HSIE Results Daily: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)
Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%
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Fsn E-commerce Ventures: The going seems to be getting tougher! Maintain REDUCE
We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds. Hence, our REDUCE rating on Nykaa stands with a...
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Fsn E-Commerce Ventures - The Going Seems to Be Getting Tougher! Maintain REDUCE
We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds. Hence, our REDUCE rating on Nykaa stands with a...
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Consumer Discretionary - Discretionary Peak Most Certainly Behind Us
Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...
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Fsn E-Commerce Ventures (Nykaa) - Mirror, Mirror, on the Wall, Is Nykaa a Platform at All?
This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in
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