FSN E-Commerce Ventures Limited — Important, 05-01-2025: Updates

Nykaa has reported a strong performance for Q3 FY2025, with consolidated Net Revenue growth expected to surpass mid-twenties percentage range. This is noteworthy as it exceeds the growth in Gross Merchandise Value (GMV) during the same period, indicating an effective conversion from GMV to Net Revenue. The beauty vertical shows particularly robust momentum, projecting Net Revenue growth above mid-twenties and GMV growth in the low thirties. The eB2B segment, Superstore by Nykaa, is expanding rapidly, now serving 260,000 retailers across over 1,100 cities, contributing to 8% of the beauty vertical's GMV. Meanwhile, the Fashion vertical anticipates around 20% Net Revenue growth, with Net Sales Value (NSV) growth in the low to mid-teens. Although online fashion demand remains somewhat subdued, there is optimism for long-term growth potential. Overall, Nykaa's solid financial performance and strategic initiatives indicate a positive outlook for investors.