Why did Nykaa shares drop despite a massive profit increase?

Nykaa’s parent company, FSN E-Commerce Ventures, experienced a nearly 5% share price drop despite reporting a significant 193% surge in net profit for the March quarter. While the core beauty segment remains robust, concerns linger regarding slow fashion growth and margin pressures. Brokerages hold divided opinions due to high valuations and increasing competition, with some assigning ‘underperform’ or ‘sell’ ratings.

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