13 Nov 2023

Nykaa has reported the slowest quarterly revenues in the July-September quarter, with a revenue of Rs. 15.07 billion, an increase of 22.4%, since its listing in November 2021. The revenue growth witnessed a slack due to a late festive season that began in October in 2023 versus September in 2022. It has also been affected by robust competition in the beauty and personal care (BPC) segment.

The BPC business’s gross merchandise value (GMV) increased 23% due to stiff competition in this segment versus 24% in the previous quarter and 39% a year ago. Nykaa’s overall GMV increased 25% to Rs. 29.44 billion, mainly due to the flagship sale event held in July.

According to Nykaa, there has been an increase in discounting due to the rise in home-grown brands and global brands coming to India. However, the online BPC market was unaffected due to the rise in competition.