Zydus Wellness Limited's (ZWL) Q2FY2020 performance is strictly not comparable y-o-y due to consolidation of the Heinz portfolio from Q1FY2020. After consolidation of the Heinz portfolio, revenue growth was lacklustre, at 3.6%, on a like-to-like basis due to lower sales of by-products such as ghee and milk trading. Excluding byproducts, revenue grew by ~9%, aided by the steady performance of some key brands. Gross margins and OPM declined y-o-y due to an unfavorable revenue mix (lesser contribution from high-margin products such as Glucon-D and Nycil). The company maintained its...