Nykaa’s Q3 FY24 Net Profit Soars 105% to Rs 17.4 Cr
- ByStartupStory | February 6, 2024
Nykaa, the beauty retailer, achieved its highest-ever quarterly profit in Q3 FY24, propelled by robust demand during the festive season. Led by strong festive season demand, Nykaa’s parent company, FSN E-commerce Ventures, reported a staggering 105% increase in quarterly profit, reaching Rs 17.4 crore in Q3 FY24, up from Rs 8.4 crore in the previous year.
“The Falguni Nayar firm’s revenue from operations rose 22% to Rs 1,788.7 crore year-over-year (YoY),” the company reported. However, total expenses also surged by 21%, reaching Rs 1,769.8 crore compared to Rs 1,455.7 crore in the year-ago period.
Nykaa’s Pink Friday Sale, held in November last year, witnessed a record number of unique visitors, with gross merchandise value (GMV) experiencing a remarkable 67% year-over-year growth. The overall GMV for the firm grew by 29% to Rs 3,619 crore YoY.
“Beauty and personal care—Nykaa’s biggest revenue generator—recorded a 25% YoY rise in GMV to Rs 2,369.7 crore in the October-December quarter,” the company disclosed. Meanwhile, Nykaa Fashion observed a significant 40% rise in GMV to Rs 1,012.5 crore during the same period.
At market close on Tuesday, Nykaa shares were trading at Rs 160.55 apiece on the Bombay Stock Exchange. In a stock exchange filing, Nykaa announced an investment of Rs 150 crore into Nykaa Fashion through a rights issue, aimed at repaying loans provided by Nykaa to the fashion vertical.
Additionally, the Board approved the acquisition of Nykaa Fashion’s athleisure and lingerie business in a slump sale. “This move aims to streamline and consolidate owned brand business in a single entity in a phased manner, similar to beauty owned brands business already within FSN E-commerce Ventures Ltd,” Nykaa stated in a press release.
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