The shares of the leading e-commerce beauty product platform fell by around 4 percent to Rs 186.35 per share on Friday after reports suggested a likely stake sale by FII in the company.
FSN E-Commerce Ventures Ltd is a Mid-cap stock, with a market capitalization of Rs 54,487 crores. At 11:50 a.m., the company shares were trading at Rs 189.70 per share, down 2.07 percent on the National Stock Exchange.
As per CNBC TV 18 report, Lexdale International was likely to sell 2.62 crore shares of Nykaa through block deals on Friday’s trade. The total value of block deals is expected to be around Rs 516 crore, while the average price of the block deals as well as buyers and sellers of the shares were not known immediately. Morgan Stanley and JP Morgan were the brokers, and the deal’s lock-in period was 45 days.
FSN E-commerce Ventures Ltd popularly known as “Nykaa” is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers.
The company has a diverse portfolio of beauty, personal care, and fashion products, including owned brand products manufactured by it.
The company manufactures, sells, and distributes its products on online platforms or Websites, such as e-commerce, m-commerce, and the Internet, as well as through physical stores, stalls, general trade, and modern trade, among others.
The company’s revenues have increased by 22 percent year on year from Rs 1,230 crore in Q2FY23 to Rs 1,507 crore in Q2FY24, while net profit has increased by 50 percent from Rs 5.19 crore to Rs 7.80 crore.
The company shares hit its 52-week high price of Rs 195.40 apiece on January 10, 2024.FSN E-Commerce Ventures shares have gained 32 percent in the last six months and 17 percent in a year.
The company also expanded its offline stores during the September quarter, by adding 13 stores, totaling up to 165.
In the September quarter of 2024, the company’s beauty and personal care Gross Merchandise Value (GMV) grew 23% YoY, Net Sales Value(NSV) grew 19% YoY and Fashion GMV grew 27% YoY, Other category GMV grew 54% YoY.
Written by Omkar Chitnis
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