Honasa Consumer Ltd, the company which owns Mamaearth, on Wednesday (November 22) reported a 93.4% year-on-year (YoY) jump in consolidated net profit at ₹29.4 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Honasa Consumer posted a net profit of ₹15.2 crore, the company said in a regulatory filing. The company's consolidated revenue from operations increased 20.9% to ₹496.1 crore as against ₹410.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 52.9% to ₹40.2 crore in the second quarter of this fiscal over ₹26.3 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 8.1% in the reporting quarter as compared to 6.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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In the latest September quarter, the company's total income jumped 21.09% to ₹503.18 crore. Its total expenses stood at ₹463.98 crore in the September quarter, up 18.25% compared to the year-ago period.

H1 FY24

Honasa Consumer delivered ₹961 crore in revenue from operations, growing 33% year-on-year (like-for-like growth of the continuing business was 36%). This was driven by volume growth of 35% year-on-year.

With an industry-leading gross profit of 70%, Honasa Consumer achieved an EBITDA of ₹70 crore (400% year-on-year growth) and Profit After Tax (PAT) at ₹ 54 crore (1,377% year-on-year growth).

"Honasa has been able to deliver market-beating growths and constantly improve the profitability portfolio of the company. Our business has grown by 33% year-on-year in H1 FY24 which is 3.8 times the median growth of FMCG companies in India," its chairman and CEO Varun Alagh said.

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As per NielsenIQ, brands of Honasa Consumer retailed at 1,65,937 retail outlets in September 20223, an increase of 47% in offline distribution year-on-year. The new products contributed 13% to the H1 FY24 revenue from operations.

The results came after the close of the market hours. Shares of Honasa Consumer Ltd ended at ₹352.10, down by ₹14.85, or 4.05 percent on the BSE.

First Published:Nov 22, 2023 9:23 PM IST