PB, Nykaa, Paytm, Zomato etc are not expected to show profit any time soon. Investors would, however, expect YoY growth in topline. Like, good sustained 25% to 40% kind growth, while keeping the cash burn low enough be survive the next few years. Profits will come in a J curve, but timeline is unpredictable.
Looking at current PE multiple is a pointless exercise. At best, one could estimate Net Profit from revenues, by segregating the amount invested in future growth.
If topline growth is dull, and profitability is absent then its worrisome.
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