 FSN E-Commerce Ventures (Nykaa) had a spike in intraday trading on August 23 of almost 9% to reach a 52-week high, following block deals that saw 4.09 crore shares, or 1.4% of the company’s ownership, exchange hands. Pre-IPO investor Harindarpal Singh Banga was most likely the seller.Â
According to media sources, Banga and his spouse intended to sell their investment at a floor price of ₹198 a share, which represents a 5.9% discount to the closing price of ₹210 on Thursday.
Nykaa Stock Increase
As an early investor in Nykaa, Banga formed The Caravel Group, a multinational conglomerate engaged in resource trading, maritime services, and asset management. As of the end of the June quarter, he owned a 6.4% share in FSN E-Commerce Ventures.
Other well-known Nykaa pre-IPO investors include Sunil Kant Munjal, Narotam Sekhsaria, Mala Gaonkar, Steadview Capital, and TPG Growth. In intraday trade today, the stock increased by as much as 9.2% to ₹229.90, its 52-week high. It has increased by more than 74.5% since its 52-week low of ₹131.70 on August 28, 2023, following today’s advance.
Nykaa’s stock has increased by over 56% in the last year and more than 32% so far in 2024. The stock increased by about 17% in August alone, extending gains for a third consecutive month. After declining by 7% in May, it increased by 9.4% in July and 7.5% in June.
Nykaa performed well for the quarter that ended on June 30, 2024, with a net profit of ₹13.6 crore, a remarkable 152% rise from ₹5.4 crore during the same period the previous year. Additionally, the Falguni Nayar-led business announced operational revenue of ₹1,746 crore, up 23% year over year from ₹1,422 crore in the same period the prior year.
 Nykaa announces a 50% rise in PAT
Nykaa’s profit after tax (PAT) improved sequentially by 50% from ₹9.07 crore in Q4 FY24, while operating revenue climbed by 4.6% from ₹1,668 crore in the January-March quarter.
During the April-June quarter, the company’s gross merchandising value (GMV) increased by 25% year over year to ₹3,321 crore. Furthermore, Nykaa’s EBITDA increased to ₹96 crore, a 31% year-over-year increase, with an EBITDA margin.
Nykaa is a consumer technology platform owned by FSN E-Commerce Ventures that sells skincare, haircare, fitness, and beauty products online and in physical stores. The company is divided into three primary segments: Fashion, Nykaa Man, Superstore, and its foreign business; and Beauty and Personal Care (BPC).
