Honasa Consumer shares extend losses for second session, shed 34% in 2 days
Honasa Consumer, the parent company of Mamaearth, extended losses for the second consecutive session, falling 34% over two days to their 52-week low of Rs 242.60 on the BSE, after the company’s Q2 results disappointed the Street.
Mamaearth shares fell by 18% in Tuesday's session, following a 20% decline in yesterday's trade.
The company reported a net loss of Rs 19 crore for the July-September quarter, compared to a profit of Rs 29 crore in the same period last year. Revenues for the quarter fell 7% year-on-year to Rs 462 crore, driven by sluggish demand, a one-time inventory correction of Rs 630 crore, and mounting pressures on its direct-to-consumer (D2C) distribution model.
Following the Q2 results, the stock was also downgraded to a ‘Sell’ rating from a previous ‘Buy’ recommendation on Monday. The domestic brokerage firm Emkay Global sharply cut its target price by 50% to Rs 300.
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