FSN E-Commerce Ventures Ltd

₹ 126 -2.59%
27 Jan - close price
About

FSN E-commerce Ventures Ltd. (FSNEV) 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.[1]

Key Points

Leading Digital Company [1]
Nykaa is the largest specialty beauty and personal care platform in India in terms of value of products sold in FY21 and one of the fastest growing fashion platforms in India based on growth in GMV. It has the highest average order value (AOV) among leading online beauty and personal care platforms in India.

  • Market Cap 35,874 Cr.
  • Current Price 126
  • High / Low 320 / 121
  • Stock P/E 425
  • Book Value 5.57
  • Dividend Yield 0.00 %
  • ROCE 11.6 %
  • ROE 9.81 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Debtor days have improved from 85.4 to 47.1 days.

Cons

  • Stock is trading at 22.6 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 7.86% over last 3 years.
  • Earnings include an other income of Rs.138 Cr.
  • Working capital days have increased from 540 days to 1,298 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
40.61 43.22 38.67 43.49 49.39 44.91 49.91 37.65 51.75
40.78 40.90 44.09 34.69 44.17 45.28 47.01 53.28 66.55
Operating Profit -0.17 2.32 -5.42 8.80 5.22 -0.37 2.90 -15.63 -14.80
OPM % -0.42% 5.37% -14.02% 20.23% 10.57% -0.82% 5.81% -41.51% -28.60%
14.61 22.08 13.02 18.92 20.58 24.22 51.99 30.21 31.72
Interest 1.03 0.97 1.02 1.37 1.41 1.40 1.71 1.84 2.13
Depreciation 2.03 2.39 2.26 1.12 1.13 1.18 1.25 1.40 1.98
Profit before tax 11.38 21.04 4.32 25.23 23.26 21.27 51.93 11.34 12.81
Tax % 17.57% 19.72% 32.41% 21.40% 21.50% 21.20% 6.32% 20.28% 22.79%
Net Profit 9.38 16.89 2.93 19.84 18.26 16.76 48.66 9.05 9.88
EPS in Rs 1.06 1.87 0.32 2.14 0.07 0.06 0.17 0.03 0.03
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
27 102 188 146 188 184
42 113 184 149 171 212
Operating Profit -16 -11 4 -3 17 -28
OPM % -58% -11% 2% -2% 9% -15%
6 17 30 60 116 138
Interest 0 3 5 4 6 7
Depreciation 1 4 7 8 5 6
Profit before tax -11 -0 22 45 122 97
Tax % 26% 286% 31% 19% 15%
Net Profit -8 1 15 36 104 84
EPS in Rs -0.97 0.09 1.73 4.01 0.36 0.29
Dividend Payout % 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 23%
TTM: 5%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 410%
TTM: 46%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -54%
Return on Equity
10 Years: %
5 Years: %
3 Years: 8%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
14 14 15 15 47 47
Reserves 95 279 404 546 1,502 1,540
8 30 45 46 51 69
48 30 34 40 89 61
Total Liabilities 165 354 498 647 1,690 1,717
6 14 18 13 16 26
CWIP 0 0 1 0 0 0
Investments 22 169 52 70 379 459
137 171 427 564 1,294 1,232
Total Assets 165 354 498 647 1,690 1,717

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-62 -56 -91 -84 72
55 -91 75 -67 -944
40 134 107 87 873
Net Cash Flow 32 -13 91 -64 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 22 25 50 160 47
Inventory Days 167 265 259 188 450
Days Payable 137 168 97 64 103
Cash Conversion Cycle 52 123 212 283 394
Working Capital Days 99 69 113 210 1,298
ROCE % 1% 5% 9% 12%

Shareholding Pattern

Numbers in percentages

89 recently
Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
52.56 52.43 52.41 52.38 52.34
5.73 5.98 6.54 6.57 11.06
3.42 3.12 2.95 3.01 6.35
38.29 38.47 38.10 38.03 30.24

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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