Earnings Review
FSN E-Comm consol PAT up threefold YoY to INR 203 mln
This story was originally published at 19:25 IST on 30 May 2025
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--FSN E-Comm Jan-Mar consol net profit INR 202.80 mln
--Analysts saw FSN E-Comm Jan-Mar consol net profit INR 203.25 mln
--FSN E-Comm Jan-Mar consol PAT INR 202.80 mln vs INR 69.30 mln year ago
--FSN E-Comm Jan-Mar consol revenue INR 20.62 bln vs INR 16.68 bln year ago
--FSN E-Comm FY25 consol PAT INR 660.80 mln vs INR 322.60 mln year ago
--FSN E-Comm FY25 consol revenue INR 79.50 bln vs INR 63.86 bln year ago
--FSN E-Comm Jan-Mar consol beauty ops sales INR 18.95 bln vs INR 15.20 bln
--FSN E-Comm Jan-Mar consol fashion revenue INR 1.61 bln vs INR 1.45 bln
--FSN E-Comm Jan-Mar consol EBITDA INR 1.33 bln, up 43% on year
--FSN E-Comm Jan-Mar consol EBITDA margin 6.5% vs 5.6% year ago
--FSN E-Comm Jan-Mar gross merchandise value INR 41.02 bln, up 27% on year
--FSN E-Comm Jan-Mar consol gross margin 44.1%, up 151 bps on year
By J. Navya Sruthi
MUMBAI – FSN E-Commerce Ventures Ltd. reported a robust year-on-year increase in the bottom line, the highest in seven quarters during Jan-Mar, but marginally lower than analysts' estimates in the March quarter. The owner of the beauty and fashion retail Nykaa brand posted a consolidated net profit of INR 202.80 million for the March quarter, nearly threefold from INR 69.30 million in the year-ago quarter. Analysts had estimated FSN E-Commerce's March quarter net profit at INR 203.25 million. However, the company's net profit fell over 22% sequentially.
The consolidated net revenue rose nearly 24% to INR 20.62 billion in the March quarter, but marginally below the average estimate of INR 20.72 billion by analysts. Sequentially, the company recorded an over 9% fall in its revenue.
The company's total expenses for the March quarter were INR 20.31 billion, up nearly 23% on year. Of this, its cost of materials consumed declined the most, and was down 83% on year to INR 12.8 million. The company's finance costs rose over 41% on year to nearly INR 300 million. The company's depreciation and amortisation expense rose over 22% on year and its other expenses increased nearly 27%. The company's employee benefits went up 23% on year and its purchases of stock in trade was up 12% on year.
For 2024-25 (Apr-Mar), the company reported a consolidated net profit of INR 660.80 million, more than double from INR 322.60 million a year ago. The company posted a revenue of INR 79.50 billion for the same period, up over 24% on year.
The company's revenue from beauty segment rose nearly 25% on year to INR 18.95 billion and that from fashion segment was up nearly 11% at INR 1.61 billion. "Strong momentum was maintained across all quarters of FY25 fuelled by accelerated customer acquisition, which led to healthy order volume growth," it said in a release.
The company's gross merchandise value was up 27% on year at INR 41.02 billion in the March quarter and for FY25, it rose 25% on year to INR 156.04 billion. In FY25, gross merchandise value of Nyka's beauty vertical was INR 117.80 billion, up 30% on year, "outpacing overall industry growth", it said.
The company reported consolidated earnings before interest, taxes, depreciation, and amortisation of INR 1.33 billion, up 43% from the previous year. The EBITDA margin expanded to 6.5% from 5.6% in the year-ago quarter. The company's gross margin was 44.1%, up 151 basis points from the year-ago period.
Nykaa's gross merchandise channel mix was led by retail with it taking 50% share in sales. This was slightly lower than 54% seen in FY24. Share of store sales also fell to 11% from 13% a year ago. Sales from other sources including the business to business segemnt rose and occupied 39% of the total compared with 33% in the year-ago period.
In FY25, the company's overall beauty vertical business saw its cumulative customer base grow to more than 34 million, up 28% on year. The beauty vertical businesses' EBITDA margin rose 9.6% in the March quarter and was the highest in eight quarters.
The company, during FY25, added more than 50 stores in 11 new cities, taking the total store count to 237 and cities to 79. The retail space of the company rose by 45% to 250,000 square feet. Friday, FSN E-Commerce Ventures shares closed 0.61% lower at INR 203.26 on the National Stock Exchange. End
Edited by Deepshikha Bhardwaj
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