Nykaa Q2 Results: Net profit rises 50% led by beauty and personal care business, revenue up 22%

The consolidated beauty and personal care gross merchandise value rose 23% year-on-year, with a net sales value growth of 19% year-on-year. "Discounting has increased in this category due to proliferation of a number of home-grown brands as well as increasing number of international brands making India a priority market," Nykaa said in a press release.

Nykaa noted that the physical retail business continued to expand post-COVID on the back of 13 new stores launched in the quarter, taking the total number of stores to 165 as of September 30, 2023. The retail business now constitutes 8% of the overall beauty and personal care gross merchandise value. Nykaa's brands in beauty experienced Net Sales Value growth of close to 21% year-on-year.

The fashion business' consolidated revenue came at ₹130.5 crore, up 28% on a year-on-year basis. "This was on the back of strong growth of 32% YoY in NSV in Q2 FY2024, led by an increase in annual unique transacting customer (AUTC) which grew at 30% YoY to 2.8 million as on September 30, 2023." 

New businesses at Nykaa, the company said in an exchange filing, which includes Superstore by Nykaa, witnessed a NSV of ₹98.6 crore for the quarter,  a 105% on a year-on-year basis. Superstore business has scaled up to serving almost 1.3 Lakhs transacting retailers across 770 cities as on September 30, 2023.

On standalone basis, the total income stood at ₹64.3 crore, down from 83.47 crore in September 2022 quarter. 

During the quarter, the company acquired 100% stake in Iluminar Media Private Ltd for a total consideration of ₹29.27 crore. 

The shares of the company ended 5% higher on Monday, ahead of the announcement of its quarterly numbers.