FSN E-Commerce Ventures (NYKAA) Q1 24/25 earnings summary

Executive summary

• GMV reached INR 3,321 crore (Rs 33,209 mn), up 25% YoY; revenue from operations grew 23% to INR 1,746 crore (Rs 17,461 mn).

• Gross profit was INR 756 crore (Rs 7,560 mn), EBITDA at INR 99.6 crore (Rs 961 mn, 5.5% margin), and adjusted EBITDA at INR 109 crore (Rs 1,090 mn, 6.2% margin), up 44% YoY.

• PAT increased 150% YoY to INR 13.6 crore (Rs 136 mn), and PBT grew 127% YoY to INR 22 crore (Rs 221 mn).

• Customer base expanded to 35 million (+33% YoY), with 6,700+ brands and 200 stores across 72 cities.

• Unaudited Q1 FY25 results approved by the Board; auditors found no material misstatements.

Financial highlights

• Beauty GMV grew 28% YoY to Rs 25,429 mn; net revenue up 23% YoY.

• Fashion GMV increased 15% YoY to Rs 7,741 mn; net revenue up 21% YoY.

• EBITDA margin improved to 5.5% (+34 bps YoY); adjusted EBITDA margin at 6.2% (+90 bps YoY).

• Gross margin stable at 43.3%; fashion gross margin up 360 bps YoY.

• Fixed assets turnover improved to 10.3x; working capital days reduced to 41.

Outlook and guidance

• Focus on capital efficiency, technology, offline expansion, and brand building.

• Continued consolidation of owned brands and expansion in premium and sustainable categories.

• Targeting 70-80% same/next-day delivery in top metros by September 2024.

• Anticipation of demand revival and moderation in discounting in H2 FY25.