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    FSN E-Commerce Ventures (Nykaa): What should one do, post the steep correction?

    The stock has almost halved since its listing six months ago. However, despite the steep correction, the valuation gap between Nykaa and other prominent retailers is still high, which makes us cautious on the stock

    Bharat Gianani
    May 30, 2022 / 10:41 AM IST
    FSN E-Commerce Ventures (Nykaa): What should one do, post the steep correction?

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    The Q4FY22 results of FSN E-Commerce Ventures (Nykaa; CMP: Rs 1,352; Market cap: Rs 64,103 crore) were below expectations as the strong revenue growth was offset by a decline in EBITDA margins, thanks to an increase in marketing expenses as well as fulfilment costs. Net profit halved on a YoY basis. The company is scaling up its existing beauty and personal care (BPC) and fashion businesses. It has also started Nykaa Man, an international business, as well as a superstore business...

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