Nykaa’s profit fell by 58% in the third quarter

India’s leading cosmetics and beauty products brand- Nykaa has suffered a huge loss of ₹ 39.87 cr in its third quarter. FSN E-Commerce Ventures which controls Nykaa reported a net profit of ₹ 29.01 crores, 57.87% less than ₹ 68.88 crores, which it earned in the same quarter of the previous fiscal year. however sequentially there was an increase of 24% in profit and revenue from its September quarter. “We continue to be on a steady growth trajectory across both beauty and fashion businesses. Growth in the beauty business accelerated in a relatively normalized Covid environment, with a strong revival in the cosmetics category,” said Falguni Nayar, MD, and CEO of Nykaa’s parent company.