Honasa Consumer Ltd, the parent company of direct-to-consumer brands like Mamaearth, The Derma Co, and Bblunt witnessed a 73 percent rise in net profit to Rs 29 crore ($3.5 million) for the second quarter, as against Rs 17 crore in the year-ago period.
The company’s revenue for the quarter rose by 21 percent to Rs 496 crore, as against Rs 410 crore in the corresponding quarter of the previous fiscal year.
Commenting on the performance, Varun Alagh, chairman CEO of Honasa Consumer Ltd in a statement said, “I am proud of the Q2 and H1 FY24 results. The beauty market in India is brimming with opportunities, and we are receiving a lot of consumer love for our on-trend innovations across brands. Honasa has been able to deliver market beating growths and constantly improve the profitability portfolio of the company. Our business has grown by 33% YoY in H1 FY24 which is 3.8 times the median growth of FCMG companies in India.”
“Mamaearth, our largest brand has entered the top 15 BPC brands in India, overtaking many legacy brands, as per a report by Jefferies. Our profits grew much faster than our revenues, with H1 PAT growing by 1,377% to 54 crore. Dr Sheths has become the 4’th brand from Honasa portfolio to enter the 150-crore club after Aqualogica and Derma Co. We will continue to deliver on our commitments to our business, consumers, and investors,” he added.
Honasa Consumer Limited, is the largest digital-first beauty and personal care company with a diverse portfolio of six brands. This is the company’s first quarter earnings update since its stock market debut earlier this month.
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