Honasa Consumer Ltd, the parent company of direct-to-consumer (D2C) brands like Mamaearth, The Derma Co, and BBlunt, on Wednesday posted Q2FY24 profit at Rs 29.44 crore, up 73.3 per cent in comparison to Rs 16.99 crore during the second quarter of FY23. It recorded revenue from operations for the quarter ended September 2023 at Rs 496.10 crore, up 20.9 per cent as against Rs 410.49 crore during the corresponding quarter of FY23. This was driven by volume growth of 27 per cent YoY. The company EBITDA was at Rs 40 crore, up 53 per cent on-year. This is the company’s first quarter earnings update since its stock market debut earlier this month.
While Mamaearth featured in the ‘Top-15 BPC Brands’ in terms of retail spends for 2022, overtaking many legacy brands, The Derma Co. achieved an ARR of Rs 380 crore and Aqualogica, the third brand, has achieved an ARR of Rs 180 crore. The acquired brands Dr. Sheths and Bblunt also have displayed strong growth trajectories growing 30X and 3X respectively since acquisitions, the company said in a statement.
Varun Alagh, Chairman and CEO, Honasa Consumer Ltd, said,” I am proud of the Q2 and H1 FY24 results. The beauty market in India is brimming with opportunities, and we are receiving a lot of consumer love for our on trend innovations across brands. Honasa has been able to deliver market beating growths and constantly improve the profitability portfolio of the company.”
“Our business has grown by 33 per cent YoY in H1FY24 which is 3.8 times the median growth of FMCG companies in India. Mamaearth, our largest brand has entered the Top 15 BPC brands in India, overtaking many legacy brands, as per a report by Jefferies. Our profits grew much faster than our revenues, with H1 PAT growing by 1,377 per cent to 54 crore. Dr Sheths has become the 4’th brand from Honasa portfolio to enter the 150 crore Club after Aqualogica and Derma Co. We will continue to deliver on our commitments to our business, consumers, and investors,” he added.
The company recorded volume led sales growth of over 27 per cent during the second quarter of FY24 on-year. As per NielsenIQ, brands of Honasa Consumer retailed at 1,65,937 retail outlets in September 2023, an increase of 47 per cent in offline distribution YoY.
