Mamaearth share price jumps 10% after Q2 net profit doubles to ₹30 crore
Mamaearth share price jumped nearly 10% in early trade on Thursday after the company reported its financial results for the quarter ended September 2023, its first quarterly earnings after the company got listed on the bourses. Mamaearth shares rallied as much as 9.92% to a fresh high of ₹387.05 apiece on the BSE.
Honasa Consumer Ltd, the parent company of digital skincare firm Mamaearth, reported a net profit of ₹30 crore in Q2FY24, which doubled from the same period last year. Its revenue from operations grew 21% to ₹496 crore.
The direct-to-consumer (D2C) unicorn’s revenue grew 33% in the first half of FY24 when the median growth of the fast-moving consumer goods (FMCG) industry stood at 9%.
“Honasa has been able to deliver market-beating growth and constantly improve the profitability portfolio of the company. Our business has grown by 33 percent Y-o-Y in H1FY24 which is 3.8 times the median growth of FMCG companies in India,” said Varun Alagh, Chairman and CEO.
Honasa Consumer continues to operate at a negative working capital of minus 5 days in H1FY24. The company’s offline distribution increased 47% YoY to 1,65,937 outlets.
Honasa Consumer shares plunged more than 4% on Wednesday. However, the stock recovered on Thursday and made a fresh high.
Shares of Honasa Consumer made a debut at Dalal Street on November 7. The stock saw flat listing at ₹330, a premium of 2% over its issue price of ₹324 apiece on the NSE.
