Swiggy, Eternal, Meesho, Nykaa, Lenskart, Honasa: Jefferies shares Q2 results preview

Jefferies, in its latest note, said consumer internet and new-age companies should continue to see strong, broad-based growth in the September quarter, with profitability improving in most cases.

On Eternal Ltd, Jefferies said the food delivery (FD) segment's net order value (NOV) should grow 19 per cent YoY in Q2, with steady margins QoQ. Its quick commerce platform (QC) Blinkit's NOV, on the other hand, is forecast to grow 23 per cent QoQ, with continued Ebitda improvement.

The global investment bank said Swiggy's FD GOV should grow 18 per cent YoY, with margins expanding on both YoY and QoQ basis. It anticipated QC platform Instamart's NOV to grow 15 per cent QoQ. With contribution margin (CM) down again to minus 1 per cent, Ebitda loss should be higher QoQ, the foreign brokerage said.

Jefferies said Nykaa's beauty net sales value (NSV) is expected to grow 29 per cent YoY, with fashion growth even higher at 47 per cent. Consolidated revenue, it said, should grow 29 per cent YoY, with better margins.

Lenskart's pro forma revenue is seen rising 29 per cent YoY, led by both India and international segments, with an improving margin trajectory.

Meesho's net merchandise value (NMV) growth should remain strong at 20 per cent, driven largely by user growth, Jefferies said. It said margins should also improve YoY, led by higher take rates and operating leverage benefits. Honasa's revenue growth, meanwhile, should be strong at 32 per cent YoY, Jefferies said.

Jefferies expects Eternal's pre-tax profit to rise 313 per cent YoY to Rs 268.60 crore on a 173 per cent rise in adjusted sales to Rs 20,648 crore. Swiggy's Q2 loss is seen at Rs 1,068 crore despite a 34 per cent rise in net sales to Rs 7,912 crore. Nykaa's Q2 profit is seen at Rs 91.50 crore, up 158 per cent YoY. Sales are estimated at Rs 6,103 crore.

Lenskart's Q2 profit is estimated at Rs 199.50 crore, up 81 per cent YoY. Net revenue is seen at Rs 2,772 crore. Meesho could report a loss of Rs 154 crore, as per Jefferies. Honasa's Q2 profit is seen rising 76 per cent YoY to Rs 69 crore on a 32 per cent YoY rise in sales to Rs 710 crore.