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Dolat Capital Report
FSN E-Commerce Ventures Ltd.'s (Nykaa) Q2 FY23 performance was in-line and healthy with gross merchandise value growth of 45% YoY.
Revenue/gross profit/Ebitda/profit after tax grew by a healthy 39/47/107/112% YoY. Most of the operating metrics were healthy.
Steep increase in depreciation and amortisation and finance costs on new stores and warehouse additions dragged profit after tax.
Nykaa is currently trading at 10.7/7.7/5.9 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.
Nevertheless, profitability would continue to be a challenge for Nykaa.
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