Online cosmetics retailer Nykaa's Q2 net more than doubles to Rs 5.2 cr

Revenue for the quarter was up 39% YoY to Rs 1,230.8 crore

The online retailer of clothing and cosmetics Nykaa announced a net profit of Rs 5.2 crore for the second quarter of FY23, a growth of almost 300% from Rs 1.2 crore. The profit number increased by 4% sequentially.

Revenue for the quarter increased 7% sequentially and by 39% YoY to Rs 1,230.8 crore.

The business claimed that it maintained its strong GMV growth throughout the quarter, and that improvements in the gross margin, fulfilment costs, and marketing costs led to an increase in the Ebitda margin year over year.

"Our online and physical presence in beauty has yielded excellent growth with better margins," said Falguni Nayar, executive chairman, MD, and CEO. As we prepare for a positive H2 FY23, consumer demand for luxury beauty, personal care, and wellness is exhibiting signs of buoyancy.

GMV increased by 45% to Rs 2,345 crore during the quarter.

According to Nayar, the business is investing in future growth engines, including SuperStore by Nykaa. "The international business is looking bright, including our partnership with the Alliance Group in the GCC. Each of these initiatives, in line with the Nykaa approach, works to develop the company model in a sustainable way, she continued.

Source:- https://www.business-standard.com/article/companies/online-cosmetics-retailer-nykaa-s-q2-net-more-than-doubles-to-rs-5-2-cr-122110100831_1.html