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ICICI Direct Report
Zydus Wellness Ltd. reported mixed results with 9.3% growth in gross sales led by strong growth in Sugarfree, Nycli and revival in Everyuth.
Net sales grew at slower 4.8%, mainly as goods and services tax related benefits for one of the plants expired in January 2020.
Gross margins fell 300 basis points, mainly due to expiry of GST benefits, utilisation of high priced milk inventory and 10% increase in palm oil prices.
The company held high cost inventory of skimmed milk powder in February-March.
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