Shares of FSN E-Commerce Ventures Ltd. rose on Tuesday after its profit rose 44% in the second quarter.
The beauty and fashion e-tailer, which operates under the Nykaa brand name, posted a consolidated net profit of Rs 7.8 crore, compared to Rs 5.43 crore in the same period a year ago, according to an exchange filing on Monday.
Its gross merchandise value grew 23%, with a net sale value growth of 19%.
Nykaa Q2 FY24 Earnings Highlights (Consolidated, QoQ)
Revenue up 5.9% at Rs 1,507 crore.
Ebitda up 9.8% at Rs 80.6 crore.
Margin at 5.34% vs 5.16%.
Profit up 43.6% at Rs 7.8 crore.
Nykaa's stock rose as much as 5.06% during the day to Rs 154.80 apiece, the highest since Sept. 28. It pared gains to trade 1.73% higher at Rs 149.90 apiece, compared to a 0.28% decline in the benchmark NSE Nifty 50 as of 10 a.m.
It has fallen 3.13% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was 63.
Thirteen out of the 23 analysts tracking Nykaa maintain a 'buy' rating on the stock, five recommend a 'hold' and as many suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12.6%.
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