Nykaa’s 1.43% equity change hands; stock zooms ~5%

23 Aug 2024 , 10:32 AM

On Friday, August 23, up to 4.09 Crore shares, or 1.43% of Nykaa’s equity, changed hands in a block deal window.

On Thursday, August 22, sources stated that Harindarpal Singh & Associates was set to sell up to 1.4% of its investment in Nykaa at a floor price of ₹198 per share.

According to sources, any additional share sales would be subject to a 45-day lock-in period.

According to publicly accessible stock exchange statistics, Harindarpal Singh owned 6.4% of Nykaa at the end of the June quarter.

The transaction is expected to have an impact on Nykaa’s stock liquidity and market dynamics, with JPMorgan and Goldman Sachs directing the execution.

Nykaa recorded a threefold increase in net profit to ₹13.64 Crore in the quarter ending June 2024, compared to ₹5.42 Crore the previous year.

In the first quarter of FY25, income from operations increased by 23% to ₹1,746 Crore from ₹1,421.82 Crore the previous year.

EBITDA increased by almost 30% year on year to ₹96 Crore, up from ₹73 Crore in the previous year. The margin increased by 34 basis points to 5.5%, up from 5.2% the previous year.

The performance in the June quarter is essentially consistent with a business update released earlier.

At around 10.20 AM, Nykaa was trading 4.88% higher at ₹220.60, against the previous close of ₹210.42 on NSE. The counter touched an intraday high and low of ₹223, and ₹213.70, respectively.

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