FSN E-Commerce Ventures (Nykaa) on Friday said it expects consolidated revenue for the first quarter of the current financial year (Q1 FY24) to grow in the mid-twenties on a year-on-year basis.

The company had posted a 34 per cent Y-o-Y growth in Q4 FY23 with the revenue at Rs 1,301.7 crore. In Q1 of FY23, the company had posted a revenue of Rs 1,148 crore, a 41 per cent YoY growth.

“Despite overall discretionary spend slowdown, consumption in the Beauty and Personal Care (BPC) categories continue to remain strong, in line with longer term trajectory. Our BPC business NSV (net sales value) for the quarter is expected to grow in the early twenties YoY. This is supported by strong urban demand in the category,” the company said in a stock exchange update.

However, the apparel industry has been impacted by the discretionary slowdown during the quarter.

“We expect 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 YoY. Nykaa Fashion NSV for the quarter is expected to grow in low to mid-teens on YoY basis,” the company said.

Kalyan Jewellers

Kalyan Jewellers on Friday in a quarterly update said that it has recorded a 31 per cent growth in consolidated revenue during Q1FY24 on the back of heavy footfalls and revenue growth across its markets in India and West Asia.

The company had recorded a consolidated revenue of Rs 3332.6 crore during Q1FY23.

“We witnessed revenue growth of 34 per cent for our India operations during Q1 as compared to a year ago,” the company said.