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Indian beauty-to-fashion retailer Nykaa reported a 49% contraction in consolidated profits as profit for the quarter ended in March 2022 came in at Rs 8.56 crores as opposed to Rs 16.88 crores reported in the corresponding quarter last year.
However, the company reported a 31% growth in revenues as the figure for the quarter stood at Rs 973.32 crores against Rs 740.52 crores last year. Earnings suffered from high marketing and other expenses while demand for personal care and fashion products was dull. Total expenses surged 35% to Rs 978.64 crores.
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The company's monthly average unique visitors for its fashion vertical grew 60% YoY to 1.6 crores as the number of orders also soared 62.5%. The average order value for the quarter ending March 2022 grew 18% to INR 3,632 in Q4 FY22. Nykaa Fashion's GMV also rose to INR 482.7 Cr from INR 261.9 Cr during the quarter as Nykaa's fashion segment amounts to 25% of the company's GMV.
FSN E-Commerce, the parent of Nykaa, launched its IPO in 2021 and got listed in November 2021. The stock moved well for about a month before it began declining in December. However, the company's stock picked up the pace once again in March as it performed well even when market volatility was high on account of the Russia-Ukraine war. But, the stock began declining once again in late April to close at Rs 1,364.85 per share on Friday, marking a 34.9% loss to investors since the beginning of 2022.
Article by Aman Agarwal.
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