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ICICI Securities Report
We believe the acquisition of Heinz India business is transformational for Zydus Wellness Ltd.
The timing of the acquisition and the completion of integration could not have been better, in our view, given the increased consumer focus on health and wellness – likely accelerated consumer adoption of more than 70% of the portfolio (Sugar Free, Glucon-D, Nutralite and Complan).
We especially like the new product development strategy aimed to address some key challenges – SugarLite to address the taste penalty, Sugar Free Green is a natural product, Complan Nutrigro to regain lost medical connect of the brand.
Potential deleveraging is likely to drive free cash flow generation faster.
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