HealthKart, an omnichannel nutrition products retailer, has reported a 69.5% year-on-year growth in its operating revenue, reaching Rs 832.48 crore in the fiscal year ending March 31.
As the company successfully increased its revenue, Its net loss also nearly halved to Rs 164.71 crore.
HealthKart managed to keep its total expenses in check, growing only 21.5% to Rs 1,016.5 crore. This indicates an improvement in the company's unit economics.
The largest expense was raw material costs, which increased to Rs 341.6 crore in FY23 from Rs 197.4 crore in the previous year.
HealthKart's advertising and promotional expenses climbed 56% year-on-year to Rs 188.63 crore. The increase was part of a strategic move to strengthen brand-building and marketing efforts, especially after raising $135 million in December 2022.
The company, which currently operates about 250 physical stores, up from 140 last year, has expanded its distribution network significantly.
It also sells products through its online channels and third-party e-commerce platforms like Amazon and Flipkart.
HealthKart owns eight brands in the nutritional products space, including MuscleBlaze and TrueBasics. Notably, MuscleBlaze holds a 25% share of India’s sports nutrition market, and HKVitals has a 20% share of the online health supplement market.
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