Nykaa shares turn positive for 2023 after best single day gain in five months

For the September quarter, Nykaa's parent company reported a 50% jump in its consolidated net profit to ₹7.8 crore. Its revenue from operations surged 22% to ₹1,507 crore from ₹1,230.82 crore last year.

Nykaa had mentioned that its revenue rose in the second quarter despite a delay in the festive season compared to the last year. The company at an analyst concall had stated that the festive season got delayed by almost 20 days to little more than that.

As a result, the second quarter was impacted with hardly any days of festivals coming into the second quarter and hence, at the margin, some amount of growth has got impacted, both at the NSV level as well as at the GMV level, the company said.

The beauty and personal care gross merchandise value rose 23% compared to the year-ago period with a net sales value growth of 19% over the last 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 stated.

Shares of Nykaa are trading 6.1% higher at ₹162.85. The stock is now up 5% for 2023.