FSN E-Commerce Ventures (Nykaa) on Monday reported a 70.67 per cent year-on-year (YoY) drop in net profit at Rs 8.19 crore for the December quarter compared with Rs 27.93 crore in the corresponding quarter last year. Revenue from operations rose 33 per cent to Rs 1,462.82 crore compared with Rs 1,098.36 crore in the year-ago quarter. Nykaa said GMV for the quarter grew 37 per cent YoY to Rs 2,796.50 crore ┬аmillion. ┬а
Gross Profit, it said, grew 25 per cent YoY to Rs 634.70 crore while Ebitda was up 13 per cent YoY at Rs 78.20 crore. Ebitda margins for the quarter came in at 5.3 per cent, Nykaa said.
MD┬аand CEO Falguni Nayar said the business delivered consistent strong GMV and revenue growth at 37 per cent YoY and 33 per cent YoY respectively. The performance has been especially good given the backdrop of eight fewer festive days in December quarter compared to September quarter.
“Especially heartening is the rebound of Nykaa Fashion, that has delivered a GMV and revenue growth of 50 per cent YoY and 43 per cent YoY respectively. Fashion now contributes to 25.9 per cent of GMV, and 14.6 oer cebtat NSV level. Other business led by the SuperStore, our e-B2B initiative now contributes to 6.1 per cent of the GMV from 2.4 per cent in Q3FY22,” she said.
Nayar said the Ebitda delivery was strong, with scale efficiencies in fulfilment and marketing expense. There’s been a structural improvement in fulfilment expense as Nykaa moves to regional warehouses, she said.
“Our marketing efforts are focussed on order-conversion ratio, rather than chasing visits alone, which is reflective of the highest ever conversions of 3.8 per cent in BPC, and 1.2 oer cent for Fashion in Q3FY23,” Nayar said.
Total expenses for the quarter rose to Rs 1,455.79 crore in the December quarter compared with Rs 1,067.29 crore in the year-ago quarter.
otak Institutional Equities had expected Nykaa to report a 39.1 per cent YoY rise in sales at Rs 1,527.70 crore, primarily on account of the festive season, flagship sale and continued growth in BPC (up 35 per cent YoY) and fashion business (27 per cent YoY). It anticipated profit at┬аRs 41.30 crore.┬а
(More to come)
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