Nykaa Posts Impressive Profit and Growth Surge

FSN E-Commerce Ventures, owning the Nykaa brand, announced a 66% increase in consolidated net profit to Rs 12.97 crore for Q2 2024. Nykaa's revenue from operations grew by 24.4%, while beauty vertical GMV rose 29% YoY. New customer acquisitions significantly contributed to these figures.

FSN E-Commerce Ventures, the parent company of the popular Nykaa brand, reported a notable spike in profits for the second quarter of 2024. According to their latest filing, the company achieved a consolidated net profit increase of approximately 66% to Rs 12.97 crore.

The e-commerce giant's revenue from operations saw a significant rise, growing by 24.4% to Rs 1,874.84 crore compared to the previous year's Rs 1,507.02 crore for the same period. The beauty segment's gross merchandise value (GMV) experienced a 29% year-on-year growth, reaching Rs 2783.3 crore for the quarter.

The impressive growth was largely driven by a 31% YoY increase in new customer acquisitions, pushing Nykaa's total beauty customers to 30 million and their cumulative base to 37 million. This resulted in a 22% YoY rise in annually unique transacting customers and a 24% YoY increase in total orders. Nykaa Fashion also showed robust performance, with a 22% YoY revenue increase and a 10% YoY GMV growth.