Nykaa says revenue may grow in mid-twenties

7 Jul 2023 , 03:13 PM

Nykaa, a beauty and fashion etailer, announced on Friday that its Q1FY24 consolidated revenues are expected to grow in the mid-twenties year on year (YoY).

Nykaa stated in its performance update for the first quarter (Q1) of FY24 that its beauty and personal care (BPC) business remains strong despite a slowdown in overall discretionary spending.

‘Our BPC business NSV (net sales value) is expected to grow in the early twenties year on year. This is backed by robust urban demand in the category,’ according to the update.

Despite a drop in consumer spending, Nykaa’s fashion business has shown relative resilience through steady improvement in order volume and sustained average order value on a year-on-year basis.

According to the company, Nykaa’s Fashion NSV for Q1FY24 is expected to grow in the low-to-mid-teens.

Nykaa’s said that its holding company, FSN E-Commerce Ventures, logged a 71.83% y-o-y decline in net profit of March quarter at Rs 2.4 crore. Whereas, the company’s consolidated revenues jumped by 33.75% to Rs 1,301 crore.

At around 3.15 PM, Nykaa was trading 1.56% lower at Rs 141.75, against the previous close of Rs 144 on NSE. 

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