Nykaa crosses 52-week high owing to super hit Q3 show

10 Jan 2024 , 11:09 AM

Nykaa shares rose to a 52-week high on Tuesday, extending their advances for the fourth consecutive day, following a good quarterly business report this week.

At around 10.59 AM, Nykaa was trading 2.93% higher at Rs 193, against the previous close of Rs 187.50 on NSE. The counter hit a new 52-week high of Rs 195.50.

In a business report given on Sunday, the company stated that it registered good growth across all verticals in the October-December quarter. Long-term macro indicators continue to strengthen, with solid GDP growth, stable interest rates, and rising GST collections, highlighting India’s strong consumer growth narrative. However, short-term difficulties have had an influence on discretionary expenditure, according to the business.

Nykaa reported that its beauty and personal care business (BPC) is experiencing growth surpassing the industry average. The company expressed confidence that the current industry growth is temporarily below its long-term trajectory and is expected to return to the median in the near to mid-term, driven by robust macroeconomic and demographic trends.

On a consolidated basis, the firm forecasts its net sales value (NSV) to rise in the mid-twenties and revenue to expand in the low-twenties for the December quarter, while the gross merchandise value (GMV) of its fashion unit will grow by about 40%.

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