The company said that the beauty vertical continues to expand through the ecommerce business, physical store expansion and growth of owned brands. The growth was supported by the success of flagship event ‘Hot Pink Sale' in July.

“BPC business net sales value (NSV) for the quarter is expected to grow around twenty percent on YoY basis,” the company stated.

“Within the quarter, it has optimized the core category mix along with improvement in order volumes. Fashion NSV for the quarter is expected to grow in early thirties on YoY basis,” Nykaa said in regulatory filing.

For Q2 FY24, at a consolidated level, the company expects NSV to grow in the mid-twenties and revenue to grow in the early twenties on YoY basis, both at levels similar to Q1 FY24. Overall, the H1 FY24 performance sets up well for the year with second half historically witnessing superior consumer demand.

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 online beauty and fashion retailer reported 8.28% rise in consolidated net profit to Rs 5.42 crore in Q1 FY24 as against Rs 5.01 crore recorded in Q1 FY23. Revenue from operations grew by 23.8% year on year to Rs 1,421.82 crore in the quarter ended 30 June 2023.