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Nykaa Slumps 11% In Early Trading On Q1 Earnings Miss; Brokerages Divided On The Stock

Kotak Institutional Equities downgraded Nykaa shares to ‘add’ rating, while Bernstein cut its price target on the shares to INR 140

Key Highlights: After Top-Level Exits & Cutting Costs, How Did Nykaa Perform In Q1?

Here are the key takeaways from listed beauty ecommerce giant Nykaa’s financial results for the first quarter of the financial year 2023-24.

Nykaa loses sheen: Q1 net profit falls 27% YoY to Rs 3 3 crore hurt by dip in demand

Nykaa s results come at a time when it has been hit by a slew of top-level exits. Since April, six senior executives, including company s chief marketing officer, Shalini Raghavan, among others, have quit the company

Employees who left Nykaa were not in significant roles: CEO Falguni Nayar

Employees who left Nykaa were not in significant roles: CEO Falguni Nayar
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Six top-level executives have quit Nykaa since April

Reliance is setting up Tira to take on new-age players in the beauty and personal care space while Tata is ramping up its e-commerce offerings under Tata Cliq. With deep pockets, large traditional players have been able to attract talent from companies like Nykaa.

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