Nykaa’s net profit nosedives 48 per cent to Rs 9 crore QoQ

New Delhi: Online beauty and fashion marketplace Nykaa on Wednesday posted a net profit of Rs 9 crore in the January-March quarter, down 48 per cent (quarter-on-quarter) from Rs 17.45 crore in the same period last year.

FSN E-Commerce Ventures, the parent company of Nykaa, clocked revenue of Rs 1,668 crore in the full fiscal year (FY24), up 28 per cent from Rs 1,302 crore in FY23.

The stock of FSN E-commerce closed at Rs 179.20 apiece on Wednesday.

For FY24, the net profit grew by almost 80 per cent to Rs 69 crore from Rs 38.39 crore in FY23.

A day earlier, the company granted 4.05 lakh stock options under its Employee Stock Option Policy (ESOPs) scheme for nearly Rs 7.15 crore.

“The strong quarter enabled the full year FY2024 consolidated gross merchandise value (GMV) to grow 28 per cent YoY as consolidated revenue went up 24 per cent,” said the company.

Nykaa’s beauty business crossed the milestone of $1 billion GMV in FY2024, up 25 per cent YoY.

The Board of Directors also appointed Santosh Desai as an independent director with effect from July 15.