Multi-brand beauty and lifestyle retailer Nykaa reported a 50% increase in its consolidated net profit in the second quarter of the 2024 financial year at Rs 7.8 crore. The omni-channel business’ revenue from operations and gross merchandise value also grew during the quarter.
Nykaa’s parent company FSN E-Commerce Ventures had reported a net profit of Rs 5.2 crore during the second quarter of the 2023 financial year providing a high base for its double-digit growth. The business’ consolidated revenue from operations was up by 22.4% at Rs 1,507 crore and its gross merchandise value increased by 23% year-on-year in the quarter ending on September 30, the Press Trust of India reported.
“Discounting has increased in this category due to proliferation of a number of home-grown brands as well as increasing number of international brands making India a priority market,” said the business in a statement, India Retailing reported. “Physical retail business continued to expand in post-Covid world on the back of 13 new stores launched in the quarter, totalling 165 stores as of September 30, 2023.”
Along with its beauty empire, Nykaa also runs an e-commerce platform dedicated to fashion and lifestyle. The business’ consolidated revenue from operations for its fashion arm increased by 28% year-on-year in the recent quarter to total Rs 130.5 crore.
“This was on the back of strong growth of 32% year-on-year in NSV in the second quarter FY 2024, led by an increase in annual unique transacting customer, which grew at 30% year-on-year to 2.8 million as on September 30, 2023,” said Nykaa in a statement.
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