Brands
Nykaa announces Q2FY24 results
Mumbai: Nykaa has announced its financial results for the quarter ended September 2023 on 6 November. The company reported a net profit of Rs 7.8 crore for the quarter under review, a 50 per cent rise from the year-ago period. Nykaa reported a net profit of Rs 5.42 crore in the June quarter.
The growth was driven by the e-commerce’s beauty and personal care (BPC) business.
Revenue from operations climbed 22 per cent to Rs 1,507 crore for the quarter under review, from Rs 1,230.82 crore a year ago. Nykaa noted that the revenue rose in the quarter despite the delay in the festive season as compared to the previous year.
Nykaa noted that the physical retail business continued to expand post-COVID on the back of 13 new stores launched in the quarter, taking the total number of stores to 165 as of 30 September 2023. The retail business now constitutes 8 per cent of the overall beauty and personal care gross merchandise value. Nykaa’s brands in beauty experienced Net Sales Value growth of close to 21 per cent year-on-year.
Nykaa also reported that the consolidated revenue from operations from its fashion business stood at Rs 130.5 crore in Q2FY24, marking an on-year growth of 28 per cent.
The shares of the company also ended 5 per cent higher on 6 November, ahead of the announcement of its quarterly numbers.
Brands
Kotak Mahindra Prime names Suraj Rajappan as managing director and chief executive
The car-finance arm of Kotak Mahindra Bank lines up a new chief and raises its borrowing limit
MUMBAI: Suraj Rajappan is getting the keys. Kotak Mahindra Prime Limited (KMPL), India’s veteran car-finance outfit, has named him managing director and chief executive, effective June 1st, 2026—the same day his predecessor drives off into retirement.
The board approved the appointment at its meeting on March 18th. Rajappan, currently a whole-time director at the company, has spent his entire 24-year career at KMPL, working across functions before rising to the top job. The three-year term remains subject to shareholder approval, and the company confirmed he faces no bar from SEBI or any other authority from holding the post.
He takes over from Shahrukh Todiwala, who superannuates on May 31st after more than three decades with the Kotak Group. Ashok Vaswani, managing director and chief executive of parent Kotak Mahindra Bank, was generous in his send-off. Todiwala, he said, “leaves behind a legacy marked by prudent growth, strong risk discipline, and a focus on customer-centricity.” Of his successor, Vaswani was equally bullish: Rajappan’s “deep industry experience and execution capabilities position KMPL well for its next phase of growth.”
The board also loosened the purse strings, raising the company’s overall outstanding debt limit from Rs 43,000 crore to Rs 48,000 crore. The expanded ceiling covers bank loans, debentures, commercial paper, treasury operations, credit facilities and external commercial borrowings.
KMPL has operated as a car-finance company since 1996, branching into two-wheeler loans in 2018 and loans against property in 2021. With fresh leadership, a bigger borrowing arsenal and an ambitious lender for a parent, Rajappan’s first task is clear: step on the accelerator.
