Mamaearth Q2 profit jumps 93% YoY to Rs. 29cr
Mamaearth's parent Honasa Consumer registered a 93% YoY growth in net profit in Q2 FY24, reaching Rs. 29.4 crore from Rs. 15.2 crore in the same period last year. Their operational revenue also climbed 21% to Rs. 496 crore, up from Rs. 410 crore, driven by a 27% YoY volume growth. Chairman and CEO Varun Alagh, stated, "The beauty market in India is brimming with opportunities, and we're receiving a lot of consumer love for our on-trend innovations across brands."
EBITDA has increased by 53%
Mamaearth's EBITDA reached Rs. 40 crore during the quarter, reflecting a 53% YoY growth. The brand was listed among the 'Top-15 BPC Brands' in terms of retail spending for 2022. Furthermore, Honasa Consumer's second brand, The Derma Co., achieved an ARR of Rs. 380 crore, while its third brand, Aqualogica, became the fastest to reach an ARR of Rs. 180 crore. Acquired brands Dr Sheths and Bblunt also demonstrated strong growth, increasing 30x and 3x respectively since their acquisitions.
Mamaearth has expanded its offline distribution
Honasa Consumer is also concentrating on robust offline distribution. As per NielsenIQ, the company's brands were available at 1.65 lakh offline outlets in September 2023, marking a 47% YoY increase in offline distribution. Alagh added, "Our business has grown by 33% YoY in H1 FY24 which is 3.8 times the median growth of FCMG companies in India. We will continue to deliver on our commitments to our business, consumers, and investors." Honasa Consumer's shares closed 3.72% lower at Rs. 353.15.
