Nykaa's Stellar Growth: Four-Fold Profit Surge in March 2024 Quarter

Beauty and fashion e-commerce firm FSN E-Commerce Ventures, owner of Nykaa, reported a nearly four-fold jump in consolidated net profit to Rs 9 crore for Q1 2024. The annual revenue also saw a 24% increase, reaching Rs 6,385.62 crore. The beauty segment led the growth.

Beauty and fashion e-commerce firm FSN E-Commerce Ventures, owner of Nykaa brand, on Wednesday said it has posted a nearly four-fold jump in consolidated net profit at Rs 9 crore for the March 2024 quarter.

The company registered a net profit of Rs 2.27 crore in the January-March period a year ago, according to a regulatory filing.

The consolidated revenue from operations increased by about 28 per cent to Rs 1,668 crore during the reported quarter from Rs 1,302 crore in the March 2023 quarter.

For the year ended on March 31, 2024, Nykaa posted an 89.6 per cent jump in net profit to Rs 39.74 crore from Rs 20.96 crore in the financial year (FY) 2023.

The annual revenue of Nykaa increased by about 24 per cent to Rs 6,385.62 crore in FY24 from Rs 5,143.8 crore in FY23.

Nykaa's gross merchandise value (GMV) grew by 32 per cent to Rs 3,217.2 crore on a year-on-year basis with the beauty and personal care segment accounting for 67 per cent share, fashion (26 per cent) and other segments contributing 7 per cent.

The company reported an 8.2 per cent growth in stores to 187 units across India, comprising 79 stores for Nykaa Ontrend, 67 Nykaa Lux -- the luxury stores and Nykaa Kiosk.

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