Latest News Nykaa, the beauty and personal care giant under FSN E-Commerce Ventures, delivered an impressive financial performance for the quarter ended June 2024, sending its shares soaring by 6% on Wednesday on the Bombay Stock Exchange (BSE). The stock hit a day's high of Rs 197.35, reflecting the market's positive reception to the company's robust earnings report.
Nykaa's net profit skyrocketed by a staggering 152% year-on-year (YoY). Nykaa reported a net profit of Rs 13.64 crore for Q1 FY2024, a leap from the Rs 5.
42 crore it posted in the corresponding quarter of the previous year. This growth was underpinned by a 23% increase in revenue from operations, which stood at Rs 1,746.11 crore, up from Rs 1,421.
82 crore in Q1 FY2023. In a move to strengthen its portfolio, Nykaa's board of directors approved the acquisition of an additional 39% stake in Dot & Key Wellness, a prominent player in the wellness segment. This acquisition aligns with the pre-agreed terms set out in the shareholder agreements of September 2021 and January 2024.
With this, Nykaa aims to further solidify its foothold in the wellness market, a segment with growth potential. Furthermore, Nykaa's board also greenlit further investment in Earth Rhythm, a brand known for its eco-friendly and sustainable beauty products. The investment, which involves both primary and secondary components, will result in Earth Rhythm becoming a subsidiary of Nykaa.
Nykaa's strong financial performance has garnered positive re.