#PAT #GROWTH 5 Year CAGR: 9.3% 

In FY24, PAT decreased by ~14% YoY to ₹267 cr, owing towards a decline in operating profit and rising financing costs due to increasing working capital loans. Also, it witnessed a significant rise in other income YoY which was largely towards interest income on financial assets. During the period, it incurred a one-time expenditure of ₹14 cr (in Q1 FY24) towards settlement and provision for inventory write off for its Sitarganj plant. Excluding the same, it de-grew by ~9% YoY. The company had tax benefits due to accumulated losses in tax book, section 80I benefit related to two of its manufacturing units in Sikkim and had MAT credits available to them. The benefit related to the same is expected to accrue until FY25. In FY23, PAT increased marginally by 0.5% YoY to ₹310 cr.

#EBITDA #MARGIN

In FY24, EBITDA margins contracted by 172 bps YoY to ~13%, mainly impacted due to unfavorable product mix. With calibrated price increases across portfolio and effective hedging strategy for key commodities, the company was able to improve gross margins YoY that was ploughed back into brand building as a result of which A&P expense rose by ~15% YoY. The major raw materials used by the company includes milk, DMH (dextrose monohydrate) and Aspartame (artificial sweetener used in variety of food applications). However, inflation moderated across raw materials both sequentially and YoY, including a cool off in the milk prices. Its distribution reach currently stands at ~6 lakh stores. In the near term, the company is expecting the EBITDA margins to improve on account of decreasing supply chain constraints, cost control measures and calibrated price hikes. In FY23, EBITDA margin contracted by 221 bps YoY to 15% mainly affected due to high inflation in key raw materials.

#PAT #MARGIN

In FY24, PAT margins contracted by 230 bps YoY to ~11%. There was an impact of exceptional item in the margins on a YoY basis. Excluding the same, PAT margin contracted by 169 bps YoY. In FY23, PAT margin contracted by 161 bps YoY to 14%.

Management outlook

Growth trajectory - ZWL intends to grow its revenue, which would be driven by new product developments, easing raw material prices, distribution expansion in India & abroad and via increasing its overall reach (direct and indirect) to 3 million outlets. It is also investing in capability building for the superior back end and customer engagement in the converging online and offline platforms of organized trade. • Raw materials - It witnessed softness across key ingredients during the year, including cool off in the milk prices. However, the company is vigilant on the prices and enters long-term contracts, wherever feasible to minimize the risk of fluctuations in the input prices, going forward. • International • Business - Sugar free and Complan constitutes ~80% of the overall international business. They launched new products expanding the Sugar free D’Lite and Complan portfolio. They further aim to achieve ~8%-10% of the total revenue in the next 4-5 years. It aims to build scale in international business by focusing on key regions like SAARC, MEA (Middle East Asia) and SEA (southeast Asia); entering new geographies and introducing suitable innovations and extensions to address the needs of international markets. E-commerce - It continued favorable growth, contributing ~8% of sales for FY24. Further, the company has a dedicated digital marketing team for the same which would help leverage changing shopper behavior by investing in building stronger presence and efficient spends on visibility and promotions. • The management guided that in FY25, the effective tax rate would be nil, post which they would be paying normal tax rates. • With positive indicators for the summer season and an anticipated normal monsoon, the company's seasonal portfolio is expected to perform well.

Zydus Wellness Limited 2000-2250
Expected level 2700
Support 1800

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Info Edge (India) company details

Info Edge (India) incorporated in 1995, has two specific arms – an operational business and an investment business. The core business verticals includes recruitment solutions, real estate services, matrimonial services and an education services through its various web portals and mobile applications. The core activities are supported by a series of strategic investments in the operating business. These investments are primarily made into services & products, that complement and form an integral part of the developmental roadmap of the four core business platforms. The investment business also includes a series of fund infusions into diversified entities, that have significant value creation potential over a period.

Business portfolio: • Recruitment: Online recruitment classifieds, www .naukri.com, a clear market leader in the Indian e-recruitment space, www .naukrigulf.com, a job site focused in the Middle East market, offline executive search (www .quadranglesearch.com) and a fresher hiring site (www .firstnaukri.com). Additionally, Info Edge provides jobseekers value added services (Naukri Fast Forward) such as resume writing. • Matrimony: Online matrimony classifieds (www .jeevansathi.com) is in the top three of India’s online matrimonial space and has offline Jeevansathi Match Points and franchisees. • Real Estate: Online real estate classifieds (www .99acres.com) is India’s largest property marketplace covering almost all the major cities and many agents and developers. • Education: Online education classifieds (www.shiksha.com) is the smartest gateway for students to achieve their higher education goals.

Info Edge started investing in year 2007 when the Indian start-up ecosystem was at a nascent stage and there were a handful of earlystage institutional investors active in the country. So far, Info Edge has an investment of ~₹555 cr in 21 companies in the unlisted space and ₹514 cr as a strategic investment in 8 companies as on 31st March 2024. Owing to the strong cash generation in the core business along with prudent cash reserves, Info Edge has invested into businesses in the online space with the objective of getting returns from long-term value creation. The company has a direct investments in two public companies – Zomato and Policybazaar–evolved as strong growth-oriented entities. There is another group of companies in the direct investment portfolio where Info Edge has done early-stage investments, and they are being developed for future value creation. To further streamline this high value creating business investment portfolio, the company in the last couple of years has worked on creating a structured investments vehicle through specific investment funds. In FY20, Info Edge had set up an ‘Alternative Investment Fund (AIF)’ named Info Edge Venture Fund (IEVF) to invest in technology and technology-enabled entities. They have launched three such funds, with a total commitment of approximately $450 mn.