Nykaa Q1 Results: Total GMV grew 47% YoY to INR 2,155.8 Cr in the first quarter of FY23. The beauty and personal care segment contributed almost 69% of Nykaa total GMV in the first quarter. Nykaa opened 8 new physical store in the first quarter of FY23, bringing the total stores count to 113 stores in 52 cities
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FSN E commerce, which operates beauty e commerce platform Nykaa, reported its financial results for the quarter ending June 2022 on Friday Aug 5.
Nykaa Q1 Results
Nykaa Consolidated Net Profit grew 42% YoY to INR 5 Cr in the first quarter of FY23. On a quarterly basis, Net Profit fell 33% from the previous quarter of March. Revenue from operations continued its upward trajectory, growing by 41% YoY to INR 1,148.4 Cr in the first quarter of FY23. (Nykaa Q1 Results)
Gross merchandise volume GMV grew by 47% year on year to INR 2,155.8 Cr during the quarter. In addition, Nykaa EBITDA grew by 71% YoY to INR 46.1 Cr in the first quarter of FY2023, largely driven by improvements in gross margin and efficiency in compliance spending.
Beauty and Personal Care BPC Vertical: The BPC segment was Nykaa main growth driver, contributing nearly 69% of the company’s total GMV in the first quarter of FY23. The segment also posted 8.1 million orders in the quarter, while the average order value decreased by 2% yoy to INR 1,780 in the first quarter of FY2022.
Annual single transaction customers in the BPC vertical grew 33% year on year to 8.6 million at the end of June 2022. The segment’s contribution margin also improved by 530 bps annually in the first quarter of 2022. fiscal year 2023. (Nykaa Q1 Results)
The fashion vertical experienced steady growth in numbers, contributing 27% to total GMV. Meanwhile, 1.5 million orders were booked in the first quarter of FY23, while AOV grew to INR 4,357 in the first quarter of FY23.
Annual unique transaction users grew 99% annually to 2Mn at the end of June. The contribution margin of the fashion vertical grew sequentially by 90 bps in the quarter considered. (Nykaa Q1 Results)
New growth verticals: Nykaa said it continues to invest in new growth verticals to diversify its offerings. Outside of BPC and fashion, GMV for all other verticals grew 153% YoY to INR 85 Cr, contributing 3.9% to consolidated GMV in Q1 FY23.
New growth verticals include the company’s new businesses such as NykaaMan, Nykaa’s B2B SuperStore platform, and its internal operations. SuperStore by Nykaa has over 45,000 retailers transacting in over 500 cities and lists 165 brands as of the end of June.
Physical Stores: Focusing on offline expansion, Nykaa opened 8 new physical stores in Pune, Coimbatore, Delhi, Ranchi, Ahmedabad and Kolkata in the first quarter of FY23. With this, the total store count rises to 113 stores in 52 cities.