Mamaearth parent Honasa’s Q2 net profit almost doubles to Rs 29 Cr; operating revenue rises 21%

Honasa Consumer—the parent company to Mamaearth, Aqualogica, The Derma Co., and BBlunt—posted a 94% rise in profit after tax to Rs 29.4 crore in the quarter ended September 2023, against Rs 15.1 crore in the year-ago period.

The direct-to-consumer (D2C) firm’s revenue from operations rose 21% to Rs 496.1 crore in the quarter under review, while total expenditure increased by 18% year-over-year to Rs 463.9 crore. Other expenses, which accounted for nearly 58% of the firm's overall expenditure, stood at Rs 267.3 crore in the second quarter of the fiscal year.

On a half yearly basis, Honasa Consumer’s net profit zoomed nearly 8 times to Rs 55.4 crore from Rs 7.69 crore in the first half of last year. Revenue from operations in the first six months of 2023 stood at Rs 960.5 crore against Rs 722.7 crore last year.

However, total expenses in H1 FY24 surged 25% to Rs 960.5 crore compared to the first six months of financial year 2022.

The Ghazal and Varun Alagh-led firm made its public market debut earlier this month, marking a milestone for several consumer-facing brands in the country.

The initial public offering was subscribed 7.61 times on the final day of the book-building, with institutional investors providing the boost. After a slow start on the first two days, the offer received an overwhelming response from investors on day three, with bids of 22 crore shares as against an offer of 2.8 crore shares, according to data available with the bourses.

Honasa’s shares on Wednesday ended 4.85% lower to settle at Rs 349 a piece.