Nykaa's results showcase a BPC space moving in different directions


Pranav Balakrishnan

31 reads

Pranav Balakrishnan

31 reads

Nykaa’s results for the third quarter saw the company clock its highest ever profit despite the margins of its beauty business taking a hit due to aggressive discounting.

February 07, 2024


Key Takeaways

  • Nykaa posted its third quarter financials, which saw the company clock a 22% growth in overall revenue, resulting in a Rs 17.5 crore profit
  • While the numbers don’t come as a surprise, a deeper look at the financials show an industry that is moving in different directions
  • D2C and mass brands are struggling to grow business sustainability, leading to high discounts. Premium brands, though, continue to gain traction
  • Nykaa’s fashion play and eB2B business Superstore have also scaled up

Online beauty and personal care giant Nykaa posted its third-quarter results on February 6, and though it didn’t spring any major surprises, there was still a lot to unpack.

The company’s revenue from operations grew 22% to Rs 1,788 crore, while its profits rose about 2X to Rs 17.5 crore in quarter three of the year ending March 2024 (FY24). 

Nykaa broadly divides its business into three categories— beauty, fashion, and others, which includes its B2B business and men’s business, among others. The beauty business, of course, remains Nykaa’s biggest line of business by the proverbial mile, contributing about 85% of its overall revenues. Fashion is a distant second. The company posted an overall gross merchandise value (GMV) of Rs 3,619 crore across all of its businesses—a 29% jump compared to the same quarter last year. 

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