ZYDUSWELL · Fast Moving Consumer Goods
Zydus Wellness Ltd. reported revenue of ₹913 cr for January to March 2025, +16.6% on the year and +97.6% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹2,709 cr, +16.4% on the four before.
Operating profit (EBITDA) was ₹190 cr, a margin of 20.8%, +12 bps on the year and +1,756 bps on the quarter. It is the widest margin of the last 8 quarters (range 3.2% to 20.8%). Operating costs grew +16.4%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹172 cr, +14.7% on the year and +2,766.7% on the quarter, with earnings per share of ₹5.40. Profit before other income, one-offs and tax grew 14.7%, so the profit growth came from the business itself. The tax rate was 1% against an average of 17% over the previous 5 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹347 cr, +30.5% on the four before.
On earnings per share of ₹10.90 over the last four quarters, the stock at ₹512.15 trades at 47.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 1.0% against 13.8% over the previous quarters, worth about ₹22.1 cr of profit.
Source: Quarterly statements
Could not run on this quarter: 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹913 cr (+16.6% on the year) and net profit of ₹172 cr (+14.7% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +14.7% on the year, against +14.7% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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