Beauty and fashion e-commerce firm FSN E-Commerce Ventures, owner of the Nykaa brand, said on Wednesday it has posted a nearly four-fold jump in consolidated net profit at Rs 9 crore for the March 2024 quarter.
The company registered a net profit of Rs 2.27 crore in the January–March period a year ago, according to a regulatory filing. The consolidated revenue from operations increased by about 28 percent to Rs 1,668 crore during the reported quarter from Rs 1,302 crore in the March 2023 quarter.
For the year ended on March 31, 2024, Nykaa posted an 89.6 percent jump in net profit to Rs 39.74 crore from Rs 20.96 crore in the financial year (FY) 2023. The annual revenue of Nykaa increased by about 24 percent to Rs 6,385.62 crore in FY24 from Rs 5,143.8 crore in FY23.
Read: Nykaa’s Co-Founder Adwaita Nayar Named Young Global Leader In World Economic Forum’s Class of 2024
Nykaa's gross merchandise value (GMV) grew by 32 per cent to Rs 3,217.2 crore on a year-on-year basis, with the beauty and personal care segment accounting for 67 per cent of the share, fashion (26 per cent), and other segments contributing 7 per cent. The company reported 8.2 per cent growth in stores to 187 units across India, comprising 79 stores for Nykaa Ontrend, 67 Nykaa Lux—the luxury stores—and Nykaa Kiosk.
In a major restructuring in its business verticals, the company board has approved the acquisition of Nykaa Fashion Limited's western wear and accessories business by parent FSN E-commerce. The deal will have a cash consideration of Rs 133.7 crore.
Meanwhile, Nykaa also got board approval to combine Nykaa Fashion and Little Black Book (LBB), its content delivery arm. The board has approved the merger of LLB and Nykaa Fashion in principle. The transfer of stakes for the same will be completed by December 2024, as per the company.
(With inputs from PTI)
