Beauty and fashion firm FSN E-CommerceVentures, which operates under the Nykaa brand, posted a 70.75 per cent drop in consolidated profit to Rs 8.48crore for the third quarter ended December, mainly on account of investment in retail stores.
The company had reported a net profit of Rs 29 crore in the same period a year ago.
The revenue from operations, however, increased about 33 per cent to Rs 1,462.82 crore from Rs 1,098.3 crore in the December 2021 quarter.
Nykaa’s executive chairperson, MD, and CEO FalguniNayar said the company is focussing on improving EBITDA (operational profit) margin.
“Beyond EBITDA we call it investment that we are making for the future. One of the big costs is lease and rental. We are investing and rolling out physical stores.
“That is being taken by us as an operational cost. We are also looking to acquire 7 million (70 lakh) new customers.All that is being funded by operational cost,” Nayar said.
The company scaled up its SuperStore to 92,415 transacting retailers across more than 650 cities with 180 brands listed as of December 31, 2022.
Nayar said the company’s investments are being done in a manner that it stays profitable but it will be wrong to give up on investments for the future.
Less wait for Mercs
Mercedes-Benz on Monday said it will bring more completely built-up units (CBU)s of AMG G63 and Maybach GLS 600 which will lead to a reduced waiting period for them. The company announced the opening of bookings for these vehicles.
The bookings will be exclusively open for existing Mercedes-Benz customers only for the first week, prior to other customers.
Santosh Iyer, managing director and CEO, MercedesBenz India said, “Top-End vehicle segment remains key focus area with a double-digit growth forecast. Our receiving this limited additional production for India underlines the strategic significance of Indian market for Mercedes-Benz. We will continue new model introduction in this segment from Mercedes-Benz’s global portfolio.”
Yamaha
India Yamaha Motor (IYM) Pvt Ltd announced the launch of the 2023 version of FZS-Fi V4 Deluxe, FZ-X, MT-15 V2 Deluxe and R15M with some new features.
