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Yes Securities Report
Zydus Wellness Ltd.'s Q4 performance was quite disappointing both on the growth and margin fronts despite price hikes taken given sequential market share losses in key brands Complan, Sugar Free and Nycil leading to an inferior product mix.
Complan and Sugar Free continue to struggle since last few quarters due to category decline and less aggression in distribution expansion.
Few positives were strong double‐digit growth in Sugarlite, Nutralite and Everyuth with stable market share and double‐digit growth in International markets albeit the base remains low.
Sales reorganisation should drive better sales for Nutralite while early onset of summer should drive 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‐com channel create decent growth visibility.
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