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FSN E-Commerce Ventures Ltd.’s Q3 Y23 performance was in-line and healthy in backdrop of weak consumption sentiment, shift in Navratri to Q2 FY23 and pent-up demand in Q3 FY22.
Gross merchandise value/revenue/gross profit/Ebitda/adjusted profit after tax grew by 37/33/25/35/12% YoY. Gross profit was impacted by adverse mix and down-trading in beauty and personal care. Increase in depreciation and amortisation and finance costs on new stores/warehouses dragged profit after tax.
Nykaa is currently trading at 8.1/5.9/4.5 times FY23/24/25E enterprise value/sales.
Led by its strong business position, superior execution, profitability focus, persistent expansion in addressable market size through new brands, distribution expansion and with its evolution as House of Brands; we expect Nykaa to trade at premium.
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