Honasa Consumer Ltd., is proud to share its financial performance for the quarter ending March 31, 2024, and for the fiscal year FY24. Demonstrating resilience and agility, the company has witnessed revenue from operations grow for the quarter at 21.5% year-on-year (23.3% like-for-like) and for the year at 28.6% year-on-year (31.6% 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. By consistently outpacing market growth, the company reaffirms their dedication to innovation and strategic market expansion, thereby strengthening their presence in the beauty and personal care industry.
Sharing his thoughts on the business performance in Q4FY24, 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% for the quarter and 31.6% 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”.
Financial Overview
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Q4 FY24 consolidated revenue stood at INR 471 Cr
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Q4 FY24 sales grew by 21.5% year-on-year (23.3% like-for-like)
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Q4 FY24 consolidated EBITDA improved by by 780 bps at INR 33 Cr
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Q4 FY24 clocked highest ever PAT at INR 30 Cr for the quarter and INR 111 Cr for FY24
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Delivered a strong FY24 performance with 28.6% YoY growth (31.6% like-for-like)
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Business continues to be capital efficient, with a negative working capital cycle of minus 13days
Business Overview
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Continued growth momentum in Q4 with increasing profitability
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As per Euromonitor, Mamaearth’s 3X faster YoY (CY23-o-CY22) GMV growth outpaces its competitors (Other Top-14 BPC brands)
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Mamaearth reached 188,377 FMCG retail outlets in India as of March ’24, increasing distribution up by 34% YoY
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New products accounted for around 18% of FY24 Revenue from Operations
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Using our unique House of brands strategy, Honasa aims to dominate the fast-evolving categories such as sunscreens. As per Honasa’s internal estimates, Honasa products command 30%+ market-share in most online channels in sunscreens
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Tapping the ever-evolving category of color cosmetics, Honasa has launched Staze to redefine the beauty landscape and address the need gaps of the next-gen consumers