Mamaearth parent Honasa reports 94% growth in profit to Rs 29.4 crore in Q2FY24

Honasa Consumer Ltd., the parent company of Mamaearth, has announced significant growth in its financial results for the quarter ending September 30, 2023. The company's revenue grew by 33% year-over-year (YoY) in H1 FY24, which is 3.8 times the median growth of FMCG companies in India. 

Mamaearth's revenue growth

The company reported a revenue of Rs 496 Crore in Q2 FY24, marking a 21% YoY growth. The EBITDA for the same period was Rs 40 Crore, showing a 53% YoY increase. Most notably, the Profit After Tax (PAT) grew by 94% YoY to Rs 29 Crore.

For H1 FY24, Honasa Consumer achieved a revenue of Rs 961 Crore, a 33% YoY growth, with an EBITDA of Rs 70 Crore (400% YoY growth) and a PAT of Rs 54 Crore (1,377% YoY growth).

The current market position 

Mamaearth, Honasa's largest brand, has made a significant leap in India's beauty and personal care (BPC) market.

According to a report by Jefferies, it has entered the Top 15 BPC brands, surpassing many legacy brands. Additionally, Dr Sheths, another brand in the Honasa portfolio, has joined the Rs 150 crore Annual Recurring Revenue (ARR) club, following The Derma Co and Aqualogica.

Distribution strategies

Honasa Consumer said it focused on data-based innovations and consumer engagement, contributing approximately 13% to the H1 FY24 revenue.

The company has also strengthened its omnichannel distribution, with its brands being available in 1,65,937 retail outlets as of September 2023, a 47% increase YoY. This expansion includes both general and modern trade chains, as well as exclusive brand outlets.