With a three-pillar strategy, ZWL is strongly placed to achieve earnings CAGR of 27% over FY2020-23. We stick to our Buy rating with unchanged PT of Rs. 2,300. Zydus Wellness Limited's (ZWL's) revenue grew by 5% y-o-y to Rs. 342 crore, almost in line with our expectation of Rs. 336.5 crore driven by leadership position and market share gains across key categories. High input prices (palm oil prices increased by ~30%) led to a 301 bps decline in gross margins to 53.7%. In spite of this, OPM fell by 141 bps to 7.9%, largely due to lower advertisement costs and other expenditure. Operating profit declined by 10.9% y-o-y to Rs. 27.1 crore due to lower operating leverage. Pre-tax...