SUGAR Cosmetics, the omnichannel beauty company, disclosed a robust 90% revenue growth in the last fiscal year. Concurrently, the company improved its EBITDA margin by 16%, signaling a path towards potential profitability by FY24. The focus on financial stability and long-term success is evident in these recent figures.
In the fiscal year 2023, the company witnessed a sharp surge in income, soaring from Rs 223.8 crores to Rs 428.4 crores. Despite losses remaining at FY22 levels, there’s a notable improvement in EBITDA margins, transitioning from -31.4% in FY22 to -16.5% in FY23. This shift suggests the company is on a trajectory towards breaking even in the ongoing fiscal year.
“Having gained market share from some of the legacy brands in the last two years, we have charted a clear roadmap to sustainable growth, and this year’s jump in scale while improving our bottom line is a testimony to our discipline and commitment to becoming a large and profitable enterprise. With our gross margins continuing to improve and trend at nearly 73% (up 280bps over FY22) for the overall business, we are confident of hitting break-even in the current fiscal,” Kaushik Mukherjee, co-founder and COO, SUGAR Cosmetics, said.