Honasa Consumer Ltd, the parent company of D2C unicorn Mamaearth, reported impressive financial results for the quarter ended December 2023, with a significant surge in profit and robust sales growth.
Mamaearth witnessed a remarkable 264% increase in its consolidated net profit, soaring to INR 25.9 Cr compared to INR 7.1 Cr in the same quarter last year. However, there was a sequential decline from INR 29.4 Cr in the preceding September quarter.
Operating revenue surged by 28% year-on-year, reaching INR 488.2 Cr in Q3 FY24, compared to INR 382.1 Cr in the corresponding quarter of the previous year. Notably, revenue from operations stood at INR 496.1 Cr in Q2 FY24.
Insights from Leadership
Varun Alagh, Chairman and CEO of Honasa, attributed the strong Q3 results to the company's deep understanding of the Indian beauty market. He emphasized the role of innovation-driven brand building in positioning Mamaearth for sustained growth, noting that four out of six brands in their portfolio have already achieved an annual revenue run rate (ARR) of INR 150 Cr.
Honasa Consumer's shares closed 3.54% higher at INR 432.75 on the BSE, reflecting investor confidence in Mamaearth's performance and growth prospects.
Mamaearth's impressive Q3 performance underscores its strategic focus on innovation and market understanding. With a robust financial foundation and a strong brand portfolio, the company is well-positioned to capitalize on opportunities in the dynamic beauty market of India.