Zydus Wellness Limited — Investor Presentation 2024

Feb 8, 2024

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February 8, 2024

Listing Department BSE LIMITED P. J. Towers, Dalal Street, Mumbai–400 001

Code: 531 335

Listing Department Code: ZYDUSWELL NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai–400 051

Re: Revised Investor Presentation

Dear Sir / Madam,

Please find attached the revised Investor Presentation on the unaudited financial results for the quarter and nine months ended on December 31, 2023.

Please find the same in order.

Thanking you,

Yours faithfully,

For, ZYDUS WELLNESS LIMITED

NANDISH Digitally signed by NANDISH PRADIP PRADIP JOSHI Date: 2024.02.08 JOSHI 18:35:06 +05'30'

NANDISH P. JOSHI COMPANY SECRETARY

Encl.: As above

Zydus Wellness Limited

Regd. Office: ‘Zydus Corporate Park’, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, S. G. Highway, Ahmedabad – 382481, India. Phone No. : +91-79-71800000; Website : www.zyduswellness.com CIN : L15201GJ1994PLC023490

February 8, 2024

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Safe Harbour Statement

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This presentation contains certain forward-looking statements including those describing Zydus Wellness’s strategies, strategic direction, objectives, future prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain expectations, assumptions, anticipated developments and other factors over which Zydus Wellness exercises no control. Hence, there is no representation, guarantee or warranty as to their accuracy, fairness or completeness of any information or opinion contained therein. Zydus Wellness undertakes no obligation to publicly update or revise any forward-looking statement. These statements involve a number of risks, uncertainties and other factors that could cause actual results or positions to differ materially from those that may be projected or implied by these forward-looking statements. Such risks and uncertainties include, but are not limited to: growth, competition, domestic and international economic conditions affecting demand, supply and price conditions in the various businesses in Zydus Wellness’s portfolio, changes in Government regulations, tax regimes and other statutes. This document is a presentation and is not intended to be a prospectus or offer for sale of securities.

Agenda

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Financial performance – Q3 FY 24 Zydus Wellness: Operating environment- Overview A leading Consumer Wellness Brand Highlights Company in India The Road Ahead

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Financial Performance &

Operating Environment - Overview

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Buoyancy in few consumption spaces despite sluggish demand scenario

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Sluggish Demand trend

Improvement in Commodities

• Commodity rates continues to moderate sequentially during the quarter

• Urban performing ahead of Rural

• Delayed winters and low festive demand also impacting overall demand across sectors

• Key inputs rates of Milk improved by 8% and Refined palm oil improved by 12% on Y-o-Y basis

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Global macroeconomic factors

• Currency devaluation impacting the purchasing power in some of the economies

Sequential moderation of key input rates helping steady recovery of Gross Margins

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Milk

• +17% vs Q3 FY22 -8% vs Q3 FY23

• -4% vs Q2 FY24

RPO[*]

• -30% vs Q3 FY22

• -12% vs Q3 FY23 -1% vs Q2 FY24

DMH[*]

+26% vs Q3 FY22 +6% vs Q3 FY23 +2% vs Q2 FY24

Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24 Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24

Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24

Aspartame

• -30% vs Q3 FY22 -25% vs Q3 FY23 -3% vs Q2 FY24

Stevia

• +13% vs Q3 FY22 -21% vs Q3 FY23

+2% vs Q2 FY24

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• ❑ Gross margin of non-dairy portfolio continued to improve

• ❑ Moderating milk rates helping to consolidate back dairy portfolio’s gross margin

Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24

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Q3 FY22 Q3 FY23 Q2 FY24 Q3 FY24
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*RPO- Refined Palm Oil, DMH- Dextrose Monohydrate

Gross margin recovery with right actions…

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Continuous efforts to improve gross margins with calibrated price increases across portfolio

Moderation of key input prices aiding gross margin recovery

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Gross Margin % to Net Sales
Y-o-Y
- 433 + 10 - 165 + 198 + 418
Gap
bps 52.4%
50.6%
49.0%
47.7% 48.1%
44.9%
43.5%
Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 YTD FY YTD FY
23 24
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Segment performance snapshot

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Net Sales (INR Million)
4,130 4,001
Q3FY23 Q3FY24
Y-o-Y Gr. On
Net Sales
3.1%
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Food & Nutrition
Sales Growth
-5.1%
Y-o-Y
Personal Care
Sales Growth
15.7%
Y-o-Y
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*Q3 FY23 Net sales includes the sale of Sugarlite for the full quarter

Financial highlights for the Quarter

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		Q3 FY24	Q3 FY24
		INR Million	YoY Growth %
Net Sales		4,001	-3.1%
Total Income from Operations		4,030	-3.0%
Gross Contribution		1,938	6.3%
EBITDA		127	-55.1%
PBT		37	-80.9%
PAT		3	-98.5%

❑ Gross margin on net sales was at 47.7% (+418bps YoY)

• ❑ PAT includes 34 million rupees of deferred Tax liability, a non-cash item

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Business Highlights

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Leaders in 5 out of 6 categories

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•
•
•
•
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Strengthen “Energy” credential with new launches

• Category leading brand with 99% plus brand recall

• • ~60% market share in the category

Replacing sugar in all forms of Consumptions

• India’s first low calorie sugar substitute with more than 95% market share

• Potential to be amongst top 3 global brands

Growing Faster than Market

• Scrub Volume market share from 34.8% in 2018 to 43.4%*

• New launches in previous years – Body lotions and Aloe Gel

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•
•
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Strengthening core through Relaunch of the Brand

• Focused on scientifically proven claims on memory and concentration and enhanced chocolate taste

• • With 63% more protein than regular health drink

Doubling each year after launch

• **

• “Healthier Sugar” which is completely natural with 50% less calories than regular sugar

• Potential to be the next sizeable brand in sweeteners portfolio

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•
•
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A Leader getting stronger

• Market leading brand with heritage of over 65 years

• Strengthening leadership with Volume market share from 29.6% in 2018 to 36.8%*

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•
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Building ‘Dairy + Spread’ portfolio

• Leveraged milk sourcing to expand dairy segment with Doodhshakti Ghee in retail and institutional channels and Pro-biotic Butter

• As per MAT December 2023 Nielsen report

** Trade mark dispute for the brand Sugarlite is ongoing. The Honorable Supreme court has allowed to liquidate the existing inventory and let the litigation continue at trial court.

Building sustainable business performance

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Driving the Winning in
category competitive
growth market
Building
relevance Navigating
to new age challenges
consumers
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Driving the category growth

Driving the prickly heat powder category penetration[#]

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MAT Nov'20 MAT Nov'21 MAT Nov'22 MAT Nov'23

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PHP NYCIL
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Driving continuous volume growth[*]

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Volume Market share
36.8
32.7
MAT Dec'19 MAT Dec'23
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*As per MAT December 2023 Nielsen report

As per MAT November 23 Kantar World Panel Household data

Driving the category growth

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Recruiting new consumers for the Glucose powder category[#]

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MAT Nov'20 MAT Nov'21

MAT Nov'22 MAT Nov'23

Glucon D Glucose Powder

Consumption dropped in 2023 due to poor seasonality

As per MAT November 23 Kantar World Panel Household data

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Driving the category growth

Driving market share

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❖Widening the portfolio basket

• ❖Driving double digit growth at 4 year CAGR[^]

• ❖Superior product offering along with strong campaigns focused on recruiting new users

• ❖Scrub and peel off continues to strengthen its leadership with growth in volume market share[*]

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+658bps (Scrub)
+524bps -14bps +148bps
2020 2021 2022 2023
+9bps -75bps +128bps
+61bps (Peel Off)
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*As per MAT December 2023 Nielsen report

^Basis internal sales for Apr-Dec

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Winning in Competitive Market

Franchise continues to grow

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❖Penetration[#] continues to grow for 3 successive years

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+19bps +22bps +35bps
2020 2021 2022 2023
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• ❖Volume offtakes[*] continue to grow ahead of the category

❖Growth driven by stronger campaign with 360-degree activation and price pack architecture interventions

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*As per MAT December 2023 Nielsen report

As per MAT November 23 Kantar World Panel Household data

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Winning in Competitive Market

Consistent strong volume growth

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❖Widening the portfolio basket

• ❖Double digit growth at 4 year CAGR[^ ] with consistent volume growth driven by a wide portfolio and supported by focused B2B and B2C teams

• ❖Continued to support the brand with digital media, e-com channel activations and consumer

• sampling initiatives

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^Basis internal sales

Building relevance to new age consumers

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Efforts to leverage changing shopper behavior and target new age consumers fruitful

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E-commerce saliency [^]
3
11%
10%
8%
5%
1%
Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 Q3 FY24
8%
7%
6%
3%
1%
YTD FY20 YTD FY21 YTD FY22 YTD FY23 YTD FY24
^Basis internal company data 18
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Channel specific innovative marketing initiatives

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Channel specific innovative
1 2 E-commerce exclusive packs &
marketing initiatives
promotions
225g Powder 400g Powder
SF D’lite Chocolate range
Concentrate Concentrate
API based Moment marketing –
weather Ads relevant ads to cohorts
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SF Homepage Visibility on Big Basket

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EY Scrub Visibility on
Amazon
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World’s 1st ever cookery show on Metaverse

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Navigating Challenges

Offtake continues to get stronger

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• ❖Sugar Free has maintained its number one position with a value MS of 96.0%, +14bps YoY

• ❖Despite WHO report on safety concerns related to use of Non-Nutritive sweeteners, offtake* continues to grow for Sugar Free

• ❖Ongoing legal case on Sugarlite regarding trademark continues to impact growth. Honorable Supreme Court has allowed to clear existing inventory towards the end of the third quarter.

• ❖Driven by new campaign and distribution expansion, Sugar Free Green continues double-digit growth[^] since last 11 quarters. Contribution to Sweeteners business has grown to ~ 7%[^] .

• ❖New launch of Sugar Free Green SKU to drive better accessibility

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*As per MAT December 2023 IQVIA report

^Basis internal sales

Continuing to strengthen brand leadership

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Glucose HFD Sugar Blended Prickly heat Facial Scrub Peel-off Fat Dairy
Category Powder substitute Sugar powder cleansing spread
Mkt. Rank 1 5 1 NA 1 5 1 1 1 [#] NA
Mkt. Share
60.0 4.3 96.0 NA 35.1 6.2 44.4 79.5 NA NA
%
MS change
YoY + 3 -23 + 14 NA +0 -17 +263 +113 NA NA
(in bps)
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Market share source: MAT December 2023 report as per Nielsen and IQVIA.

*Everyuth market rank 5 is at Total Facial cleansing segment which includes Face wash, Scrub, Peel-off, face masks

Market rank as per company estimate

Campaigns and initiatives

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Driving consumption of Sugar Free Green

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Strategic association with Fitness event

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Campaigns and initiatives

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Digital initiatives to drive Nutralite Professional range

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Participated in various forums like World Food India 23, Ahaar, Indus Food Expo 2024

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Campaigns and initiatives

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Upcoming new campaign with Celebrity Madhuri Dixit and Sneha

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Digital Initiatives - Complan Genius Quiz

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Brand Awards and Recognitions

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GOLD GOLD SILVER
Mobile Advertising Mobile Advertising
Best use of Gamification
Excellence in Rich Media Excellence to amplify
within Games
Campaign content
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Awards and Recognitions

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Won 1[st] prize in 7[th] CII National Circle competition “Best HR Practices in Effective Recruitment and Retention Strategy”

Bagged “Great Place to Work” certification second time in a row with improved Trust scores

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Continued momentum in International business..

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UAE, Bahrain, Qatar, Kuwait, Myanmar, Malaysia, Taiwan, Kingdom of Saudi Arabia, Pakistan, Sri Lanka, Bangladesh, Oman, Lebanon Nepal, Bhutan, Maldives, Hong Kong

• ❖ Sugar Free franchise and Complan

• constituting ~ 90% of the overall business

• ❖ Nigeria business remained subdued due to macro-economic issues, however Middle east business continues to move up

• ❖ Top 5 markets constitute ~80% of the business

• ❖ Launched new products expanding Sugar Free D’lite and Complan portfolio

Uganda, Tanzania, Kenya, Nigeria, South Africa, Australia, New Zealand Mauritius, Zimbabwe, Ethiopia

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Targeting 8-10% of revenues in next 4 to 5 years

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International Business – Widening the portfolio basket

Complan portfolio expansion in Nigeria

Sugar Free D’Lite portfolio expansion plannedSugar Free D’Lite portfolio expa sion

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Granola
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Granola Bars
Butter & Cashew Cookies
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Instant Coffee & Hot Chocolate Chocolate Minis, Choco Almonds

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Environmental, Social and Governance

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ENVIRONMENTAL

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Parameters – achieved Impact FY 2022-23 from FY 2021-22	Parameters – achieved Impact FY 2022-23 from FY 2021-22	Parameters – achieved Impact FY 2022-23 from FY 2021-22
Energy intensity		11.7% (2.04 from 2.31 per rupee of turnover)
Scope 1 & 2 emission		45.5% (0.06 from 0.11 per lakhs of turnover)
Water intensity		22.7% (1.7 from 2.2 per rupee of turnover)
Zero Liquid Discharge (ZLD) Ahmedabad Plant – 100%
Targets – On track From base year 2021-22
By FY 2028-29 • 15% emission • 20% energy intensity reduction • 15% water intensity reduction I
By FY 2028-29 • 15% increase in renewable energy
By FY 2027 • Transitioning to fully recyclable multi-layer plastic.
By FY 2024 • ZLD at Sikkim plant by FY 2023-24.
Others • Signed term sheet for 2 MW solar power project

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SOCIAL

Invested 1,660 man-hours in safety trainings in FY 2022-23 (18% increase Y-o-Y basis)

Zero fatalities and lost days in all plants

Women workforce increased by 7% Y-o-Y basis

Set-up Zydus Wellness Institute, an educational initiative to advancing nutrition science and innovation. For more details refer: https://zyduswellnessinstitute.com/

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GOVERNANCE

At the board level, we have expanded the scope of the CSR Committee →Transformed CSR committee into the CSR & ESG Committee

Ahmedabad and Sikkim plants are ISO 14000 and ISO 45001 certified Certification is in progress for Aligarh plant

Strengthened the policy framework and review mechanisms across business processes and people matters to reflect the commitment on fair and inclusive governance

Published ESG report for FY 2022-23 and applied for DJSI rating. For ESG report refer: https://www.zyduswellness.com/investor/ESG-Report-FY-2223.pdf

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The Road Ahead

Three Pillars to drive growth – staying on course

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Accelerate Growth of Core Brands

Significantly Grow Scale

Build International Presence

Innovations to focus on portfolio diversification and expansion with an aim to recruit new customer

Build scale in international business by focusing on SAARC, MEA and SEA and suitable innovations to grow them further Enter new markets with relevant offering

Open to bolt-on acquisitions at the right time

Growing the customer base with increased penetration

Differentiated propositions supported by strong GTM

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The building blocks

Category Building Leading Route to Market Digital backbone to decision Inorganic play for gap Volume led focus Plan to enhance distribution making filling Recruit new consumers infra and direct coverage Digitizing the whole value Proactively look for Boltover next 3 years chain – Sourcing to on acquisitions Innovation to contemporize/ fulfillment differentiate the offerings Invest in capabilities; for Focus on international converging Offline & Online Work with downstream and opportunities in top Build online-first portfolio trade upstream partners for data geographies of interest Engage shoppers at multiple sharing touch points Build capability around predictive analysis

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Building Route to market to adapt shifting channel mix

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• Channel mix shift towards
MT+Ecom from 17.5% (FY22) to
21.2% (Q3 FY24)
• E-com continuing good growth,
contributing to 9% of sales in Q3
FY24 (vs 8.0 % same period prev.
year)
• Leverage changing shopper
behaviour by investing in building
stronger presence and efficient
spends on visibility and
Promotions
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• Direct reach ~6 lakhs stores
expansion across sub channels,
plan to take it to ~7 lakhs in the
coming quarters
• Plan to take overall availability of
our products from current 2.9
million stores to 3.5 million as
reported by Nielsen
• Rural distribution continues to be
opportunity for growth. Currently
contributes to 50% * of total
stores present
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• Implementation underway for
dashboarding of key KPI’s as
enablers for real time decision
making
• Digitization till last mile sales
• Reduced cost to serve through
distributor disintermediation in
organized trade
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*As per MAT December 2023 Nielsen report

Appendix

Financial Summary – P&L

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INR Million	Q3 FY24	Q3 FY23	YoY Gr. %	YTD FY24	YTD FY23	YoY Gr. %
Net Sales	4,001	4,130	-3.1%	15,372	15,327	0.3%
Total Operating Income	4,030	4,156	-3.0%	15,452	15,418	0.2%
Gross Contribution	1,938	1,824	6.3%	7,618	7,465	2.0%
Gross Contribution Margin-(% of net sales)	47.7%	43.5%		49.0%	48.1%
HR Cost	442	351	25.9%	1,398	1238	12.9%
Advertisement Expenses	494	442	11.8%	2,045	1921	6.5%
Other Expenses	875	748	17.0%	2,715	2380	14.1%
EBITDA	127	283	-55.1%	1,460	1,926	-24.2%
EBITDA Margin	3.2%	6.8%		9.4%	12.5%
PBT	37	194	-80.9%	1,199	1,675	-28.4%
Exceptional items	0	0	0.0%	142	29
PBT (after Exceptional items)	37	194	-80.9%	1,057	1,646	-35.8%
PAT	3	196	-98.5%	1,166	1,651	-29.4%
PAT Margin	0.1%	4.7%		7.5%	10.7%
Adjusted PAT	3	196	-98.5%	1,308	1,680	-22.1%
Adjusted PAT Margin	0.1%	4.7%		8.5%	10.9%

Zydus Wellness Limited Regd. Office: Zydus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, S. G. Highway, Ahmedabad – 382481, India. CIN: L15201GJ1994PLC023490 +91-79-71800000 www.zyduswellness.com

Zydus Wellness, Oct 21, 2022

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