Mamaearth-parent Honasa Consumer soars over 14% on strong Q2; up 37% in 2 sessions
a 20 percent jump in the previous session, shares of Mamaearth-parent Honasa Consumer hit a new record high in intra-day deals on Friday on the back of strong September quarter (Q2FY24) results and global brokerage Jefferies raising target price. The stock surged as much as 14.5 percent in intra-day deals today to hit its new high of ₹484. Meanwhile, in just 2 sessions, it has soared 37 percent.
Listing at a mere 2 percent premium at ₹330 to its IPO price on November 7, this year, the stock has already rallied over 49 percent from its issue price of ₹324. Meanwhile, it has jumped 89 percent from its 52-week low of ₹256.10, hit on November 10, 2023. In the September quarter earnings, the firm's net profit doubled to ₹30 crore.
This was the first quarterly result after the company got listed on the bourses. Meanwhile, its revenue grew 21 percent to ₹496 crore in the quarter under review. Also, the company said that its revenue grew 33 percent in the first half of FY24 when the median growth of the FMCG industry was 9 percent.
"Honasa (parent company of Mamaearth) has been able to deliver market-beating growths and constantly improve the profitability portfolio of the company. Our business has grown by 33 percent YoY in H1 FY24 which is 3.8 times the median growth of FCMG companies in India," said Varun Alagh, Chairman and CEO, Honasa Consumer. "Our profits grew much faster than our revenues, with H1 profit after tax growing by 1,377 percent to ₹54 crore.
Dr Sheths has become the 4th brand from Honasa portfolio to enter the ₹150 crore Club after Aqualogica and Derma Co. We will continue to deliver on our commitments to our business, consumers, and investors," he added. Honasa Consumer’s Q2 EBITDA grew 53 percent YoY to ₹40
. Read more on livemint.com
