On Thursday, Nykaa shares opened significantly lower by 6.5% to ₹168.05 and fell as much as 7.15% to a low of ₹166.85. Shares are currently trading 61% lower than their 52-week high of ₹2,574 on November 26, 2021.

Earlier this month, the cosmetics-to-fashion retailer reported a 333% year-on-year (YoY) increase in its consolidated net income to £5.19 billion for the second quarter of FY23, compared to £1.17 billion in the same period of the previous year. However, on a quarterly basis, net income increased marginally by 3.6% from ₹5.01 billion in the June quarter of the current fiscal year.

Consolidated operating income increased 39% year-over-year to ₹1,230.8 billion for the second quarter of FY23 from ₹885.26 billion in the prior-year period. On a sequential basis, revenue increased 7% from ₹1,148.4 billion in the June quarter of the current fiscal year (Q1 FY23).

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 112% year-on-year to £61.1 billion, while the EBITDA margin improved to 5% from 3.3% in the second quarter of FY22.

During the quarter, Nykaa partnered with the Estee Lauder Group of Companies to launch Beauty & You India, a unique partnership to identify and support the next generation of beauty entrepreneurs in India with grant and mentorship. It has teamed up with HUL to launch HUL’s new science-based skincare brand Acne Squad at Nykaa. It has also partnered with Apparel Group to launch a multi-brand omnichannel retail business in the Gulf Cooperation Council (GCC) on October 6, 2022.

As of September 30, 2022, Nykaa had 124 physical stores, including two new fashion stores, totaling 1.2 square feet across 53 cities. It expanded its fulfillment centers to 14 cities totaling 11.5 lakh sq. feet