Honasa Consumer Ltd, the parent entity of D2C unicorn Mamaearth, reported a profit after tax (PAT) of INR 29.4 Cr in the September quarter (Q2) of the financial year 2023-24 (FY24), a jump of almost 94% from INR 15.2 Cr in the year-ago quarter.
Operating revenue also increased 21% to INR 496.1 Cr from INR 410.5 Cr in Q2 FY23.
Founded in 2016 by the husband-wife duo Varun and Ghazal Alagh, Mamaearth sells a range of beauty and personal care (BPC) products across categories including hair care, body care, and makeup. Its parent entity Honasa runs other brands – The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheths.
Speaking about its Q2 FY24 results, Varun Alagh, chairman and CEO of Honasa Consumer, said, “Honasa has been able to deliver market-beating growths and constantly improve the profitability portfolio of the company. Our business has grown by 33% YoY in H1 FY24 which is 3.8 times the median growth of FCMG companies in India.”
“Our profits grew much faster than our revenues, with H1 PAT growing by 1,377% to INR 54 Cr. Dr Sheths has become the 4th brand from Honasa portfolio to enter the 150 Cr club after Aqualogica and Derma Co,” he said.
It is pertinent to note that Mamaearth slipped into the red in FY23 with a net loss of INR 151 Cr. Meanwhile, Mamaearth’s PAT stood at INR 54.1 Cr in H1 FY24.
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