FSN E-Commerce Ventures, which controls Nykaa, reported its December quarter consolidated net profit at Rs 29.01 crore, down 57.87 percent compared to Rs 68.88 crore reported in the same quarter last year.
Revenue from operations came in at Rs 1,098.36 crore, up 35.94 percent against Rs 807.96 crore in the year-ago quarter. Sequentially, both numbers were better. Profit climbed 24 percent compared to the September 2021 quarter and revenue rose 24 percent.
The company said its Ebitda stood at Rs 69 crore at a margin of 6.3 percent (vs 3.3 percent in Q2FY22). The sequential outperformance was driven by a higher gross profit margin. However, it was down 697 bps year-on-year. Nykaa's consolidated GMV grew 26 percent sequentially and 49 percent year-on-year to Rs 2,043.5 crore in the quarter.
Beauty and personal care (BPC) GMV grew 29 percent QoQ and 32 percent YoY, while fashion GMV grew 17 percent QQ and 137 percent YoY, the firm said.
Falguni Nayar, MD, and CEO of Nykaa's parent company said, "We continue to be on a steady growth trajectory across both beauty and fashion businesses. Growth in the beauty business accelerated in a relatively normalized Covid environment, with a strong revival in the cosmetics category."
The brand's physical store network also experienced one of its strongest quarters ever and the company continued opening new stores in line with our larger omnichannel vision. Marketing continues to be an area of investment for Nykaa, to reacquire as well as recruit new consumers as a means to ensure stronger organic growth, she added.
WoodenStreet, a prominent home furniture and decor brand in India, has exhibited significant growth, boasting approximately a 50 percent increase in margins compared to the previous year. Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, the Rajasthan-based startup recently announced remarkable growth for FY22-23.
The company achieved a revenue of approximately Rs 200 crore for FY22-23 and has set an ambitious target of Rs 500 crore for FY23-24, signaling its determination to further expand its operations.
WoodenStreet has been maintaining a consistent annual growth rate of 60-65 percent in India since its inception. Notably, the company's margins surged by 50 percent compared to the previous fiscal year, and it has managed to maintain a positive EBIDTA of Rs 8 crore, highlighting its operational efficiency.
In an era dominated by digital platforms, WoodenStreet has successfully balanced its online and offline presence. The company has opened more than 45 new stores in the last 12 months.
WoodenStreet has strategically expanded its physical presence over the years, with over 90 Experience Centers throughout India and warehouses and R&D Units covering an extensive area of over 20 lakhs sq ft.
Lokendra Ranawat, CEO of WoodenStreet, stated, "As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months. Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and, most importantly, to serve our customers better each day."
To diversify and enhance the customer experience, WoodenStreet is introducing two new sub-verticals this year, namely Earthy Threads and Lightstreet. Lightstreet aims to revolutionize home illumination by offering functional and aesthetically pleasing designs. Earthy Threads, on the other hand, is venturing into the realm of soft furnishings, combining traditional artistry with contemporary sensibilities.
As WoodenStreet embarks on another fiscal year, it is evident that the brand is not merely pursuing numerical growth but is on a mission to redefine India's furniture and home decor landscape.
Founded in 2015, the brand presently operates over 90 experience stores across India and maintains a network of more than 350 delivery hubs, offering a vast selection of over 30,000 home furniture, decor, and home furnishing products.
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