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ICICI Securities Report
Zydus Wellness Ltd. witnessed a decent performance with double-digit revenue growth (~5% volume growth), excluding the impact of unseasonal rains (~1% YoY reported revenue growth) on Glucon D brand which has higher salience in Q1.
Nycil, Nutralite and Everyuth exhibited a good performance, while Complan witnessed good consumer offtakes. Sugarfree portfolio could face medium-term headwinds due to negative consumer sentiment around aspartame which Zydus Wellness' management is addressing through consumer awareness and portfolio rationalisation.
Margin shrank significantly and we expect margins to remain under pressure in the near term (management expects margin to recover to ~18% in FY25).
That said, execution improvement and macro tailwinds in tandem appear a necessity for performance. 'Buy'.
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