13 September 2024
Retail Equity Research
CMP Rs. 207
FSN E-Commerce Ventures Ltd
Rating: Overweight
E-commmerce
BSE CODE: 543384 NSE CODE: NYKAA
The company reported a total income of Company Data
₹1,753.44 crore, reflecting a growth from Market Cap (cr) Rs. 59,143.48
₹1,675.04 crore in the previous quarter and Enterprise Value (cr) Rs. 46,982.55
₹1,428.54 crore in the same quarter last year. Outstanding Shares (cr) 285.72
Revenue from operations was ₹1,746.11 crore, 52 week high Rs. 230.00
up from ₹1,667.98 crore in the last quarter. The 52 week low Rs. 136.00
net profit for the quarter was ₹13.64 crore, an 1m average volume (lacs) 269.50
increase from ₹9.07 crore in Q4 FY2023 and Face value Rs. 1.00
₹5.42 crore in Q1 FY2023. The results indicate Consolidated (cr) FY22 FY23 FY24
strong performance in the beauty segment, Sales 3773.94 5143.8 6385.63
which generated ₹1,593.51 crore in revenue, Growth(%) 55% 36% 24%
while the fashion segment reported a slight in- EBITDA 260.46 430.32 571.11
crease in revenue but continued to incur losses. EBITDA Margin(%) 6.9% 8.4% 8.9%
The company's total expenses rose to ₹1,731.36 PAT 41.08 19.26 32.27
crore, driven by higher costs in goods sold and Growth(%) -33% -53% 68%
employee benefits. EPS 0.1 0.1 0.1
P/E 1949.9 1840.1 1433.3
P/B 59.8 25.7 36.6
EV/EBITDA 421.0 125.6 124.7
ROE(%) 3% 1.4% 3%
ROCE(%) 5% 5.2% 6.8%
ROIC(%) 4% 3.4% 4.4%
D/E 0.44 0.58 0.77
Concall Highlights
• Revenue Growth: Consolidated GMV for Q1 FY '25 stood at ₹3,321 crores, reflecting a 25% year-on-year
growth, while revenue from operations grew by 23% to ₹1,746 crores.
• Profitability Improvement: EBITDA reached ₹96 crores, growing by 31% year-on-year, with margins improv-
ing to 5.5%. Adjusted EBITDA grew 44% to ₹109 crores, achieving a 6.2% margin.
• Customer and Brand Expansion: The cumulative customer base expanded to 35 million, a 33% increase,
while brand partnerships rose to over 6,700, adding 1,500 new brands in the past year.
• Operational Efficiency: Warehouse capacity grew, reducing delivery timelines to 2.2 days, with 50% of or-
ders in metro cities delivered same day or next day, targeting 70-80% by September 2024.
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Retail Equity Research
Quarterly Financial Consolidated
Profit and loss account (Rs Cr)
Jun-23 Sep-23 Dec-23 Mar-24 Jun-24
Sales 1,421.82 1,507.02 1,788.80 1,667.98 1,746.11
Growth(%) 9% 6% 19% -7% 5%
Expenses 1,348.35 1,426.39 1,690.02 1,574.70 1,649.99
Operating Profit 73.47 80.63 98.78 93.28 96.12
Growth(%) 4% 10% 23% -6% 3%
Other Income 6.72 8.57 7.58 7.06 7.33
Depreciation 51.92 54.64 58.03 59.65 60.06
Interest 18.55 21.31 21.84 21.13 21.31
Profit before tax 9.72 13.25 26.49 19.56 22.08
Tax 3.26 3.97 8.26 9.83 7.84
Net profit 3.30 5.85 16.19 6.93 9.64
Growth(%) 27% 44% 64% -134% 28%
Financial Consolidated
Profit & Loss (Rs Cr)
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 1,767.53 2,440.90 3,773.94 5,143.80 6,385.63
Growth(%) 59% 38% 55% 36% 24%
Expenses 1,684.53 2,282.66 3,609.89 4,886.74 6,038.75
Operating Profit 83.00 158.24 164.05 257.06 346.88
Growth(%) 298% 91% 4% 57% 35%
Other Income 10.32 11.76 26.97 30.21 29.94
Depreciation 59.51 71.59 96.41 173.26 224.23
Interest 46.24 32.29 47.30 75.62 83.56
Profit before tax -12.43 66.12 47.31 38.39 69.03
Tax 3.91 4.48 6.02 13.57 25.32
Net profit -16.61 61.55 41.08 19.26 32.27
Growth(%) 32% 471% -33% -53% 68%
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Balance Sheet (Rs Cr)
Report Date Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 14.55 15.06 47.41 285.25 285.60
Reserves 307.40 474.51 1,292.49 1,092.77 976.63
Borrowings 412.77 333.00 592.62 798.50 969.49
Other Liabilities 389.76 479.37 713.52 773.45 1,168.91
Total 1,124.48 1,301.94 2,646.04 2,949.97 3,400.63
Net Block 227.03 231.13 483.25 698.82 668.16
Capital Work in Progress 2.02 2.36 24.50 30.88 29.78
Investments 3.80 1.32 - 38.12 34.31
Other Assets 891.63 1,067.13 2,138.29 2,182.15 2,668.38
Total 1,124.48 1,301.94 2,646.04 2,949.97 3,400.63
Cash Flow (Rs Cr)
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity 6.15 133.18 -353.96 -140.24 0.25
Cash from Investing Activity 14.91 -129.74 -602.79 139.58 -10.11
Cash from Financing Activity 68.72 -37.72 927.01 4.87 44.26
Net Cash Flow 89.78 -34.28 -29.74 4.2 34.4
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