Despite overall discretionary spend slowdown, consumption in the Beauty and Personal Care (BPC) categories continue to remain strong, in line with longer term trajectory. Nykaa was witness to this with the success of this quarter flagship sale event 'Pink Summer Sale' during the quarter, said the company

The firm added that its BPC business NSV for the quarter is expected to grow in the early twenties YoY. This is supported by strong urban demand in the category.

Apparel industry has been impacted due to discretionary slowdown during the quarter, especially in small towns. The company expects discretionary spending to improve with the revival of seasonal demand. Despite the larger category trend, our Fashion business has witnessed relative resilience through gradual improvement in order volume with sustained average order value (AOV) YoY. Nykaa Fashion NSV for the quarter is expected to grow in low to mid-teens on YoY basis.

Further, Nykaa stated that macro indicators of the Indian economy reflect a healthy trend, which augers well for the long-term health of the industry. GST collections continue to be robust, and inflation has started to moderate. Interest rates are also showing signs of stabilizing. it added.

Nykaa (FSN E-Commerce) is one of India's leading lifestyle-focused consumer technologies platforms. Since its launch, Nykaa expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore. Delivering a comprehensive omnichannel e-commerce experience, Nykaa offers over 4,500+ brands through its website and mobile applications.

The company reported 71.8% decline in consolidated net profit to Rs 2.41 crore in Q4 FY23 as compared with Rs 8.56 crore in Q4 FY22. Revenue from operations jumped 33.7% to Rs 1,301.72 crore in Q4 FY23 from Rs 973.32 crore in corresponding quarter last year.

Shares of FSN E-Commerce declined 0.21% to Rs 143.65 on the BSE.