FSN E-Commerce Ventures, the parent company of Nykaa, observed an 8.30% surge in its shares to a new 52-week high of ₹191.60.
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The surge follows the release of Q3FY24 business update, projecting mid-twenties GMV growth in beauty and personal care and around 40% growth in the fashion vertical.
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Anticipated net sales value growth stands at approximately 20% YoY in beauty and personal care and low thirties in the fashion segment.
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Nykaa anticipates industry growth to return to the median due to robust macroeconomic and demographic prospects.
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Early success of newer businesses like Superstore by Nykaa contributed significantly to the company's overall NSV.
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Q2FY24 exhibited impressive consolidated net profit growth of 50% YoY to ₹7.8 crore, and a 22.4% rise in consolidated revenues to ₹1,507 crore.
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Beauty and personal care GMV increased by 23% YoY, with a corresponding NSV growth of 19% YoY in Q2FY24.
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The stock witnessed a remarkable 26.16% surge in November and a 12.33% gain in CY23, followed by a 6.90% increase in the current month.
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JM Financial holds a 'buy' call on the stock, estimating a target price of ₹210, emphasizing Nykaa's anticipated profitability in the fashion segment.
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Nykaa's performance signifies its positive growth trajectory and strategic positioning in the beauty and fashion e-commerce landscape.