Nykaa Profit Falls 96%, Stock Price Down

Nykaa’s income elevated 47% to Rs 890 crore within the quarter ended September 30 from the 12 months earlier than.

New Delhi: FSN E-Commerce Ventures Ltd., the entity that operates the Indian magnificence startup Nykaa, noticed its revenue fall 96% as advertising and marketing prices surged within the quarter earlier than its preliminary public providing. Shares dropped on Monday.

Net earnings dipped to Rs 1.2 crore ($161,000) within the quarter ended September from Rs 27 crore the earlier 12 months, in line with a press release late Sunday, as a 92% improve in bills swamped a 47% achieve in income. Shares are down 5.2% at Rs 2,236.5 as on 10:07 am in Mumbai after declining as a lot as 7.3% in early commerce.

This is the primary outcomes submitting since shares of the Mumbai-based agency have been listed on the exchanges final week and doubled in worth. The IPO made Falguni Nayar, who owns about half the corporate, value nearly $7 billion and India’s wealthiest self-made feminine billionaire.

Nykaa is a part of a brand new era of Indian startups that provides greater than 2,500 manufacturers of all the things from mascara and make-up remover to velvety kohl Indian eyeliner and the physique tattoo artwork known as mehendi.

Its income elevated 47% to Rs 890 crore within the quarter ended September 30 from the 12 months earlier than.

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