After bumper listing, Nykaa reports 96% drop in Q2 net profit

After bumper listing, Nykaa reports 96% drop in Q2 net profit

Fashion and cosmetics online retailer Nykaa’s net profit fell 96 per cent on a year-on-year (YoY) basis to Rs 1.1 crore in the September quarter (Q2, or Q2) and 69 per cent as compared to the June quarter.

The company, which has gained Rs. 1 trillion, saw its revenue from operations grow 47 percent year-on-year to Rs 885 crore.

Nykaa’s marketing and advertising spend grew 286 per cent to Rs 121 crore in the September quarter, from Rs 31.5 crore in the year-ago period. However, the company said that its gross profit margin in the September quarter rose by 345 basis points to 39.3 per cent as compared to the corresponding quarter of the previous fiscal.

Falguni Nair, CEO and Founder, Nykaa, said, “We have maintained the momentum of growth in our beauty business, accelerated our fashion business, and focused on building brands with strong marketing campaigns – both digital and mass media.”

“Customer acquisition accelerated by increased marketing spend is also evident in unique visitor and transacting customer metrics. The company continues to invest in expansion and fulfillment capacity of retail stores ahead of the festive season.

The beauty and personal care segment of the fashion portal saw its Gross Merchandise Value (GMV) grow 38 per cent to Rs 1,186 crore in the second quarter of 2021-22 (FY22). The GMV of the fashion segment grew by 215 per cent year-on-year to Rs 437 crore.

The contribution of the fashion segment to the consolidated GMV increased to 27 per cent in Q2FY22 as compared to 14 per cent in Q2 of 2020-21.

The portal grew its monthly average unique visitors to 21 million, with a 62 percent year-on-year increase in beauty and personal care verticals, and to 16 million, with a 328 percent year-on-year increase in fashion verticals.

Meanwhile, customers with unique transactions reached 7.2 million annually, with a 40 percent year-on-year increase in the beauty and personal care vertical, and 1.3 million in the fashion vertical, with a 417 percent year-on-year increase.

With the evolving operating environment, Nykaa accelerated store expansion this quarter with 8 new physical retail stores across the country including stores in Gwalior, Kochi, Mysore and Ranchi. Its total operating physical stores stood at 84 as of the quarter ended September.

The omnichannel retailer expanded its warehouse storage space by 37,000 sq (sq) feet (feet) during the second quarter of fiscal 2012, resulting in a total of 665,000 sq ft of warehouse space for the quarter ended September.

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