FSN E-Commerce Ventures, parent company of beauty and fashion brand Nykaa, on Wednesday, reported a 71.8 per cent year-on-year (YoY) decline in its net profit to Rs 2.4 crore for the quarter ended March 31. Its net earnings were Rs 8.5 crore a year ago.
The company’s fashion business witnessed a demand slowdown; its expenses surged, too, due to growing material and employee costs.
Nykaa’s revenue, on the other hand, increased 33.7 per cent to Rs 1,302 crore in Q4 FY23, up from Rs 973 crore in the same period a year ago. However, revenue declined on a sequential basis from Rs 1,463 crore.
In FY23, Nykaa’s revenue from operations rose to Rs 5,144 crore from Rs 3,774 crore in FY22, an increase of more than 36 per cent.
The firm’s expenses in Q4FY23 jumped 33 per cent to Rs 1,303 crore versus Rs 979 crore in the corresponding period the previous financial year. Cost for materials consumed rose from Rs 16.6 crore in Q3 to Rs 97.2 crore in Q4.
Unlike its fashion business, the company claimed, in its quarterly update, that its beauty and personal care products saw ‘robust’ demand in Q4. The average order value (AOV) stood at Rs 1,803, up 5 per cent over the previous year.
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