Skincare product maker Honasa Consumer, the parent company of brand Mamaearth, on Friday, reported a 250 per cent year-on-year (YoY) hike in its net profit to Rs 26.1 crore in Q3 FY24 on the back of heightended demand during the festival and wedding season demand. The company had reported a net profit of Rs 7.4 crore in the same quarter of the previous fiscal year.
Its operating revenue rose 28% to Rs 488.2 crore in the December quarter from Rs 382.1 Cr in the year-ago quarter. On a sequential basis, the company saw its operating revenue fall 2 percent from Rs 496.1 crore. Sequentially, its net profit fell 12 percent from Rs 29.8 crore.
In its exchange filing, the company said it has demonstrated market-beating growth and outperforming peers, underscoring its commitment to gain share of the beauty and personal care industry, led by innovation and strategic market expansion.
Here are the highlights:
• Q3 FY24 consolidated revenue stood at Rs 488 Cr. • Q3 FY24 sales grew by 28% year-on-year • Q3 FY24 consolidated EBITDA grew by 192% year-on-year at Rs 34.5 Cr, increasing 397 bps YoY • Q3 FY24 consolidated net profit grew by ~264% year-on-year at Rs 26 Cr. • Q3 Like-for-Like Revenue growth by 31% (excluding Just4Kids business) • Delivered a strong YTD FY24 performance with 31% YoY growth with EBITDA growth at ~305%, delivering Rs 104 crore EBITDA; and PAT growth of ~642% at Rs 80 crore • Business continues to be capital efficient, with a negative working capital cycle of minus 6 days
"The Q3 results is a testimony of our deep understanding of the beauty market in India. As we move ahead to capture this market further, our innovation-driven brand building playbook uniquely positions us to identify many opportunities to continue our growth trajectory. Four out of six brands from our portfolio are already in the INR 150 Cr ARR club and we see this as a testimony of our capabilities. Having built color care with Mamaearth showcases our ability to build new categories and versatility of the brand. As we move forward, focus continues to be on purpose-based brand building, innovation and distribution expansion,” said Varun Alagh, Chairman and CEO, HCL.
Shares of Honasa Consumer ended closed at Rs 432.75, 3.54 per cent higher, on the BSE.
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