BENGALURU – Indian beauty products retailer Nykaa reported a 49% fall in quarterly net profit on Friday, hit by soaring expenses amid dull demand for its personal care and fashion products.
, Nykaa’s parent company, has reported steep declines in profits in all three quarters since it went public, owing to its efforts to double down on marketing the brand as it emerges from the pandemic.
Consolidated net profit fell to Rs 8.56 crore ($1.10 million) for the fourth-quarter ended March 31, from Rs 16.88 crore a year earlier, parent company FSN E-Commerce Ventures Ltd said in a regulatory filing.
The cosmetics-to-fashion platform, headed by Falguni Nayar, has said its marketing expenses in 2020 came in exceptionally low as it did not spend as much on advertising due to the pandemic.
Revenue from operations rose to Rs 973 crore from Rs 741 crore a year ago.