Hockey India: Nykaa Q1FY24: revenue from operations up 24% y-o-y, profits rise by 8%

NEW DELHI: Nykaa’s web profits within the June quarter elevated by 8% year-on-year on a consolidated foundation to Rs 5.4 crore. Revenue from operations grew by practically 24% y-o-y to Rs 1,421.8 crore, helped by a robust progress in its core magnificence enterprise. “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. Fashion’s consumer brands also experienced steady growth with our own labels now spanning across categories,” govt chairperson, MD & CEO Falguni Nayar mentioned in a press release.

Gross merchandise worth (GMV) for its magnificence and private care enterprise grew by 24% y-o-y to Rs 1,850.8 crore within the quarter. The firm mentioned that about 80% of its GMV through the June quarter got here from its current clients. Annual transacting clients for the phase expanded to 10.3 million on the finish of Q1FY24 from 6.5 million two years in the past. “The continually growing share of existing customers while expanding the base signals very healthy and sustainable customer acquisitions and is a reflection of positive shopping and post order experiences,” the agency mentioned.
The style enterprise GMV, although posted a progress of 12% in Q1 amid tepid business demand, remained slower than the long-term trajectory. In the style house, Nykaa competes with a number of gamers ranging from Myntra to Reliance’s Ajio. Average order worth on the style platform stood at over Rs 4,400 on the finish of Q1 from Rs 4,000 two years in the past. “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,” Nayar mentioned.