The parent company of Mamaearth and The Derma Co, Honasa Consumer Ltd, announced a significant 93 per cent increase in its overall profit, reaching Rs 29 crore for the quarter ending on September 30, 2023.  

This marks a substantial growth compared to the Rs 15 crore profit reported during the same period last year. The company's total revenue also saw a notable uptick, rising by 21 per cent to Rs 496 crore in Q2FY24, up from Rs 410 crore in the corresponding period last year. 

The company manages a diverse portfolio of six brands. In its first earnings statement after its IPO debut, the company stated that each brand in its portfolio caters to unique consumer needs and preferences, allowing it to attract new users and increase spending from existing customers. 

Mamaearth's initial public offering (IPO) saw strong demand, with bids totaling Rs 7,130 crore and being oversubscribed by 7.6 times, according to exchange data. 

Commenting on the performance, Varun Alagh, chairman and CEO of Honasa Consumer Ltd. said,” I am proud of the Q2 and H1 FY24 results. The beauty market in India is brimming with opportunities, and we are receiving a lot of consumer love for our on-trend innovations across brands. Honasa has been able to deliver market-beating growths and constantly improve the profitability portfolio of the company.”

“Our business has grown by 33 per cent YoY in H1 FY24 which is 3.8 times the median growth of FCMG companies in India. Mamaearth, our largest brand has entered the Top 15 BPC brands in India, overtaking many legacy brands, as per a report by Jefferies. Our profits grew much faster than our revenues, with H1 PAT growing by 1,377 per cent to 54 crore. Dr Sheths has become the 4’th brand from Honasa portfolio to enter the 150 Cr Club after Aqualogica and Derma Co.,” he added.

Super happy and excited to share our FIRST-EVER results post taking the company public! pic.twitter.com/ym1NFR7Hy0

— Ghazal Alagh (@GhazalAlagh) November 22, 2023