THE WHAT? Nykaa has predicted that the festival season will boost demand for beauty products after ‘subdued’ sales at the start of the year, according to a report published by Reuters.
THE DETAILS The Indian online retailer saw profit grow 33 percent yoy to Rs455 crore in the June quarter (Q1FY23), while revenue was up 41 percent to Rs1,148.4 crore.
THE WHY? CEO and Managing Director Falguni Nayar, told investors on a post earnings call, per Reuters, “We remain cautiously optimistic and believe the season may be good and hopeful of strong demand.