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Mamaearth Q2 results: Firm’s net profit rises 93% to Rs 29 cr

Mamaearth Q2 results

Mamaearth Q2 results – Honasa Consumer Ltd, the parent company of Mamaearth and The Derma Co, reported a 93% increase in consolidated net profit to Rs 29 crore for the quarter ended September 30, 2023 on Wednesday. In the previous fiscal year, it reported a consolidated net profit of Rs 15 crore.

The company’s consolidated revenue from operations increased 21% to Rs 496 crore in Q2FY24, up from Rs 410 crore the previous year.

Honasa’s stock closed nearly 5% lower on the BSE on Wednesday, at Rs 349.

“With a diverse portfolio of six brands, we are India’s largest digital-first Beauty and Personal Care (BPC) company.” “Each brand in our portfolio has a differentiated value proposition, allowing us to acquire new users with distinct needs and preferences while increasing share of wallet from existing consumers,” the company stated in its first earnings statement after going public.

Varun Alagh, a former Hindustan Unilever executive, and his wife Ghazal founded Honasa Consumer in 2016.

Mamaearth Q2 results

According to exchange data, Mamaearth’s initial public offering (IPO) was 7.6 times oversubscribed, netting bids worth Rs 7,130 crore.

“I am proud of the Q2 and H1FY24 results,” said Varun Alagh, Chairman and CEO of Honasa Consumer Ltd. The beauty market in India is brimming with opportunities, and we’re getting a lot of positive feedback from customers about our on-trend innovations across brands. Honasa has consistently outperformed the market in terms of growth while also improving the company’s profitability portfolio.

“In H1 FY24, our business grew by 33% year on year, which is 3.8 times the median growth rate of FCMG companies in India.” According to a Jefferies report, our largest brand, Mamaearth, has entered the Top 15 BPC brands in India, surpassing many legacy brands. Profits increased much faster than revenues, with H1 PAT increasing by 1,377% to Rs 54 CR.