Sugar Cosmetics reports 90% revenue growth in FY23, remains on track for profitability

Beauty and personal care business Sugar Cosmetics has reported 90% growth in its revenue over the past financial year. Eyeing profitability by the end of the 2024 financial year in March, the business announced that it remains focused on financial stability. 

“With our gross margins continuing to improve and and trend at nearly 73% (up 280 basis points over FY22) for the overall business, we are confident of hitting break-even in the current fiscal,” said Sugar Cosmetics’ co-founder and chief operations officer Kaushik Mukherjee, ET Retail reported. “We are excited to continue to grow into becoming a key player in India’s fast-growing beauty and personal care landscape- and the results of all the hard work that the team has put in are there for all to see.”
 
Sugar Cosmetics also reported that its earnings before interest, tax, depreciation, and amortisation margin was also up by 16% in the 2023 financial year, the Economic Times reported. The 2023 financial year saw Sugar Cosmetics report a revenue total of Rs 428.4 crore compared to Rs 223.8 crore in the 2022 financial year. 

Vineeta Singh and Kaushik Mukherjee launched Sugar Cosmetics in 2012 and the business specialises in cruelty free beauty. Operating on an omni-channel retail model, the business has opened several brick-and-mortar stores this year, including in Ghaziabad’s KW Delhi 6 mall.