Indian e-commerce cos' growth may underwhelm expectations- ICICI Securities

ICICI Securities

31/03/2023 10:23

** Growth in India's e-commerce companies could be hit in
Q4FY23 by sustained migration of customers to physical stores
from online portals, a trend first observed in Q2, ICICI
Securities says
    ** Adds, online food delivery platform Zomato Ltd  ZOMT.NS 
to post weaker growth in a seasonally weak Q4 and fatigue in
online consumption 
    ** Fashion portal Nykaa-parent FSN E-Commerce  FSNE.NS  to
post a historically weak quarter -ICICI Securities warns; adds,
activation of a new sale event and cost control measures could
counter headwinds 
    ** Logistics and supply chain firm Delhivery  DELH.NS  to
deliver adjusted earnings before interest, taxes, depreciation
and amortization (EBITDA) in Q4 for the first time since
listing, though, parcel shipment volumes could decline -ICICI
Securities 
    ** Search engine firm Just Dial's  JUST.NS  revenue likely
to grow faster during Q4, brokerage says, citing management's
efforts to increase exposure in the space. 
    ** Gaming and sports media platform Nazara Technologies
 NAZA.NS  to post 64% YoY jump in revenue growth in Q4, riding
on sustained strong growth in e-sports, gamified early learning 
    
   

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com;))