Nykaa's net profit for the fourth quarter fell by 49 percent to Rs 8.56 million
Nykaa's parent firm, FSN E-Commerce Ventures Ltd, has reported severe profitability declines in each of the three quarters since going public, owing to its attempts to double down on marketing the brand as it emerges from the pandemic.
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Nykaa, an Indian beauty products online, announced a 49% drop in quarterly net profit on Friday, owing to rising expenses and sluggish demand for its personal care and fashion products.
Nykaa's parent firm, FSN E-Commerce Ventures Ltd, has reported severe profitability declines in each of the three quarters since going public, owing to its attempts to double down on marketing the brand as it emerges from the pandemic.
Due to the epidemic, the cosmetics-to-fashion platform, led by Falguni Nayar, stated its marketing expenses in 2020 were unusually low because it did not invest as much on promoting.
Total costs for the fourth quarter ended March 31, however, increased to Rs 979 crore from Rs 725 crore the previous year.
According to a regulatory filing, the company's consolidated net profit decreased to Rs 8.56 crore ($1.10 million) from Rs 16.88 crore a year ago.
