Nykaa Q1 Review – Sharper, Deeper, Wider: Dolat Capital

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FSN E-Commerce Ventures Ltd.’s Q1 FY23 performance was healthy despite global concerns and inflationary pressure. Revenue/gross profit/Ebitda/profit after tax grew by a healthy 41/54/70/54% YoY. Most of the operating metrics were healthy.

Management commentary of further, segment-wise disclosures on quarterly basis in light of different operating models and accounting is welcome for better understanding the evolution cycle and profitability trajectory.

Nykaa is currently trading at 12.9/9.3 times FY23/24E 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. Nevertheless, profitability would continue to be a challenge for Nykaa

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