FSN E-Commerce Ventures, which operates online beauty and fashion retailer Nykaa witnessed an 8 percent rise in net profit to Rs 5.43 crore ($6,01,774), as against Rs 5 crore in the year-ago period.
The company’s revenue for the quarter rose by 24 percent to Rs 1,421 crore, as against Rs 1,148 crore in the corresponding quarter of the previous fiscal year.
Commenting on the Q1 results, Falguni Nayar, executive chairperson of Nykaa in a statement said, “Our beauty vertical continues to shape into an ecosystem of its own – with steady and balanced growth across our online platforms, physical footprint as well as our consumer brands. Nykaa Fashion’s growth in the quarter was much ahead than the industry growth but below its long-term trajectory.”
“The Nykaa ethos to grow businesses and brands with passion, but also with discipline, is again visible in the way Superstore by Nykaa and our beauty brand Dot & Key have seen significant scale quickly – all while improving the underlying unit economics. Dot & Key has crossed an annualized GMV run rate milestone of Rs 300 crore, growing five-fold in two years while achieving profitability,” he added.
Nykaa offers beauty and fashion products on its website and at stores, competing with rivals Tata Group and Reliance, both of which have interests in the fast-growing $16 billion beauty and personal care market.
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