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    Nykaa: Should investors buy the stock, post the steep correction?

    The management has exuded confidence in operating margin improvement, given the expected reduction in employee costs as well as continued improvement in unit economics, which would be a key re-rating trigger

    Bharat Gianani
    May 25, 2023 / 11:15 AM IST
    Nykaa: Should investors buy the stock, 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

    Highlights Robust sales growth and EBITDA improvement in Q4 Huge growth opportunity in online space; Nykaa one of the key beneficiaries Strengthening brand tie-ups; introducing new products Margins to improve Nykaa Ltd (CMP: Rs 125; Market Cap: Rs 35,660 crore) posted strong improvement in sales and operating profitability in Q4FY23. With the relative under-penetration of the online industry in India and lower per-capita spend on BPC (beauty and personal care) as well as fashion, the growth opportunity is immense. Nykaa, with a leadership position in the...

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