Zydus Wellness Limited's (ZWL's) Q1FY2020 results are not comparable y-o-y due to consolidation of the acquired Heinz portfolio. ZWL's base portfolio grew by 10% while the Heinz portfolio grew by 20% in Q1FY2020. OPM stood strong at about 20%. The management has indicated at a sustained double-digit growth on a comparable basis and a 200 bps improvement in OPM in the next two years. We have increased our earnings estimates to factor in higher than estimated growth for the Heinz portfolio. In view of improved earning visibility, we upgrade the...