Honasa Consumer Ltd, the parent company of Mamaearth, reported a significant surge in profit after tax (PAT) for Q2 FY24, totaling Rs 29.4 crore, marking a substantial 94% increase from the previous year's Rs 15.2 crore.
During the same period, Mamaearth's operating revenue climbed by 21% year-on-year, reaching Rs 496.1 crore compared to Rs 410.5 crore in Q2 FY23. This announcement follows Honasa's first quarterly report since its listing on the stock exchange.
Varun Alagh, Chairman and CEO of Honasa Consumer, highlighted the company's impressive growth and profitability, outperforming the market with a 33% year-on-year increase in H1 FY24, significantly surpassing the median growth of FMCG companies in India by 3.8 times.
On the stock market front, Honasa Consumer's stock closed at Rs 349 on the previous trading day.
While Mamaearth reported a Rs 151 crore loss in FY23, its operating revenue witnessed substantial growth, surging to Rs 1,493 crore from Rs 943 crore in the previous fiscal year. However, overall expenditure also saw an increase from Rs 942 crore to Rs 1,502 crore.
Peak XV Partners, formerly Sequoia Capital India and Southeast Asia, reportedly gained a remarkable return of 10 times or more in the oversubscribed IPO of Mamaearth. This recent achievement follows their separation from Sequoia, suggesting another significant return within just six months with their investment in Mamaearth. TechCrunch had earlier reported on this development.
(With Agency Inputs)
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