(MENAFN- IANS) New Delhi, Nov 12 (IANS) Despite the onset of festive season, online beauty and fashion ecommerce major Nykaa saw its consolidated net profit declining almost 5 per cent to Rs 12.97 crore in the July-September period (quarter-on-quarter), according to its financials on Tuesday.
The Q2 FY25 net profit declined from Rs 13.64 crore reported in the preceding June quarter, according to the company's financials with the stock exchange.
According to FSN e-commerce Ventures Limited, the parent company of Falguni Nayar-led Nykaa, revenue from operations increased 24 per cent (on-quarter) to Rs 1,874.74 crore in Q2 FY25, from Rs 1,746.11 crore in Q1 this fiscal.
Total expenses surged 23.7 per cent year-on-year (YoY) and 7.3 per cent QoQ to Rs 1,858.93 crore.
During the quarter, consolidated gross merchandise value (GMV) grew 24 per cent YoY to Rs 3,652 crore.
According to the company, the beauty vertical recorded a 29 per cent GMV growth, reaching Rs 2,7,83 crore in Q2, fuelled by new customer acquisition growth of 31 per cent.
Nykaa Fashion witnessed a revenue growth of 22 per cent and GMV grew 10 per cent (on-year).
The company now operates the largest beauty retail network of 210 physical stores spanning 72 cities.
“There was 25 per cent YoY growth in retail space, including two new flagship stores launched in Mumbai and Delhi,” said the company.
Its distribution business Superstore by Nykaa continues to see strong GMV growth of 80 per cent YoY as it continues to expand its operations across the country.
India is set to become one of the world's most influential markets for beauty and personal care -- soaring higher than China, the US, Japan, and South Korea, according to a latest report by Nykaa.
The report by online beauty and fashion marketplace showed that India is set to see a 10-11 per cent growth by 2028 and will reach $34 billion in the beauty, and personal care market.
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