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ICICI Securities Report
Zydus Wellness Ltd.'s Q4 performance was impressive with double digit-growth (on two-year compound annual growth rate as well) across brands except for Glucon-D which was impacted due to delayed onset of summer season.
We believe the acquisition of Heinz India business is transformational for the company, 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 (contributes ~3.5% versus ~1.5 earlier) 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.
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