Nykaa’s profit zooms 66 per cent

Beauty and fashion firm FSN E-commerce, which operates Nykaa, posted a 66% jump in profit after tax (PAT) year-on-year to Rs 13 crore compared to Rs 7.8 crore a year ago.

Revenue from operations stood at Rs 1,874.7 crore, up 24% from Rs 1,507 crore in Q2FY24. Ebitda stood at Rs 103.7 crore, up 29% y-o-y with Ebitda margin at 5.5%, up 19 basis points. Adjusted Ebitda margin (before ESOP expenses, GCC business and organisational restructuring expenses) came in at 6.2%, up 70 basis points over last year.

Consolidated GMV for Q2 stood at Rs 3,652.5 crore, up 24% from Q2FY24, driven by a steady 29% growth in the beauty and personal care (BPC) segment. The beauty segment’s GMV grew to Rs 2,783.3 crore from Rs 2,542.9 crore a year ago, while fashion segment GMV grew 10% to Rs 863.3 crore.

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Revenue from the BPC segment grew 24% to Rs 1,702.9 crore and the fashion segment’s revenue rose 22% to Rs 166.1 crore in Q2FY25. 

Nykaa’s cumulative customer base grew 31% annually to 37 million in Q2FY25, the company said.

Discounting in the beauty segment has started to moderate, the management added, though it continues to be elevated in some pockets. “There is a retailer-funded discounting from horizontals that continues as there is a softness in their other core categories like fashion, there is an aggressive play on the beauty side, but it is starting to moderate slightly from the peak,” Anchit Nayyar, ED and CEO – beauty e-commerce, FSN E-commerce, said in an analyst call. 

On the fashion front, Nykaa said the first half was muted on account of seasonality and because of the festive and wedding season being concentrated in the second half of FY25.

“I wanted to point out that the strong content revenue in LBB, the subsidiary that is acquired by fashion business is responsible for strong growth in revenue growth momentum in the fashion business,” Falguni Sanjay Nayyar, MD and CEO, FSN E-commerce, said during the company’s post-earnings call.

New customer acquisitions grew 31% for the beauty multi-brand retail segment,

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