Nykaa net profit rises 50% to Rs 7.8 crore in Q2

New Delhi: Beauty and fashion e-tailer FSN e-Commerce Ventures, which operates under Nykaa brand name, on Monday reported a 50 per cent increase in consolidated net profit to Rs 7.8 crore in the second quarter ended September 2023.

The company had posted a net profit of Rs 5.2 crore in the same period a year ago, Nykaa said in a regulatory filing.

The consolidated revenue from operations of Nykaa grew 22.4 per cent to Rs 1,507 crore during the reported quarter from Rs 1,230.82 crore a year ago.

Nykaa in a statement said the consolidated beauty and personal care (BPC) GMV (gross merchandise value) grew 23 per cent year on year (YoY), with an net sale value (NSV) growth of 19 per cent YoY.

"Discounting has increased in this category due to proliferation of a number of home-grown brands as well as increasing number of international brands making India a priority market. Physical retail business continued to expand in post-Covid world on the back of 13 new stores launched in the quarter, totalling 165 stores as of September 30, 2023," the company said.

The consolidated revenue from operations in fashion business of the company grew to Rs 130.5 crore, up 28 per cent year on year.

"This was on the back of strong growth of 32 per cent YoY in NSV in the second quarer FY 2024, led by an increase in annual unique transacting customer (AUTC), which grew at 30 per cent YoY to 2.8 million as on September 30, 2023," the statement said.