“Overall, the first half of FY24 performance sets up Nykaa well for the year with the second half historically witnessing superior consumer demand,” the company said in the filing.
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This growth was supported by the success of its flagship event, ‘Hot Pink Sale’, in July.
During afternoon trading, Nykaa shares climbed 1.5% to Rs 149.15 on the BSE on Thursday. The shares are still way below their November 2021 listing price of Rs 1,125.
The beauty and personal care (BPC) segment is the biggest contributor to Nykaa’s revenue. “Our BPC business NSV for the quarter is expected to grow around twenty percent on YoY basis,” the company said in the stock exchange filing.
Nykaa Fashion has optimised its core product categories along with an improvement in order volumes. It expects the net sales value of the fashion vertical to grow by approximately 30% year on year in the second quarter.
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The apparel industry witnessed slow demand this quarter, but is expected to see positive trends and an improved performance during the festive season. Platforms such as Flipkart, Amazon India and Myntra are going live with their flagship sales this week.Sales in terms of gross merchandise value are likely to be between $9.7 billion and $11 billion this festive season, rising roughly 15-16% from a year earlier, according to data from market research company Datum Intelligence and consulting and research firm 1Lattice.
On August 11, ET reported that the company witnessed a 13.5% year-on-year increase in consolidated net profit to Rs 6.45 crore for the first quarter. Revenue from operations during the period increased 24% to Rs 1,421.8 crore.
Founded in 2012 as an online beauty platform, Nykaa expanded its product categories by introducing online platforms such as Nykaa Fashion, Nykaa Man, and Superstore.