On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Zydus Wellness has increased 12.05% to Rs 492.9 crore. Operating profit margin has jumped from 3.82% to 3.98%, leading to 16.67% rise in operating profit to Rs 19.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.08% to 45.40%. Purchase of finished goods cost fell from 3.48% to 2.92%. Employee cost decreased from 12.26% to 11.46%. Other expenses rose from 33.92% to 35.92%. Selling and administration expenses rose from 12.87% to 13.92%. Other income fell 2.44% to Rs 4 crore. PBIDT rose 12.92% to Rs 23.6 crore. Provision for interest fell 86.15% to Rs 0.9 crore. Loan funds declined from Rs 352.00 crore as of 30 September 2023 to Rs 154.10 crore as of 30 September 2024. Inventories declined from Rs 365.80 crore as of 30 September 2023 to Rs 350.90 crore as of 30 September 2024. Sundry debtors were higher at Rs 210.20 crore as of 30 September 2024 compared to Rs 128.90 crore as of 30 September 2023. Cash and bank balance declined from Rs 189.90 crore as of 30 September 2023 to Rs 21.40 crore as of 30 September 2024. Investments rose to Rs 367.20 crore as of 30 September 2024 from Rs 64.20 crore as of 30 September 2023 . PBDT rose 57.64% to Rs 22.7 crore. Provision for depreciation fell 15.52% to Rs 4.9 crore. Fixed assets increased to Rs 799.40 crore as of 30 September 2024 from Rs 287.30 crore as of 30 September 2023. Intangible assets declined from Rs 4,462.00 crore to Rs 3,920.00 crore. Profit before tax grew 106.98% to Rs 17.80 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 2.8 crore, compared to Rs 2.7 crore. Effective tax rate was 11.81% compared to 31.40%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 254.24% to Rs 20.90 crore. Equity capital stood at Rs 63.60 crore as of 30 September 2024 to Rs 63.60 crore as of 30 September 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 69.62% as of 30 September 2024 ,compared to 68.54% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Zydus Wellness has increased 16.80% to Rs 1333.9 crore. Operating profit margin has jumped from 11.67% to 13.10%, leading to 31.13% rise in operating profit to Rs 174.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.25% to 37.58%. Purchase of finished goods cost rose from 4.63% to 5.51%. Employee cost increased from 8.94% to 9.03%. Other expenses rose from 31.70% to 33.72%. Selling and administration expenses rose from 14.51% to 15.19%. Other income rose 38.46% to Rs 9 crore. PBIDT rose 31.47% to Rs 183.8 crore. Provision for interest fell 61.21% to Rs 4.5 crore. Loan funds declined from Rs 352.00 crore as of 30 September 2023 to Rs 154.10 crore as of 30 September 2024. Inventories declined from Rs 365.80 crore as of 30 September 2023 to Rs 350.90 crore as of 30 September 2024. Sundry debtors were higher at Rs 210.20 crore as of 30 September 2024 compared to Rs 128.90 crore as of 30 September 2023. Cash and bank balance declined from Rs 189.90 crore as of 30 September 2023 to Rs 21.40 crore as of 30 September 2024. Investments rose to Rs 367.20 crore as of 30 September 2024 from Rs 64.20 crore as of 30 September 2023 . PBDT rose 39.86% to Rs 179.3 crore. Provision for depreciation fell 16.67% to Rs 10 crore. Fixed assets increased to Rs 799.40 crore as of 30 September 2024 from Rs 287.30 crore as of 30 September 2023. Intangible assets declined from Rs 4,462.00 crore to Rs 3,920.00 crore. Profit before tax grew 45.70% to Rs 169.30 crore. Share of profit/loss were nil in both the periods. Provision for tax was debit of Rs 6.6 crore, compared to credit of Rs 14.3 crore. Effective tax rate was 3.77% compared to negative 14.02%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 44.97% to Rs 168.60 crore. Equity capital stood at Rs 63.60 crore as of 30 September 2024 to Rs 63.60 crore as of 30 September 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 69.62% as of 30 September 2024 ,compared to 68.54% as of 30 September 2023 . Cash flow from operating activities increased to Rs 295.20 crore for YTD ended September 2024 from Rs 136.80 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 19.10 crore, compared to Rs 13.90 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Zydus Wellness has increased 3.24% to Rs 2327.8 crore. Operating profit margin has declined from 14.95% to 13.24%, leading to 8.60% decline in operating profit to Rs 308.20 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.36% to 44.30%. Purchase of finished goods cost fell from 4.92% to 4.81%. Employee cost increased from 7.20% to 8.27%. Other expenses rose from 26.01% to 29.43%. Selling and administration expenses rose from 11.14% to 12.78%. Other income rose 183.67% to Rs 13.9 crore. PBIDT fell 5.85% to Rs 322.1 crore. Provision for interest rose 49.07% to Rs 24 crore. Loan funds rose to Rs 328.70 crore as of 31 March 2024 from Rs 297.30 crore as of 31 March 2023. Inventories rose to Rs 467.60 crore as of 31 March 2024 from Rs 457.50 crore as of 31 March 2023. Sundry debtors were higher at Rs 283.30 crore as of 31 March 2024 compared to Rs 207.80 crore as of 31 March 2023. Cash and bank balance rose to Rs 239.50 crore as of 31 March 2024 from Rs 38.10 crore as of 31 March 2023. Investments rose to Rs 77.60 crore as of 31 March 2024 from Rs 70.00 crore as of 31 March 2023 . PBDT fell 8.56% to Rs 298.1 crore. Provision for depreciation fell 4.80% to Rs 23.8 crore. Fixed assets declined from Rs 825.40 crore as of 31 March 2023 to Rs 797.20 crore as of 31 March 2024. Intangible assets stood at Rs 3,920.00 crore. Profit before tax down 8.87% to Rs 274.30 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -14.20 crore. Provision for tax was credit of Rs 6.8 crore, compared to credit of Rs 19.5 crore. Effective tax rate was negative 2.61% compared to negative 6.70%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 14.01% to Rs 266.90 crore. Equity capital stood at Rs 63.60 crore as of 31 March 2024 to Rs 63.60 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 69.62% as of 31 March 2024 ,compared to 66.45% as of 31 March 2023 . Cash flow from operating activities increased to Rs 246.40 crore for year ended March 2024 from Rs 91.70 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 28.50 crore, compared to Rs 45.00 crore during the year ended March 2023. Other Highlights
In Q2 FY25, the Company’s iconic brands
continued to perform well.
In Q2 FY25, Food
& Nutrition segment grew 9.7% YoY and Personal Care 26% YoY. In H1 FY25, Food
& Nutrition segment grew 12.9% YoY and Personal Care 36.6% YoY.
The company is
targeting 8-10% of its total revenue from international business in next 4-5
years.
On 30 Oct 2024, the
company entered into a definitive agreement to acquire 100% stake in Naturell
(India), a leading healthy snacking company with the turnover of approx. Rs 119
crore in FY2023-24 as per Ind AS. Naturell Company is engaged in the business
of manufacturing, research and development, marketing and selling of Nutrition
bars, Protein cookies, Protein Chips and health food products under brands
Ritebite Max Protein (Protein fueled healthy snacks) and Ritebite
(fiber-enriched snacks).
The acquisition
seamlessly aligns with Zydus Wellness’ strategic vision of expanding its
footprint in the consumer wellness industry by foraying into the rapidly
growing healthy snacking segment. It further strengthens company’s market
presence and commitment to addressing the evolving needs and preferences of
health-conscious consumers. The transaction is proposed to be funded by cash
and is expected to be EPS accretive for Zydus Wellness from the next year
post-acquisition. The total consideration of Rs 390 crore comprises of upfront
consideration of Rs 369 crore and earnout Rs 21 crore which shall be determined
upon achievement of agreed milestone for FY2025.
The company continues to launch new
products and extensions. The Company forayed into the adult nutrition space
delivering high quality protein with pre and probiotics to support Gut-Muscle
Axis under the brand name Complan Viemax.
| Zydus Wellness : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 492.90 | 439.90 | 12.05 | 1,333.90 | 1,142.00 | 16.80 | 2,327.80 | 2,254.80 | 3.24 | | OPM (%) | 3.98 | 3.82 | 16 bps | 13.10 | 11.67 | 143 bps | 13.24 | 14.95 | -171 bps | | OP | 19.60 | 16.80 | 16.67 | 174.80 | 133.30 | 31.13 | 308.20 | 337.20 | -8.60 | | Other Inc. | 4.00 | 4.10 | -2.44 | 9.00 | 6.50 | 38.46 | 13.90 | 4.90 | 183.67 | | PBIDT | 23.60 | 20.90 | 12.92 | 183.80 | 139.80 | 31.47 | 322.10 | 342.10 | -5.85 | | Interest | 0.90 | 6.50 | -86.15 | 4.50 | 11.60 | -61.21 | 24.00 | 16.10 | 49.07 | | PBDT | 22.70 | 14.40 | 57.64 | 179.30 | 128.20 | 39.86 | 298.10 | 326.00 | -8.56 | | Depreciation | 4.9 | 5.8 | -15.52 | 10 | 12 | -16.67 | 23.8 | 25 | -4.80 | | PBT | 17.80 | 8.60 | 106.98 | 169.3 | 116.2 | 45.70 | 274.3 | 301 | -8.87 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 17.8 | 8.6 | 106.98 | 169.3 | 116.2 | 45.70 | 274.3 | 301 | -8.87 | | EO Income | 5.9 | 0 | - | 5.9 | -14.2 | LP | -14.2 | -10.1 | -40.59 | | PBT after EO | 23.7 | 8.6 | 175.58 | 175.2 | 102 | 71.76 | 260.1 | 290.9 | -10.59 | | Taxation | 2.8 | 2.7 | 3.70 | 6.6 | -14.3 | PL | -6.8 | -19.5 | 65.13 | | PAT | 20.9 | 5.9 | 254.24 | 168.6 | 116.3 | 44.97 | 266.9 | 310.4 | -14.01 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 20.9 | 5.9 | 254.24 | 168.6 | 116.3 | 44.97 | 266.9 | 310.4 | -14.01 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 20.9 | 5.9 | 254.24 | 168.6 | 116.3 | 44.97 | 266.9 | 310.4 | -14.01 | | EPS (Rs)* | 2.47 | 0.93 | 166.10 | 25.60 | 18.26 | 40.21 | 43.11 | 47.30 | -8.87 | | | * EPS is on current equity of Rs 63.63 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|