Nykaa Q3 Results: Profit declines 68% YoY to Rs 9 crore, Revenue up 33%.

Nykaa Q3 Results: FSN E-Commerce Ventures, the parent company of Nykaa reported Q3 Results on February 13, 2023. The company reported its net profit for the December quarter of FY23 declined to Rs 9 crore from Rs 29 crore in the same quarter of the previous year.

The company reported its revenue from operations jumped 33% YoY to Rs 1,462 crore from Rs 1,098 crore in the corresponding quarter last year.

Nykaa stock ended nearly 2.68% lower on the NSE on Friday.

Highlights of Nykaa Q3 Results

Revenue from Operations (Nykaa Q3 Results)

Nykaa reported Its revenue from operations jumped 33% YoY at Rs 1,462 crore. It was Rs 1,098 crore in the corresponding quarter of the previous year.

Total Income also rose by 33% YoY to 14,685 crores from Rs 1,098 crores in the corresponding quarter of the previous year.

Net Profit for the Quarter (Nykaa Q3 Results)

Nykaa reported a net Profit for the December quarter of FY23 reduced by 68% to only Rs 9 crore from Rs 29 crore in the corresponding quarter of the previous year.

However, net profit increased by 50% QoQ from 6 crores.

Profit Before Tax (Nykaa Q3 Results)

Nykaa reported Profit Before Tax for the December quarter of FY23 reduced by 66% to only Rs 12.7 crore from Rs 37 crore in the corresponding quarter of the previous year.

EBITDA (Nykaa Q3 Results)

The company reported the EBITDA up by 13% from 69.2 crores Year on Year to 78.2 crores.

The EBITDA margins came in at 5.3% for the December quarter of FY23.

“Our EBITDA delivery has been strong, with scale efficiencies in fulfilment and marketing expense. There’s been a structural improvement in fulfilment expense as we move to regional warehouses. Our marketing efforts are focussed on order-conversion ratio, rather than chasing visits alone, which is reflective of the highest ever conversions of 3.8% in BPC, and 1.2% for Fashion in Q3FY23.”said Falguni Nayar, Executive Chairperson, MD, and CEO, Nykaa.

Consolidated GMV (gross merchandise value)- Nykaa Q3 Results

Nykaa reported the consolidated GMV (gross merchandise value) during the December quarter of FY23 grew 37% YoY to Rs 2,796 crores from 2,041 crores in the corresponding quarter of the previous year.

“During the quarter, we continued to demonstrate strong GMV growth, efficiency in fulfillment, and marketing expense,” said Falguni Nayar, Executive Chairperson, MD, and CEO, Nykaa.

Company Outlook (Nykaa Q3 Results)

Falguni Nayar, Executive Chairperson, MD, and CEO, said:

The business has delivered consistent strong GMV and revenue growth at 37% YoY and 33% YoY respectively. The performance has been especially good given the backdrop of eight fewer festive days in Q3FY23, compared to Q3FY22. Especially heartening is the rebound of Nykaa Fashion, that has delivered a GMV and revenue growth of 50% YoY and 43% YoY respectively. Fashion now contributes to 25.9% of GMV, and 14.6% at NSV level. Other business led by the SuperStore, our e-B2B initiative now contributes to 6.1% of the GMV from 2.4% in Q3FY22.

Our EBITDA delivery has been strong, with scale efficiencies in fulfilment and marketing expense. There’s been a structural improvement in fulfilment expense as we move to regional warehouses. Our marketing efforts are focussed on order-conversion ratio, rather than chasing visits alone, which is reflective of the highest ever conversions of 3.8% in BPC, and 1.2% for Fashion in Q3FY23. Our accelerated investments in new beauty store roll-out this year has seen us add 14 stores in Q3 FY23, taking the total store count to 135 stores and making us the largest beauty specialist retailer in India.

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