Zydus Wellness Q4FY2025 (Consolidated) results

• Zydus Wellness’ (ZWL’s) revenue grew by 17% y-o-y to Rs. 913 crore, ahead of our expectation of Rs. 876 crore. Food & Nutrition grew by 15.4% y-o-y, while Personal Care grew by 22.5% y-o-y. Volume growth stood at 13% in Q4.
• Gross margin and OPM rose by 27 bps and 14 bps y-o-y to 54.9% and 20.9%, respectively. OPM beat our expectation of 16%.
• Operating profit increased by 17.4% y-o-y to Rs. 191 crore and adjusted PAT grew by 14.3% y-o-y to Rs. 172 crore. PAT came in higher than our expectation of Rs. 130 crore. The board has recommended a final dividend of Rs. 6 per share for FY25.
• View: We shall review our estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock. 

Results (Consolidated)                                                                    Rs. Crore

Actual vs estimates                                            Rs. Crore