THE WHAT? Nykaa parent company FSN E-Commerce Ventures Ltd shares have fallen 5.4 percent due to its Q3 consolidated net profit plummeting by more than 70 percent, according to Reuters.
THE DETAILS Profit fell to 81.9 million rupees in the October-December quarter, from 279.3 million rupees the previous year.
THE WHY? According to analysts, Nykaa’s higher margin beauty and personal care segment contributed to a lower-than-expected gross margin of 43.4 percent, while expenses for the company rose 36.5 percent due to high marketing spend and lease rentals.