Nykaa Q2: Profits up 333% year-over-year to the sum of Rs 5.2 crore Revenue up 39%

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The second quarter in the fiscal year currently in full swing (Q2 FY23), FSN E-Commerce Ventures Ltd which runs the online clothing retailer Nykaa reported an overall net profit of 5.2 crore, which is an increase by more than 33 percent from the previous quarter. In the previous quarter, which ran from June 2022 through June 2023 business was able to record profits of 5 million.

The operating revenue of the company grew by 39 percent to 1,230 crore from $885 crore in identical quarter during the fiscal year prior as well as a rise of 7.7% in comparison to 1,148.4 per cent quarter over quarter (QoQ).

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The company saw an impressive GMV growth during the quarter, with increased gross margins, as well as efficient fulfillment and marketing expenses that increased EBITDA margin year-over-year (YoY).As September 30th, 2022 Nykaa is expected to have 124 locations in its physical stores, including two brand new stores spread across 53 cities with an area in the range of 1.2 lacs.

“Our participation in the sector in both offline and online has led to significant growth and increasing profits. As we gear up for an excellent H2 FY23, demand from consumers for top wellness, personal care and beauty products are showing signs of growth. New season items accounted to 24 percent of Nykaa Fashion GMV and foreign brands accounted for in the 13% range of category of western wear GMV in the second quarter of FY23, which shows our emphasis on discovery and curation in the world of fashion. Based on Falguni Nayar the Executive Chairmanperson, MD Chief Executive Officer “Digital spending on marketing for clothing is more than in the covid era, which results in costs for marketing staying the levels in Q2. FY22 levels.

In the afternoon trading in the afternoon on Tuesday Nykaa shares jumped by over 4%, reaching 1208 shares according to the BSE. Nykaa shares went public in November the year before, and since that time, the share price has dropped more than 48%..

The company will offer a bonus of 5 shares for each share that was held on the record date as per a statement released earlier in the month by Nykaa the board member who approved the issue bonuses equity shares at one-to-five ratio. To identify who is eligible for equity bonus shares, the company has changed the date of record to November 11, 2022.

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