Nykaa Q1 Results: Net profit drops 27% to ₹3.3 crore, revenue up 24% YoY

livemint.com:

Nykaa Q1 Results: FSN E-Commerce Ventures, which operates beauty and fashion retailer Nykaa, released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 11, reporting a decline of 27 per cent in net profit at ₹3.3 crore, compared to ₹4.5 crore in the corresponding period last year. The company's revenue from operations during the first quarter of current fiscal stood at ₹1,422 crore, registering a growth of 24 per cent, compared to ₹1,148 crore in the year-ago period. The company's total expenses rose 22 per cent to ₹1,418.8 crore during the June quarter, compared to ₹1,148 crore in the last year period.

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter reported a growth of 60 per cent year-on-year (YoY) at ₹73.5 crore, while EBITDA margin stood at 5.2 per cent, up 116 basis points, compared to 4 per cent in the year-ago period. During the June quarter, Nykaa's gross merchandise volume (GMV) grew 24 per cent YoY to ₹2,667.8 crore. The physical retail space increased by 43 per cent YoY with 152 stores as of June 30, 2023.

‘’Dot & Key, acquired by Nykaa in 2021, has witnessed a GMV growth of over 5 times since it became part of the Nykaa ecosystem. The brand is profitable and has crossed an annualized GMV run rate (based on Q1 FY2024 GMV) of ₹300 crore'', said Nykaa in a regulatory filing to the stock exchanges. The fashion segment's GMV grew 12 per cent in Q1 FY24, slower than the long-term trajectory.