Honasa Consumer Ltd records highest ever quarterly PAT of Rs. 30 Cr; Mamaearth revenue rises 21 percent
The company has witnessed revenue from operations grow for the quarter at 21.5 percent year-on-year (23.3 percent like-for-like) and for the year at 28.6 percent year-on-year (31.6 percent like-for-like).
Honasa Consumer Ltd. shared its financial performance for the quarter ending March 31, 2024, and for the fiscal year FY24.
The company has witnessed revenue from operations grow for the quarter at 21.5 percent year-on-year (23.3 percent like-for-like) and for the year at 28.6 percent year-on-year (31.6 percent like-for-like). With a 780-bps improvement in EBITDA margins year-on-year, Honasa Consumer clocked its highest ever quarterly Profit After Tax (PAT) of INR 30 Cr.
Varun Alagh, Chairman and CEO, Honasa Consumer, comments, “As we reflect on quarter and year, we are extremely happy to share that despite industry headwinds, Honasa has demonstrated remarkable resilience and growth for the quarter and fiscal, with a robust LFL growth of 23.3 percent for the quarter and 31.6 percent annually. We have stayed committed to delivering growth, improving profitability, and increasing our distribution network. Mamaearth's unwavering popularity among consumers has been a key driver of our continued success, while The Derma Co's is catching up and has recently achieved an ARR of INR 500 Cr+ highlighting our ability to craft and scale new-age beauty brands. Going forward, our focus remains on seizing untapped opportunities in the beauty landscape by tailoring brands and creating products that resonate with next-gen Indian consumers. Through our House of Brands approach, purpose-driven strategy, and placing emphasis on R&D and innovation, we aim solidify our position as frontrunners in the ever-changing BPC segment”.
Mamaearth reached 188,377 FMCG retail outlets in India as of March '24, increasing distribution up by 34 percent YoY. New products accounted for around 18 percent of FY24 Revenue from Operation.
Mamaearth has outpaced its competition by threefold in Year-on-Year GMV growth (CY23-o-CY22, as per Euromonitor, comparison with Other Top-14 BPC brands). With increasing household penetration across India, particularly notable in the face wash and shampoo categories, coupled with the brand's entry into the personal wash category, have boosted its presence.
The Derma Co scaled to a annual run rate of INR 500 Cr+ in the final quarter. The brand has introduced format and ingredient-based innovations across multiple categories including serums and sunscreens.
Mamaearth entered into the personal wash segment with a goal to capture a portion of the INR 25,000 Crore personal wash market. Emerging brands like Aqualogica, Dr. Sheth’s, and BBlunt continue to distinguish themselves through innovative products boasting strong claims that resonate well with consumers.
Honasa also launched Staze, a color cosmetic brand targeting Gen-Z consumers, presenting a range of cost-effective and trendy beauty alternatives.
Product innovations this quarter have played a significant role in driving growth, with new offerings contributing approximately 18 percent to FY24 Revenue from Operations.
Honasa’s purpose-driven initiatives have made strides in advancing the company’s mission to create positive change and impact. For instance, While Mamaearth's Plant Goodness initiative has led to the production of over 12,000 tons of fruit, generating an economic value exceeding INR 20 crore, The Derma Co's Young Scientist program has engaged more than 20,000 students, improving their knowledge by over 42 percent. Contributing back to the society, Aqualogica's Water For All project has saved 400+ hours daily, focusing 100 percent on women-led interventions. Additionally, BBlunt Shine Academy has certified over 10,000 women in different vocational courses. The introduction of the brand purpose for Dr. Sheth's, 'Healthy India, Healthy You’, extended the brand’s reach to the remote corners of India, promoting health and well-being across the nation.
