ZYDUSWELL · Fast Moving Consumer Goods
Zydus Wellness Ltd. reported revenue of ₹462 cr for October to December 2024, +14.6% on the year and −6.3% on the quarter.
Operating profit (EBITDA) was ₹15.0 cr, a margin of 3.2%, +2 bps on the year and −81 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 3.2% to 20.7%). Operating costs grew +14.6%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹6.0 cr, — on the year and −71.4% on the quarter, with earnings per share of ₹0.20. The tax rate was 37% against an average of 12% over the previous 4 quarters, which weighed on profit this quarter.
On earnings per share of ₹10.22 over the last four quarters, the stock at ₹512.15 trades at 50.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹5.0 cr, −16.7% on the year.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹440 cr | ₹403 cr | ₹783 cr | ₹841 cr | ₹493 cr | ₹462 cr | ₹913 cr | ₹861 cr | ₹650 cr | ₹965 cr | ₹1,485 cr | ₹1,437 cr |
| YoY | — | — | — | +20% | +12% | +15% | +17% | +2% | +32% | +109% | +63% | +67% |
| EBITDA margin | 3.9% | 3.2% | 20.7% | 18.4% | 4.1% | 3.2% | 20.8% | 18.1% | 3.5% | 6.3% | 18.2% | 16.8% |
| Other income, % of PBT | 44% | 75% | 3% | 3% | 42% | 40% | 1% | 2% | — | — | 1% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | — | 3% | 3% | 12% | 37% | 1% | 12% | — | — | 9% | 27% |
| Net profit | ₹6.0 cr | ₹0.0 cr | ₹150 cr | ₹148 cr | ₹21.0 cr | ₹6.0 cr | ₹172 cr | ₹128 cr | −₹53.0 cr | −₹40.0 cr | ₹162 cr | ₹119 cr |
| YoY | — | — | — | +35% | +250% | — | +15% | −14% | −352% | −767% | −6% | −7% |
| Core profit YoY | — | — | — | +40% | +180% | +500% | +15% | −3% | −229% | −700% | +2% | +11% |
| EPS | ₹0.19 | ₹0.01 | ₹4.72 | ₹4.64 | ₹0.66 | ₹0.20 | ₹5.40 | ₹4.02 | −₹1.66 | −₹1.25 | ₹5.09 | ₹3.74 |
| Flags | 1 | 1 | · | 2 | 2 | 1 | 1 | ✓ | 2 | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Zydus Wellness Ltd. reported revenue of ₹462 cr (+14.6% on the year) and net profit of ₹6.0 cr (— on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +500.0% on the year, against — for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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