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Nykaa, the online fashion and cosmetics retailer, posted a net profit of Rs 5.2 crore for the second quarter of FY23, up over 300 per cent year on year from Rs 1.2 crore. Sequentially, the profit figure was up four per cent.
Revenue for the quarter was up 39 per cent YoY to Rs 1,230.8 crore, and rose seven per cent sequentially.
The company said it continued to demonstrate strong GMV growth during the quarter, with improvement in gross margin, efficiency in fulfilment and marketing cost lead to improvement in Ebitda margin YoY.
Falguni Nayar, executive chairperson, MD and CEO, said, “Our online and offline presence in beauty has delivered strong growth with improving margins. Consumer demand for premium beauty, personal care and wellness is showing signs of buoyancy as we gear up for a promising H2 FY23.”
GMV for the quarter grew 45 per cent at Rs 2,345 crore.
Nayar said the company is investing in growth engines of the future, particularly SuperStore by Nykaa. “The International business, which includes our venture with the Alliance Group in the GCC, is promising. True to the Nykaa way, each of these efforts is towards building the business model in a sustainable manner,” she added.