Indian fashion-to-beauty retailer Nykaa posted a more than two-fold jump in quarterly profit on Thursday, helped by steady demand for skincare and makeup products.
The company, formally known as FSN E-Commerce Ventures, posted a profit of 633.1 million rupees ($7.01 million) for the third quarter ended December 31, compared to 261.2 million rupees ($2.89 million) a year ago.
Demand for beauty products has held up despite broader pressure on Indian consumer spending, with shoppers splurging on premium items from Shiseido Estée Lauder and local brands such as Kay Beauty.
Its biggest segment, beauty, posted a 27 percent rise in revenue to 26.22 billion rupees ($290.25 million). Nykaa added 11 new stores and entered four new cities during the quarter, taking its total count to 276 beauty stores.
Overall revenue climbed 27 percent to 28.73 billion rupees ($318.10 million).
Earnings before interest, taxes, depreciation, and amortisation margins expanded to 8 percent, compared to 6.2 percent a year earlier, supported by a greater focus on premium offerings.
By Urvi Dugar in Bengaluru and Praveen Paramasivam
Nykaa Posts Three-Fold Quarterly Profit Jump
Indian beauty retailer Nykaa’s profit more than tripled in its earnings on Friday, boosted by steady demand for makeup and new tie-ups with global brands.
