Mumbai/IBNS, April 7 -- Shares of Nykaa fell on Tuesday despite the company reporting a positive Q4 business update and projecting strong revenue growth, according to media reports.

Brokerages, however, remain optimistic, expecting improved profitability and a narrowing of losses in the fashion segment.

The brokerage firm has set Rs. 210 as the target price underlining a drop of 16% from the current trading of Rs. 248.5.

All about Q4 business update

In an exchange filing, Nykaa said its consolidated Gross Merchandise Value (GMV) growth is expected to be in the late twenties, while consolidated Net Sales Value (NSV) growth is likely to be in the early twenties.

Marking its strongest performance in the last 12 quarters, the company exp...