FSN E-Commerce Ventures Limited

November 12, 2024

National Stock Exchange of India Limited BSE Limited

Symbol: NYKAA Scrip Code: 543384

Dear Sirs,

Subject: Investor Presentation

We are enclosing the Investor Presentation for the quarter ended September 30, 2024, to be used by the
Company for the analyst/ institutional investors call/ meeting(s) scheduled today i.e., November 12,
2024.

This intimation is being submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

We request you to take the above information on records.

Thanking You,

Yours faithfully,
For FSN E-Commerce Ventures Limited
Digitally signed by
NEELABJA NEELABJA CHAKRABARTY
CHAKRABARTY Date: 2024.11.12 16:25:33
+05'30'

Neelabja Chakrabarty
Company Secretary & Compliance Officer

Registered Office: 104 Vasan Udyog Bhavan | Sun Mill Compound | S. B. Marg | Tulsi Pipe Road | Lower Parel (W) | Mumbai – 400013
Website: www.nykaa.com | Phone: +91 22 6838 9616 | Email – [email protected]
CIN: L52600MH2012PLC230136
 Investor Presentation
Quarter and Half year ended
September 30, 2024
FSN E-Commerce Ventures Limited

1
 Table of Contents
1 Performance Highlights

2 Beauty Multi Brand Retail

3 Nykaa’s House of Brands

4 eB2B: Superstore by Nykaa

5 Fashion

6 Financial Performance
2
Performance Highlights

3
Q2FY25 Performance Summary

GMV Revenue from Operations Gross Profit

Rs. 36,525 mn Rs. 18,747 mn Rs. 8,210 mn

+24% YoY Growth +24% YoY Growth +26% YoY Growth
Margin* 43.8% (69 bps YoY)

EBITDA PBT PAT**

Rs. 1,037 mn Rs. 213 mn Rs. 130 mn

+29% YoY Growth +60% YoY Growth +66% YoY Growth
Margin* 5.5% (18 bps YoY) Margin* 1.1% (25 bps YoY) Margin* 0.7% (17 bps YoY)

* Margin% is on Revenue from Operations 4

** PAT is after considering share of loss of associate
Strong revenue performance across Beauty and Fashion
Beauty (Rs mn) Fashion (Rs mn)

29% YoY 28% YoY 10% YoY 12% YoY

53,263 16,374
14,630
41,467
GMV
27,833 8,633
21,559 7,872

Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25

24% YoY 24% YoY

22% YoY 22% YoY

32,964
3,147
26,679
2,590
Revenue
17,029 1,661
1,365
13,695

Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25

Strong performance across e-commerce, Strong content revenue in LBB driving

physical stores, owned brands, and eB2B overall higher revenue growth 5
 One Nykaa: Key Highlights

Customers Beauty Stores Quicker Delivery 6,800+ brands

Launched 170+ brands in Beauty

37 mn 210 70% of and 260+ brands in Fashion
Cumulative Customer Stores
Beauty orders delivered within
Base Largest beauty retail
same/next day in top 110 cities
network in India
[31% YoY]
Added 2 new flagship stores

$450 mn+
Consolidated GMV

* All figures for Q2FY25 6

Conversion rate: 1 USD = 80 INR
6
Beauty Multi Brand Retail

7
Beauty witnessed strong GMV growth of 29% YoY

Investment in new customer acquisition paying

GMV (Rs mn) off with healthy growth of 31% YoY

Focus on premium fragrance playing out well

29% YoY with category growing ahead of platform
27,833
Executed flagship Hot Pink Sale with 23 mn
unique visitors over 10 days

Physical stores footprint of 210 stores, strong

21,559 GMV growth of 37% YoY

Nykaa’s owned brands delivered a stand-out

performance (48% YoY)

Q2FY24 Q2FY25 Strong momentum in Superstore (80% YoY), as

it continues to expand retailer network
8
Nykaaland 2024: 2nd edition of India’s biggest beauty festival, resounding success

25,000 1,000+
beauty enthusiasts’ content creators
footfall
[1.7x of last year]

Masterclasses by Sofia Tilbury,

Patrick Ta and more…

5,000+
participants

80+
iconic international and
domestic brands participation

New launches from

Clinique, Sol de Janeiro, GHD, Obagi,
Eucerin and more..

10
New Brand Launches – Expanding our offerings for every beauty needs
Snapshots from some marquee brand launches
* *

One of the most renowned luxury Premium skincare brand from

Leading global luxury haircare brand Korean skincare brand from The
Beiersdorf possessing the ‘Life
colour cosmetics brands from from L’Oreal, high on innovation and Estee Lauder Co with the philosophy
L’Oreal, synonymous with boldness Changing Power of Dermatological
with a strong brand ethos bearing ‘Doctor joins Art’ combining best
Skincare’
and innovation the tagline ‘You dare, we care’ ingredients with artful experiences
Only on Nykaa Only on Nykaa Only on Nykaa

* Launched in Oct’24
Nykaa Fragrance Collective: Driving discovery and engagement
Fragrance store on Nykaa Fragrance Collective Event (held in Jul’24)

Exclusive Brand Displays

10 mn+
Online reach
Homepage activations
Luxe Store page

Fragrance category growth ahead of

200+
KOL’s, Influencers, Brand Partners
overall Beauty [offline event]

65% YoY GMV

(Nykaa.com)*

105% YoY GMV Personalization

(in stores)*

* For Q2FY25 12
 India’s largest specialized beauty store network

Store Count (#)

210
165
2.0 lakh+ sq. ft.
121 retail space
[~25% YoY]

Q2FY23 Q2FY24 Q2FY25

53 61 72 Cities

Contribution to
7.3% 7.5% 8.2% Omnichannel Beauty GMV*

Strong growth in financial metrics

KIOSK

91 73 46
stores stores stores
~40% ~60%
GMV 3yr CAGR EBITDA 3yr CAGR
3 flagship stores (Mumbai and Delhi)
* Omnichannel Beauty GMV includes Nykaa.com, Nykaa Physical Stores, and Beauty owned brands 14
Driving customer delight through faster delivery across the network

Same Day Delivery (SDD) Next Day Delivery (NDD)

Applicable for orders placed by Applicable for orders placed by
customers before 12 PM on the customers after 12 PM, order
same day fulfilled by next day

% of order volume covered

Current Coverage
through SDD/NDD

Top 12 cities 80%

Top 110 cities 70%

14
Nykaa’s House of Brands

15
Beauty House of Brands: ~50% YoY growth
GMV of Beauty owned brands (Rs mn) GMV Channel Mix

48% YoY
3,602
21%

Rs
Q2FY25 3,602 51%
2,438
16% mn

12% Nykaa Online

Nykaa Stores

GT/MT (including eB2B)

12%
Others*

Q2FY24 Q2FY25
19% Rs
2,438
56%
Q2FY24 mn
Driven by strong growth in
Dot & Key and Kay Beauty 13%

16
* Others primarily includes other online marketplaces
Fashion House of Brands: Healthy growth on Nykaa platforms
GMV of Fashion owned brands (Rs mn) GMV Channel Mix

10% YoY

1,088 19%

991 Rs
Q2FY25 1,088
20% mn 57%

4% Nykaa Online

Nykaa Stores (Nykd EBOs)

GT/MT
22%
Q2FY24 Q2FY25 3P channels*
Rs
Q2FY24 991 53%
GMV growth from 3P channels (-3% YoY) was mn
22%
muted, compensated by owned brands GMV growth
on Nykaa platforms (20% YoY) 2%

17
* 3P channels primarily includes other online marketplaces
eB2B: Superstore by Nykaa

18
19
Driving GMV growth as Superstore continues to widen reach

GMV (Rs mn) Cumulative Transacting Retailers (‘000)

80% YoY 60% YoY

3x 235
3x

147

74

Q2FY23 Q2FY24 Q2FY25 Q2FY23 Q2FY24 Q2FY25

Cities 500+ 750+ 1,060+

19
Strong order growth YoY with improvement in AOV

Orders (‘000) AOV (Rs)

45% YoY 406 16% YoY

280

Q2FY24 Q2FY25 Q2FY24 Q2FY25

Driven by retailer network expansion Increasing share of premium brands and

featured brands

20
 Sales mix, scale and efficiencies leading to unit economics improvement
Gross Margin* Fulfilment Cost* Selling & Distribution Cost*

334 bps

205 bps
341 bps

Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25

• Higher Ad-Income • Moving from 3P to owned warehouses • Improving BDE Productivity

• Increasing share of premium brands • Reduction of freight and packaging
and featured brands cost per order

Contribution Margin improvement of 862 bps YoY

-20.1% -11.5%

Q2FY24 Contribution margin* Q2FY25 Contribution margin* 21

* as % of NSV
Fashion

22
23
Strong content revenue in LBB driving overall higher revenue growth

GMV (Rs mn) Revenue (Rs mn)

Existing Customers New Customers

10% YoY 22% YoY

8,633
7,872 1,661

44%
54%
1,365

46% 56%

Q2FY24 Q2FY25 Q2FY24 Q2FY25

Revenue growth higher than GMV growth, driven by strong performance by

LBB (marketing income) and higher services related income

23
Foot Locker: Globally renowned sneaker retailer now live on Nykaa platforms
Nykaa Fashion launched Foot Locker live on Nykaa
Foot Locker India Website

Video_20241016_121103_347.mp4

India opportunity (2027)

$6.5 bn
(Athletic and Sneakers footwear)
24
Source: Forbes
New Brand Launches – Bringing in more curated offerings

260+ brands launched in Q2FY25

Key Collections

Puma Palermo Collection Nykd X Jodi – Limited Collection Twenty Dress X Happi Space Collection
26
 Platform of choice for all things new in fashion
First in Fashion

25%
GMV YoY

Delivering latest and curated fashion collections to the Indian customers

from both global and domestic brands
* Total brand count as on Sep’24 26
Data is for First in Fashion on NykaaFashion.com
Significant expansion of 300 bps YoY in profitability

Q2FY25 Q2FY24
Fashion Vertical (as % of NSV) (as % of NSV)
YoY Change Driving factors

Marketing and services

Gross Margin 49.7% 44.0% 567 bps related income

Shift from air to land

Fulfilment expenses 9.1% 11.8% 262 bps shipment, saving on
packaging cost

Expenses related to LBB

Marketing expenses 29.1% 25.6% 354 bps and new customer
acquisition

Contribution margin 9.4% 5.0% 440 bps

Other expenses (including Investment in employee

18.4% 17.1% 133 bps and technology
employee and G&A)

EBITDA Margin -9.0% -12.1% 307 bps

27
Financial Performance

28
Topline growth and profitability momentum continues
GMV (Rs mn) Revenue (Rs mn)

24% YoY 24% YoY

25% CAGR 36,525

23% CAGR 18,747

29,435 15,070

23,457 12,308

Q2FY23 Q2FY24 Q2FY25 Q2FY23 Q2FY24 Q2FY25

EBITDA (Rs mn) PAT (Rs mn)

29% YoY 66% YoY

30% CAGR 58% CAGR
1,037
130
806
611
78
52

Q2FY23 Q2FY24 Q2FY25 Q2FY23 Q2FY24 Q2FY25

29
 Profit and Loss Statement
All amounts in Rs mn, unless otherwise stated
Particulars Q2FY25 Q2FY24 YoY H1FY25 H1FY24 YoY
Revenue from Operations 18,747 15,070 24% 36,209 29,288 24%
Gross Profit 8,210 6,496 26% 15,770 12,682 24%
Gross Margin 43.8% 43.1% 69 bps 43.6% 43.3% 25 bps
Fulfilment expenses 1,748 1,459 20% 3,415 2,816 21%
As % of revenue from operations 9.3% 9.7% 36 bps 9.4% 9.6% 19 bps
Marketing and S&D expenses 2,858 2,036 40% 5,342 3,954 35%
As % of revenue from operations 15.2% 13.5% -174 bps 14.8% 13.5% -125 bps
Contribution Profit 3,604 3,001 20% 7,014 5,912 19%
Contribution Margin 19.2% 19.9% -69 bps 19.4% 20.2% -82 bps
Employee Expenses 1,615 1,363 18% 3,174 2,749 15%
As % of revenue from operations 8.6% 9.0% 43 bps 8.8% 9.4% 62 bps
Other Expenses 952 832 15% 1,842 1,622 14%
As % of revenue from operations 5.1% 5.5% 44 bps 5.1% 5.5% 45 bps
EBITDA 1,037 806 29% 1,998 1,541 30%
EBITDA Margin 5.5% 5.4% 18 bps 5.5% 5.3% 26 bps
PBT 213 133 60% 433 230 89%
PBT Margin 1.1% 0.9% 25 bps 1.2% 0.8% 41 bps
PAT 130 78 66% 266 132 101%
PAT Margin 0.7% 0.5% 17 bps 0.7% 0.5% 28 bps

Adj. EBITDA 1,155 828 39% 2,247 1,588 41%

Adj. EBITDA Margin 6.2% 5.5% 66 bps 6.2% 5.4% 78 bps

1. PAT is after considering share of loss of associate 30

2. Adj. EBITDA is before ESOP expenses, GCC EBITDA and organisational restructuring expenses
Quarterly Vertical Performance: Business Wise
(All amounts in Rs mn, unless otherwise stated)
Q2FY25 Q1FY25 Q2FY24
Particulars
Beauty Fashion Total1 Beauty Fashion Total1 Beauty Fashion Total1
GMV 27,833 8,633 36,525 25,429 7,741 33,209 21,559 7,872 29,438
Growth 29% 10% 24% 28% 15% 25% 25% 27% 25%

NSV 15,661 2,713 18,432 14,695 2,449 17,183 12,566 2,411 14,983
Growth 25% 13% 23% 21% 17% 21% 23% 35% 24%
Revenue from Operations 17,029 1,661 18,747 15,935 1,486 17,461 13,695 1,365 15,070
Growth 24% 22% 24% 23% 21% 23% 22% 31% 22%

Gross Profit 6,828 1,348 8,210 6,328 1,210 7,560 5,427 1,061 6,496

Fulfilment expenses 1,488 248 1,748 1,417 237 1,667 1,171 283 1,459

Marketing & advertisement expense2 1,462 790 2,274 1,268 672 1,949 1,030 617 1,648

Selling and Distribution expenses 439 54 493 413 52 465 306 40 346

Contribution Profit 3,439 256 3,695 3,230 249 3,480 2,920 121 3,043

Other expenses (Including Employee and G&A expenses) 2,095 500 2,658 1,975 474 2,518 1,812 412 2,237

EBITDA 1,344 -244 1,037 1,255 -226 961 1,108 -291 806
Key Ratios as a % to NSV
Gross Profit Margin % 43.6% 49.7% 44.5% 43.1% 49.4% 44.0% 43.2% 44.0% 43.4%
Fulfilment expenses % 9.5% 9.1% 9.5% 9.6% 9.7% 9.7% 9.3% 11.8% 9.7%
Marketing and Advertisement expense % 9.3% 29.1% 12.3% 8.6% 27.4% 11.3% 8.2% 25.6% 11.0%
Selling and Distribution expenses % 2.8% 2.0% 2.7% 2.8% 2.1% 2.7% 2.4% 1.6% 2.3%
Contribution Margin % 22.0% 9.4% 20.0% 22.0% 10.2% 20.2% 23.2% 5.0% 20.3%
Other expenses% 13.4% 18.4% 14.4% 13.4% 19.4% 14.7% 14.4% 17.1% 14.9%
EBITDA Margin % 8.6% -9.0% 5.6% 8.5% -9.2% 5.6% 8.8% -12.1% 5.4%

Notes:
1. Includes GCC business and international business 31
2. Branding Media & Production Cost is not considered for Contribution Profit as it is not allocable, and its benefit accrue over long term
 Key movements in P&L

Cost line items Rationale

• Beauty gross margin improvement with strong owned brands performance

• Expansion of Fashion gross margin driven by LBB marketing income, services
Gross margin expansion of 119 bps YoY related income
• Superstore gross margin expansion led by higher share of featured brands

• Fashion fulfilment expense improved by 262 bps due to further reduction in pre-
Fulfilment expenses improved by 26 bps YoY delivery leakages and regionalization strategy

• Accelerated new customer acquisition and investment in brand awareness and

Marketing expenses up by 134 bps YoY category building led to higher marketing expenses YoY

• S&D expense in Beauty increased due to increased mix of eB2B business and
S&D expenses up by 37 bps YoY owned brands penetration further into other 3P channels
• Fashion S&D expenses increased slightly due to offline 3P expansion

Other expenses improved by 51 bps YoY • Scale efficiencies

* All Figures are as a % of NSV 32

Cumulative customer base grew by 31% YoY

One Nykaa AUTC (mn) One Nykaa Cumulative Customer

Base (mn)
Continued long-term investment in
37.1 marketing and category building
35.0
16.8 33.2
30.9
• Investment in new customer
16.2 acquisition
15.4 28.4
26.3
14.7 24.4
22.7 • Investment in brand awareness for
14.1
13.5 owned brands
13.0
12.5
• Launched our flagship Nykaa
Fashion Campaign “Stay Stylish”
across digital and non-digital
channels
Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25

Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25

11.1% 10.8% 11.0% 11.0% 11.9% 11.2% 11.3% 12.3%

Marketing expenses
(as % of NSV) 33
Acceleration in Beauty new customer acquisition and improved retention

AUTC - Beauty (mn) New Customer YoY - Beauty (%)

15.0 35%
32%
14.0
31%
28% 30%
13.7
13.0
13.1
25%
12.0 12.4
11.7 20%
11.0 11.3
10.0 17% 15%
15%
9.0
10%
8.0
5%
7.0

6.0 0%
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25

8.2% 9.5% 8.6% 8.6% 9.3%

Marketing expenses
(as % of Beauty NSV)
34
Brand marketing investments driving strong owned brands performance

Hydra Creme Lipstick Stardust Chrome Eyeliner Get Cheeky Blush Stick
35
Stay Stylish Flagship Campaign: Positioning Nykaa Fashion as the ultimate style destination

4 Brand Films with 1 Celeb & 3 High Impact KOL’s

360 degree Amplification

• Owned media assets
• Influencers,
• Events & Activations
• Media Partnerships 36
 Efficient capex utilization
All amounts in Rs mn, unless otherwise stated

Capex (Rs mn) Capex as % of Revenue

2,500 6% Capex Breakup – H1FY25
5% 2,235
2,050 5% 2%
2,000 13%
4%

4%
1,500 47%
3% Rs 539 mn
1,150 3%

1,000 38%
724 2% 2%

539
500
1% 1%

Tech Store Warehouse Office

0 0%
FY21 FY22 FY23 FY24 H1FY25

Capex optimization YoY, while we continue to invest in key focus areas (retail expansion and technology)
37
Focus on capital efficiency, resulting in consistent ROCE improvement

Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%)

10.5 8.3%
44

9.1 7.5%
42

7.0 6.6%
39

FY23 FY24 Q2FY25 FY23 FY24 Q2FY25 FY23 FY24 Q2FY25

Working capital days is computed on Revenue from Operations

38
ROCE is calculated by dividing EBIT by capital employed (Net Worth + Net Debt)
Thank you

39
 Glossary
Term Description

Unique customers identified by their email-id or mobile number who have placed at least one Order on our websites, mobile applications or physical stores during the last 12 months ended as on measurement date. Annual Transacting
Customers, with respect to beauty and personal care, denotes Annual Transacting customers on the Nykaa websites and mobile applications and physical stores. Annual Transacting customers, with respect to Fashion, denotes Annual
Annual Unique Transacting Customers (AUTC)
Transacting customers on the Nykaa Fashion website and the mobile application, with respect to Others, denotes Annual Transacting customers on the Nykaa Man website and the mobile application, “SuperStore by Nykaa” website and mobile
application

Average Order Value (AOV) GMV generated across our websites, mobile applications and physical stores divided by Orders considered for such GMV.

Contribution Profit Contribution Profit is a non-GAAP financial measure. Contribution Profit refers to Gross profit for the period, after the adjustment of Fulfillment Expenses, Marketing Expenses (Other than branding), Selling & Distribution Expenses.

Cost of Goods Sold Cost of Goods Sold is a non-GAAP financial measure. cost of goods sold refers to cost of material consumed, purchase of traded goods, changes in finished goods and stock-in-trade.

EBITDA is a non-GAAP financial measure. EBITDA refers to our profit/(loss) before Tax for the period, as adjusted to exclude (i) Other Income, (ii) Depreciation and Amortization Expenses, (iii) Finance Costs. EBITDA Margin refers to the
EBITDA
percentage margin derived by dividing EBITDA by Revenue from Operations

Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA refers to our profit/(loss) before Tax for the period, as adjusted to exclude (i) Other Income, (ii) Depreciation and Amortization Expenses, (iii) Finance Costs, (iv) ESOP
Adjusted EBITDA
expenses & (v) GCC business and (vi) organizational restructuring cost Adjusted EBITDA Margin refers to the percentage margin derived by dividing Adjusted EBITDA by Revenue from Operations.

Gross Profit Gross Profit is a non-GAAP financial measure. Gross Profit refers to Revenue from Operations less COGS. Gross Profit Margin refers to the percentage margin derived by dividing Gross Profit by Revenue from Operations.

Monetary value of Orders inclusive of taxes and gross of discounts, if any, across our websites, mobile applications and physical stores prior to product returns or order cancellations and including sales to and through third party channels. GMV,
Gross Merchandise Value (GMV)
with respect to BPC, denotes GMV of BPC vertical. GMV, with respect to Fashion, denotes GMV of Fashion vertical. GMV, with respect to Others, denotes GMV of Other Verticals

Number of unique devices (laptops, mobile phones, etc.) which recorded at least one Visit to our websites or mobile applications during the month. Monthly Average Unique Visitors, with respect to BPC, denotes Monthly Average Unique Visitors
Monthly Average Unique Visitors (MAUV) on the Nykaa websites and mobile applications. Monthly Average Unique Visitors, with respect to Fashion, denotes Monthly Average Unique Visitors on the Nykaa Fashion website and the mobile application. Monthly Average Unique Visitors,
with respect to Others, denotes Monthly Average Unique Visitors on the Nykaa Man website and the mobile application, “SuperStore by Nykaa” website and mobile application

Revenue from operations Revenue from operations includes sale of products, marketing support revenue, income from marketplace and logistics services

Net Sales Value (NSV) NSV refer to Net Sales Value and calculated basis GMV minus Discounts, Cancellation & Returns, and Taxes.

All orders placed on our websites, mobile applications and physical stores prior to any cancellations and returns. Orders, with respect to BPC Vertical, includes all Orders that placed on Nykaa websites & mobile applications and Physical Store,
having at least one BPC product. Orders, with respect to Fashion Vertical, includes all Orders that placed on Nykaa website & mobile application, and Fashion.com website & mobile application having at least one fashion product . Orders, with
Orders
respect to Others includes all Orders that placed on Nykaa Man website & application, and “SuperStore by
Nykaa” website & mobile application.

Number of visits to our websites and mobile applications. A visit is considered ended when no new request has been recorded in more than 30 minutes from the same device to the website or the mobile application. Visits, with respect to beauty
Visits and personal care, denotes Visits to the Nykaa websites and mobile applications. Visits, with respect to Fashion, denotes Visits to the Nykaa Fashion website and the mobile application. Visits with respect to Others, denotes Visits to Nykaa Man
website and mobile application, “SuperStore by Nykaa” website and mobile application

Existing Customers Existing Customers, identified by their email-id or mobile number, are Customers who placed at least one Order in any prior Financial Year on our websites or mobile applications.

New Customers New Customers, identified by their email-id or mobile number, are Customers who placed at least one Order in any current Financial Year on our websites or mobile applications.

Beauty includes BPC online, BPC physical Stores, Beauty owned brands, Superstore by Nykaa and Nykaa Man Grooming,
Verticals Fashion includes Nykaa Fashion, LBB, and Nykaa Man Lifestyle 40
Others includes GCC business and International business
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It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or
solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory
authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation.

41
Profit & Loss Statement
(All amounts in Rs mn, unless otherwise stated)
Quarter Ended Half Year Ended
Particulars
Sep-24 Sep-23 Jun-24 YoY Growth QoQ Growth Sep-24 Sep-23 YoY Growth
Revenue from Operations 18,747 15,070 17,461 24% 7% 36,209 29,288 24%
Cost of goods Sold 10,537 8,574 9,901 23% 6% 20,439 16,606 23%
Gross Profit 8,210 6,496 7,560 26% 9% 15,770 12,682 24%
Gross Profit Margin % 43.8% 43.1% 43.3% 69 bps 50 bps 43.6% 43.3% 25 bps
Fulfilment expense 1,748 1,459 1,667 20% 5% 3,415 2,816 21%
Fulfilment cost % to Revenue 9.3% 9.7% 9.5% 36 bps 22 bps 9.4% 9.6% 19 bps
Marketing & advertisement expense 2,365 1,690 2,018 40% 17% 4,383 3,287 33%
Marketing & advertisement expense % to Revenue 12.6% 11.2% 11.6% -140 bps -106 bps 12.1% 11.2% -88 bps
Selling and distribution expense 493 346 465 43% 6% 958 667 44%
Selling & distribution expense % to Revenue 2.6% 2.3% 2.7% -34 bps 3 bps 2.6% 2.3% -37 bps
Contribution Profit 3,604 3,001 3,410 20% 6% 7,014 5,912 19%
Contribution Margin % 19.2% 19.9% 19.5% -69 bps -30 bps 19.4% 20.2% -82 bps
Employee benefits expense 1,615 1,363 1,559 18% 4% 3,174 2,749 15%
Employee expense % to Revenue 8.6% 9.0% 8.9% 43 bps 31 bps 8.8% 9.4% 62 bps
Other expense 952 832 890 15% 7% 1,842 1,622 14%
Others expense % to Revenue 5.1% 5.5% 5.1% 44 bps 2 bps 5.1% 5.5% 45 bps
EBITDA 1,037 806 961 29% 8% 1,998 1,541 30%
EBITDA Margin % 5.5% 5.4% 5.5% 18 bps 2 bps 5.5% 5.3% 26 bps
Depreciation & Amortisation(2) 636 546 601 16% 6% 1,237 1,066 16%
Depreciation & Amortisation % to Revenue 3.4% 3.6% 3.4% 23 bps 5 bps 3.4% 3.6% 22 bps
Finance Cost (Net of other income)(3) 188 127 140 47% 34% 328 246 33%
Profit before Tax 213 133 221 60% -4% 433 230 89%
PBT Margin % 1.1% 0.9% 1.3% 25 bps -13 bps 1.2% 0.8% 41 bps
Total tax expense 78 40 78 157 72
Profit before share of (loss) of associate 134 93 142 44% -5% 277 157 75%
Share in loss of associate -5 -15 -6 -11 -25
Net Profit for the period 130 78 136 66% -4% 266 132 101%
PAT Margin % 0.7% 0.5% 0.8% 17 bps -9 bps 0.7% 0.5% 28 bps
1. Adjusted EBITDA margin of 6.2% in Q2FY25, is before ESOP expenses, GCC EBITDA and organisational restructuring expenses
2. Amortization includes the depreciation on RoU (Right of Use Assets)
3. Finance cost includes the interest cost on lease liabilities (Net of Interest Income on Security Deposit & Gain on cancellation of lease)
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Half Yearly Vertical Performance: Business Wise
(All amounts in Rs mn, unless otherwise stated)
H1 FY25 H1 FY24
Particulars
Beauty Fashion Total4 Beauty Fashion Total4
GMV 53,263 16,374 69,734 41,467 14,630 56,110
Growth 28% 12% 24% 26% 20% 25%

NSV 30,356 5,163 35,615 24,687 4,500 29,198

Growth 23% 15% 22% 25% 27% 25%
Revenue from Operations 32,964 3,147 36,209 26,679 2,590 29,288
Growth 24% 22% 24% 23% 26% 23%

Gross Profit 13,156 2,558 15,770 10,650 2,019 12,682

Fulfilment expenses1 2,905 485 3,415 2,285 520 2,816

Marketing & advertisement expense2 2,730 1,463 4,222 2,001 1,212 3,215

Selling and Distribution expenses3 852 106 958 591 76 667

Contribution Profit 6,669 504 7,175 5,773 210 5,984

Other expenses (Including Employee and G&A expenses) 4,070 974 5,177 3,612 797 4,443

EBITDA 2,599 -470 1,998 2,161 -586 1,541

Key Ratios as a % to NSV
Gross Profit Margin % 43.3% 49.5% 44.3% 43.1% 44.9% 43.4%
Fulfilment expenses % 9.6% 9.4% 9.6% 9.3% 11.6% 9.6%
Marketing and Advertisement expense % 9.0% 28.3% 11.9% 8.1% 26.9% 11.0%
Selling and Distribution expenses % 2.8% 2.1% 2.7% 2.4% 1.7% 2.3%
Contribution Margin % 22.0% 9.8% 20.1% 23.4% 4.7% 20.5%
Other expenses% 13.4% 18.9% 14.5% 14.6% 17.7% 15.2%
EBITDA Margin % 8.6% -9.1% 5.6% 8.8% -13.0% 5.3%
Notes:
1. Fulfilment expenses include freight, payment gateway charges, warehouse off-roll manpower, warehouse operation expenses and packaging expenses
2. Branding Media & Production Cost is not considered for Contribution Profit as it is not allocable, and its benefit accrue over long term
3. Selling and distribution expenses include BA/BDE cost, 3P channel commission, distributor expenses and customer care service charges 43
4. Includes GCC business and international business
Balance Sheet
(All amounts in ₹ million, unless otherwise stated)

As at As at As at As at
Particulars Particulars
30 Sep’24 31 Mar’24 30 Sep’24 31 Mar’24

Assets Equity and liabilities

Equity
Non-Current Assets
Equity share capital 2,858 2,856
Property, plant and equipment 2,352 2,358
Other equity 10,190 9,766
Right of use assets 2,786 2,609
Equity attributable to equity holders of the parent 13,048 12,622
Capital work in progress 21 61
Non-controlling interest 288 182
Goodwill 611 611
Total equity 13,336 12,810
Other Intangible assets 1,064 1,105
Intangible assets under development 329 237
Non-current liabilities
Investments 333 343
Financial liabilities
Other financial assets 1,154 492
Borrowings 625 0
Deferred tax assets (net) 3,174 2,691
Lease liabilities 1,666 1,593
Non-current tax assets 23 455
Other non-current financial liabilities 0 712
Other non-current assets 83 115
Long-term provisions 146 102
Total non-current liabilities 2,436 2,407
Total non-current assets 11,927 11,077
Current liabilities
Current Assets
Borrowings 9,389 6,804
Inventories 14,111 11,920 Lease liabilities 1,383 1,298
Trade receivables 2,547 2,416 Trade payables 5,464 3,867
Cash and cash equivalents 837 758 Other financial liabilities 4,541 6,084
Bank balance other than cash and cash equivalents 1,111 1,641 Short-term provisions 114 87
Other financial assets 1,730 1,833 Contract liabilities 272 273
Other current assets 4,972 4,361 Other current liabilities 300 375
Total current liabilities 21,462 18,789
Total current assets 25,307 22,930
Total Liabilities 23,899 21,196
Total Assets 37,234 34,006
Total Equities and Liabilities 37,234 34,006
Inventory Days 68 63
Receivable Days 12 11 Payable Days 42 32 44
Cash Flow Statement
(All amounts in ₹ million, unless otherwise stated)

As at As at
Particulars Particulars
Sep-24 Mar-24 Sep-24 Mar-24
I] Operating activities II] Investing activities
Profit/(loss) before tax as per Statement of profit & loss 433 690 Purchase of Property, Plant and Equipment and other
Depreciation of property, plant & equipment 1,083 1,999 (470) (712)
intangible assets
Amortisation of intangible assets 154 244
Investment in subsidiary (net off cash and cash equivalent
Interest expense and other finance costs 455 828 (2,653) -
from subsidiary)
Interest income (90) (194)
Investment in associate - -
Others 256 264
Operating profit before working capital changes 2,291 3,831 Investment in fixed deposits (55) 1,385
Working capital Adjustments: (1,284) (2,476)
Cash generated from / (used) in operations 1,008 1,355 Interest Received (Finance Income) 60 215
Payment of taxes (net) (197) (1,312) Others - -
Net cash flow from / (used in) operating activities (A) 810 43 Net cash flows (used in) investing activities (B) (3,118) 889

As at
Particulars
Sep-24 Mar-24
III] Financing activities
Proceeds from issue of shares including share premium 104 168
Investment by Non-Controlling interest in Subsidiary 131 107
Repayment of Non-Current borrowings (net) 1,250 (4)
Proceeds from current borrowings (net) 1,966 2,204
Interest expenses on borrowings (289) (558)
Principal payment of lease liabilities (628) (1,594)
Interest expenses lease liabilities (148) (313)
Net cash flows from / (used in) financing activities (C) 2,387 11
Net increase / (decrease) in cash and cash equivalents (A+B+C) 79 942
Cash and cash equivalents at the beginning of the year 758 414
Cash and cash equivalents at the period end 837 1,356 45
Key Operational Metrics
Particulars Unit Q2FY25 Q2FY24 YoY
Visits
Beauty mn 357 286 25%
Fashion mn 147 144 3%

MAUV
Beauty mn 34.2 29.3 17%
Fashion mn 18.1 17.6 2%

Orders
Beauty mn 12.9 10.4 24%
Fashion mn 1.8 1.8 -4%

AOV
Beauty Rs 2,038 1,992 2%
Fashion Rs 4,464 4,061 10%

AUTC
Beauty mn 13.7 11.3 22%
Fashion mn 3.0 2.8 9% 46