Mamaearth Q2 Results: Honasa Consumer Ltd, the parent company of digital skincare company Mamaearth has announced its July-September quarterly results for fiscal 2023-24 (Q2FY24) reporting a net profit of ₹30 crores. This is the first quarterly result after the company was listed on the stock exchanges.
The direct-to-consumer (D2C) unicorn’s revenue from operations in the second quarter of the current fiscal grew 21 percent to ₹496 crores. The company’s revenue grew by 33 percent in the first half of FY24 when the average growth of the fast moving consumer goods (FMCG) industry stood at 9 percent.
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Honasa Consumer grew 3.8 times compared to the FMCG market in H1. The volume led sales growth rose 27 percent in the September quarter and 35 percent in H1FY24 year-on-year (YoY).
Honasa Consumer continues to operate at negative working capital of minus 5 days in H1FY24. The company increased offline distribution to 1,65,937 stores, registering 47 percent growth YoY.
“Honasa has been able to deliver market growth and consistently improve the company’s profitable portfolio. Our business grew by 33% YoY in H1 FY24, which is 3.8 times the average growth of FMCG companies in India,” said Varun Alagh. , President and CEO.
“Our profits grew much faster than our revenues, with H1 profit after tax growing by 1,377 percent to ₹54 crores. Dr Sheths has become the 4th brand from Honasa portfolio to enter the ₹150 crore Club after Aqualogica and Derma Co. We will continue to deliver on our commitments to our businesses, consumers and investors,” he added.
Honasa Consumer has capitalized on the surge in demand for personal care products following the pandemic by expanding through multiple acquisitions. Mamaearth, however, remains the most popular brand in its house of brands.
On Wednesday, shares of Honasa Consumers settled 4.05 percent lower at ₹352.10 apiece on the BSE.
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Updated: 22 Nov 2023, 16:23 IST
