FSN E-Commerce Ventures, parent firm of beauty and fashion retailer Nykaa reported a 187 percent jump in net profit to Rs 7 crore ($8,40,674) during the fourth quarter ended March 31, as against Rs 2 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 28 percent to Rs 1,668 crore, as against Rs 1,302 crore in the corresponding quarter of the previous fiscal year.
For the full fiscal year 2024, the company’s net profit grew by 80 percent to Rs 69 crore from last fiscal’s Rs 38 crore while its revenue rose by 24 percent year-on-year (YoY) to Rs 6,385 crore.
“Nykaa’s beauty business crossed the milestone of US$1 billion gross merchandise value (GMV) in FY2024, up 25% YoY. The consolidated beauty personal care GMV growth for Q4 FY2024 was 30% YoY, highest growth in the last 6 quarters, with accelerated customer acquisition driving superior order growth,” Nykaa said in a press release.
“Our fashion business has deepened its position as a premium women’s fashion destination this year. Nykaa Fashion GMV witnessed growth of 27% YoY in FY2024 and a growth of 27% YoY in Q4 FY2024,” it added.
During the quarter, Nykaa launched its omnichannel beauty platform ‘Nysaa’ in the GCC region.
Nykaa expanded its physical retail footprint by adding 42 stores to end the financial year with 187 stores across 68 cities.
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