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Nykaa Q4FY24 PAT grows to Rs 9 crore; revenue jumps 28%

Nykaa Q4FY24 PAT grows to Rs 9 crore; revenue jumps 28%

| @indiablooms | 22 May 2024, 09:06 pm

Mumbai: FSN E-Commerce Ventures, the owner of personal care (BPC) firm Nykaa, reported a rise in its Q4FY24 net profit of Rs 9 crore, growing more than four times from Rs 2 crore the same period last year.

The jump in PAT came riding on better customer acquisition strategies and higher platform sales conversions.

The Falguni Nayar-led company reported a revenue of Rs 1,668 crore, up 28 percent from Rs 1,302 crore in the same period last year.

In the previous quarter, the company had earned a revenue of Rs 1,789 crore and reported a profit of Rs 17 crore.

The company issued a statement in April highlighting that its BPC division was witnessing considerable growth well ahead of the industry.

Media reports said, citing analysts, that Nykaa is facing strong competition from Reliance Retail’s Tira and Walmart-owned Myntra, among others.

New entrants like Myntra also expanded their base in BPC as fewer customers buy similar products on platforms like Amazon and Flipkart.

They are interested in newer companies, which provide better discounts and are an Nykaa’s substitute, at least for the moment.

For the whole of FY24, the company said its revenue from operations jumped 24 percent year-on-year (YoY) to Rs 6,386 crore and PAT soared 90 percent to Rs 40 crore during the same period.

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