Nykaa Net Profit Triples to Rs 80 Crore in Q1

FSN E-Commerce Ventures, the operator of the beauty and fashion retailer Nykaa, reported a consolidated net profit of approximately Rs 80 crore for the first quarter ended June 30. This figure represents a more than three-fold increase from the roughly Rs 24 crore reported in the same period last year.

Revenue from operations grew 29% year-on-year to Rs 2,782 crore. Falguni Nayar, the company's founder and CEO, attributed this growth to an acceleration in fashion sales and strong performance in the beauty segment. Nayar credited new brand launches and AI-led initiatives, including the Virtual Closet and the AskNykaa conversational search engine, for driving consumer experiences and conversion rates.

As part of its growth strategy, Nykaa's Board of Directors approved the acquisition of a 51% stake in the skincare brand Aminu Wellness for a sum of up to Rs 32 crore.