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Yes Securities Report
Zydus Wellness Ltd.'s Q1 performance was quite encouraging on the growth fronts led by 10.3% volume growth and sequential market share gains in key brands Glucon‐D, Nycil and Everyuth.
Complan and Sugar Free continue to struggle since last few quarters due to category decline and less aggression in distribution expansion. Timely price hikes in Q4 also aided gross margin contraction to only 110 basis points.
Few positives were strong double‐digit growth in Glucon‐D, Nycil and Everyuth with improved market share. Sales reorganisation should drive better sales for Nutralite while strong summer should drove growth in Nycil and Glucon‐D.
Zydus Wellness' new launches across the portfolio with new product development of several launches in coming quarters and increased focus in modern trade and e‐commerce channel create decent growth visibility.
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