- FSN E-Commerce Ventures running Nykaa posts net profit of 5 crore in the June quarter, with sales up 41% to ₹1,148 crore as demand improves
- Founder and CEO Falguni Nayar says the company posted good sales in the June quarter despite the challenging environment.
- It has accelerated its offline expansion with 8 brick-and-mortar stores in cities such as Pune, Coimbatore, Delhi and Ranchi, with store numbers reaching 113 stores in 52 cities.
FSN E-Commerce Ventures, the parent company of online retailer Nykaa, Friday reported net profit of 5 crore in the April-June quarter, as sales grew 41% to ₹1,148 crore, supported by signs of demand recovery across all sectors. branches. Successively, Nykaa’s net profit fell by 34% as it reported a profit of ₹7.6 crore in the March quarter.
Founder and CEO Falguni Nayar said the company posted good sales in the June quarter despite the challenging environment. “Our business continues to grow across all verticals despite an unfavorable and challenging macroeconomic environment, demonstrating the strength of our business fundamentals and unique customer-centric experiences. The beauty industry, both online and offline, is witnessing growth momentum while increasing efficiencies across the value chain,” said Nayar.
Gross trade value increased 47% year-on-year to 2,155.8 crore in the first quarter of FY23.
|Particularities||Q1 FY23||Q1 FY22||% Modify|
|Revenue from operations||₹1,148 crore||₹817 crore||41%|
|Gain||₹5 crores||₹3.5 crores||42%|
|EBITDA||4%||3.3%||71 basis points|
Nykaa, which has opened stores to help consumers recognize their brand, has accelerated its offline expansion with 8 brick-and-mortar stores in cities such as Pune, Coimbatore, Delhi, Ranchi, Ahmedabad and Kolkata. This brings the total number of physical stores to 113 stores in 52 cities. The company plans to triple the number of stores to 300 in 100 cities.
The company is also preparing for the upcoming holidays and will resume offline shopping. “As a result of the significant discipline we have ensured in our retail operations during the periods affected by COVID, we are now witnessing the positive effect of scale on our unit economy, especially with the return of offline shopping. Consumer demand for beauty, personal care and wellness is also showing early signs of recovery and we are gearing up for a promising holiday season this year,” she said.
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