BENGALURU: Honasa Consumer, the parent firm of Mamaearth, on Wednesday reported a 93% increase in its net profit to Rs 29.4 crore for the September quarter of this fiscal. Last year during the same quarter, it recorded Rs 15 crore profit.
Its consolidated revenue from operations for the second quarter stood at Rs 496.1 crore, a 21% increase from Rs 410.4 crore reported in the year-ago period. Varun Alagh, Chairman and CEO, Honasa Consumer, said, “Beauty market in India is brimming with opportunities. Honasa has been able to deliver market beating growths and constantly improve the profitability portfolio of the company. Our business has grown by 33% year-on-year (YoY) in H1FY24, which is 3.8 times the median growth of FCMG companies in India.”
The company’s largest brand, has entered the Top 15 BPC brands in India, overtaking many legacy brands, as per a Jefferies report. “Our profits grew faster than our revenues, with H1 PAT growing 1,377% to Rs 54 crore, Dr Sheths has become the fourth brand from Honasa portfolio to enter the Rs 150 crore club after Aqualogica and Derma Co,” he added.
Total expenses stood at Rs 463.9 crore, an 18% rise from Rs 392.3 crore a year ago. As per NielsenIQ, brands of Honasa retailed at 1,65,937 outlets in September, a jump of 47% in offline distribution YoY. The Derma Co, second brand from Honasa portfolio, has achieved an ARR of Rs 380 crore and Aqualogica, third brand has become the fastest to achieve an ARR of Rs 180 crore.