08 November 2023, Mumbai
Beauty and fashion e-tailer FSN e-Commerce Ventures, operating as Nykaa, saw a significant 50% rise in consolidated net profit, reaching Rs 7.8 crore in the second quarter of September 2023, compared to Rs 5.2 crore in the same period the previous year.
Nykaa's consolidated revenue surged by 22.4%, hitting Rs 1,507 crore during the reported quarter, compared to Rs 1,230.82 crore a year ago.
Nykaa also reported a 23% year-on-year growth in the gross merchandise value (GMV) of its beauty and personal care (BPC) segment, with a 19% increase in the net sale value (NSV).
Backdrop
This increase was attributed to the growing popularity of home-grown and international brands in India's beauty market.
Furthermore, Nykaa continued to expand its physical retail presence, adding 13 new stores in the quarter, bringing the total to 165 stores as of September 30, 2023.
In the fashion business, the consolidated revenue from operations grew by 28% year on year, reaching Rs 130.5 crore.
