Online beauty and fashion retailer Nykaa’s third-quarter revenue met analysts' estimates, while profit doubled sequentially but fell short of expectations.
Consolidated net profit of FSN E-Commerce Ventures Ltd., the parent of Nykaa, increased 123% to Rs 17.4 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 32.55-crore consensus estimate of analysts tracked by Bloomberg.
Nykaa Q3 FY24 Highlights (Consolidated, QoQ)
Revenue up 18.7% at Rs 1,789 crore vs Rs 1,507 crore (Bloomberg estimate: Rs 1,790.10 crore).
Ebitda up 22.5% at Rs 98.7 crore vs Rs 80.6 crore (Bloomberg estimate: Rs 115.90 crore).
Margin at 5.5% vs 5.53% (Bloomberg estimate: 6.5%).
Net profit up 123% at Rs 17.4 crore vs Rs 7.8 crore (Bloomberg estimate: Rs 32.55 crore).low
The consolidated revenue from operations rose 22% year-on-year.
The company approved further investment of up to Rs 150 crore in arm Nykaa Fashion Ltd. via rights issue to be utilised for repayment of loans.
The board has approved to consolidate the athleisure and lingerie business of Nykaa Fashion into the parent company to streamline and consolidate owned brand business in a single entity in a phased manner.
It also gave its nod to demerger of eB2B business “Superstore by Nykaa” from FSN Distribution Ltd. to Nykaa ERetail Ltd., to consolidate online beauty business in a single entity.
Shares of Nykaa closed 0.59% lower at Rs 160.50 apiece, ahead of the announcement, as compared with a 0.63% advance in the benchmark BSE Sensex.
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