FSN E-Commerce Ventures, which operates Nykaa, reported a strong March quarter performance, with consolidated net revenue growth expected in the late twenties, marking its highest growth in the past 12 quarters, according to an exchange filing. Gross merchandise value (GMV) growth is also expected in the late twenties, while net sales value (NSV) is projected to grow in the early thirties, indicating improved conversion and demand during the quarter, the filing said.