Nykaa’s profit jumped 138% from INR 2.3 Cr in the preceding March quarter on the back of a strong growth in beauty and online vertical platforms
Operating revenue jumped to INR 1,421.8 Cr in Q1 FY24 from INR 1,148.4 Cr in the corresponding quarter of last fiscal
Nykaa said its overall gross merchandise value (GMV) grew 24% YoY to INR 2,667.8 Cr in Q1 FY24
Beauty and fashion ecommerce major Nykaa’s net profit jumped 8.2% year-on-year (YoY) to INR 5.4 Cr in the first quarter of the financial year 2023-2024 (FY24), helped by strong growth in beauty vertical online platforms and physical stores. The startup posted a net profit of INR 5 Cr in the year-ago quarter.
Meanwhile, profit jumped 138% from INR 2.3 Cr in the preceding quarter – Q4 FY23.
The Falguni Nayar-led startup’s operating revenue jumped to INR 1,421.8 Cr in Q1 FY24 from INR 1,148.4 Cr in the corresponding quarter of last fiscal. On a quarter-on-quarter (QoQ) basis, it grew 9.2% from INR 1,301.7 Cr.
Nykaa said its overall gross merchandise value (GMV) grew 24% YoY to INR 2,667.8 Cr in Q1 FY24. This was also a jump from INR 2,445.4 Cr GMV the startup reported in Q4 FY23.
Beauty vertical’s GMV grew 24% YoY to INR 1,850.8 Cr in the quarter under review. It also rose 13.6% on a QoQ basis.
Meanwhile, the fashion vertical, which was seeing a slow down for the last few quarters, also seems to have regained some of its mojo. GMV of Nykaa’s fashion vertical rose 12% YoY to INR 653.7 Cr in Q1 FY24. However, on a QoQ basis, it declined from INR 664.1 Cr.
“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,” said Falguni Nayar, Nykaa’s executive chairperson, MD, and CEO.
Nayar said that the fashion vertical’s consumer brands also experienced steady growth, with the company’s own labels now spanning across categories – western wear, Indian wear, lingerie, menswear, accessories and much more.
“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,” she said.
(The story will be updated soon.)
