FSN E-Commerce Ventures (NYKAA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue grew 27% year-on-year to INR 2,267 crore, with EBITDA up 42% and PAT up 51% to INR 26.4 crore.

• Beauty segment GMV rose 32% year-on-year, while Fashion GMV increased 8% year-on-year.

• Cumulative customer base reached 40 million, up 29% year-on-year, with 221 physical stores, 12 added in the quarter.

• Superstore eB2B achieved a run rate of INR 1,000 crore GMV, growing 53% year-on-year.

• Unaudited consolidated results for Q3 and nine months ended December 31, 2024, were approved and reviewed with no material misstatements.

Financial highlights

• Q3 FY25 consolidated revenue: INR 2,267 crore (+27% YoY); nine-month revenue: INR 5,888 crore (+25% YoY).

• Q3 FY25 EBITDA: INR 140.8 crore (+42% YoY); PAT: INR 26.4 crore (+51% YoY).

• Beauty vertical GMV: INR 3,389 crore (+32% YoY); Fashion GMV: INR 1,130 crore (+8% YoY); E-B2B GMV: INR 260 crore (+53% YoY).

• Gross margin improved to 43.7% in Q3 FY25 (+119 bps YoY); EBITDA margin expanded by 69 bps to 6.2%.

• Working capital days reduced to 36; fixed asset turnover at 9.4x; ROCE at 10.5%.

Outlook and guidance

• Continued investment in customer acquisition, marketing, and category expansion, especially in beauty.

• Losses in B2B and fashion expected to reduce as these businesses mature and scale.

• Confident in achieving break-even in fashion as repeat customer ratio improves and assortment expands.

• Focus on capital efficiency and expansion of offline presence with new flagship stores and entry into new cities.