4.3
Shareholding
Promoter Holdings 50.8% 51.8% 42.1% 75% 31.4%
Promoter Pledged Holdings - - - 36.1% -
Total Institutional Holding 0.3% 0.1% 2.2% 0.8% 1.9%
FII Holdings 0.3% - 2.1% 0.8% -
Returns
1 Month -0.5% 28.6% -9% 0.4% -8.4%
3 Months 15.2% 82.6% -5.9% 9.5% -10.9%
YTD 18.1% 105.4% -12.9% 1.1% -9.6%
1 Year 97.9% 278% -29.9% 0.9% -17.5%
3 Years 4101.7% 1338% 336.8% 1192.5% 897%

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Incorporated on 17 Dec.'93, Jyoti Resins & Adhesives (JRAL) commenced business
INDUSTRY : Chemicals on 22 Feb.'94. It was promoted by Jyotika Patel, Dinesh Patel and others. Jagdish
Patel is the chairman and managing director of the company.JRAL manufactures
resins and adhesives. It came out with a Rs 2.98-cr public issue in Sep.'94 to part-
1,830 cr (Small Cap) finance a Rs 4.

Board of Directors
Jagdish N Patel Chairman & Managing Director

Utkarsh J Patel Executive Director

Jyotika Jagdishbhai Executive Director

Patel
Company Sec. & Compli. Officer
Manish Shantilal Jain
Independent Director
Sandeep M Shah

2 more board of directors

Company Coordinates

Company Details: Registrat Details:

405-6, Rajkamal Plaza - B, Nr. Samruddhi Bldg, Opp. Old High Sharex Dynamic (India) Pvt Ltd , Unit -1, Luthra Ind. Premises ,
Court, Ahmedabad Gujarat : 380014 Safed Pool, Andheri-Kurla Road, Andheri (E), Mumbai
Tel: 079- 27540153, 27544449 Fax: 022-28512885
Fax: 079- 27544769
Email: jral@vsnl.net

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Jyoti Resins Report as on 18 May 2023 at 09:34 PM

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Research Analysis.

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