It took some time for the stock to regain investor confidence, but it did manage to script a decent turnaround by the end of 2023. A rally in its share price starting mid-November resulted in the stock gaining 15% within a month.
Net sales value of BPC vertical grew 19% YoY in the September quarter while the same jumped 32% for the fashion business. GMV for the BPC and fashion verticals grew 23% and 27%, respectively.
Nykaa’s consolidated net profit also surged 50% YoY and 44.4% QoQ to INR 7.8 Cr in Q2.
Reliance entering the beauty omnichannel vertical with Tira, Tata CliQ going omnichannel, Loreal India, and Hindustan Unilever’s Lakme have started expanding online.
CEO Falguni Nayar took over the reins of the marketing department. Ex-Amazon Rajesh Uppalapati was appointed as the CTO.