Mamaearth stock soars 20% as Q2 profit nearly doubles

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Honasa Consumer, the parent company of Mamaearth, witnessed a staggering 20% surge in its shares following a remarkable 94% increase in year-on-year net profit during the quarter ending September 2023. The Mumbai-based direct-to-consumer brand encompasses Mamaearth, Aqualogica, The Derma Co, and BBlunt. Honasa’s shares soared to an upper circuit of Rs 423.75, marking a nearly 30% rise from the listing price of Rs 328 per share.

In the same quarter, Honasa recorded a 21% rise in revenue, reaching Rs 496.1 crore, while its total expenditure escalated by 18% to Rs 463.9 crore year-over-year. Notably, other expenses accounted for approximately 58% of the company’s overall expenditure, totaling Rs 267.3 crore in the second quarter of the fiscal year.

On a half-yearly basis, Honasa Consumer’s net profit surged almost eightfold to Rs 55.4 crore compared to Rs 7.69 crore in the corresponding period of the previous year. Additionally, the revenue from operations for the first six months of 2023 hit Rs 960.5 crore, rising from Rs 722.7 crore in the previous year.

During the pre-placement offer held between October 30 and November 1, Honasa’s shares were offered within a price band of Rs 308-Rs 328. The offer, subscribed 7.61 times on the final day, saw significant institutional investor interest. Despite a slower start, the IPO received an overwhelming response on day three, with bids for 22 crore shares against an offer of 2.8 crore shares, according to data from Indian stock exchanges.

 

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Mamaearth stock soars 20% as Q2 profit nearly doubles

Honasa Consumer, the parent company of Mamaearth, witnessed a staggering 20% surge in its shares following a remarkable 94% increase in year-on-year net profit during the quarter ending September 2023. The Mumbai-based direct-to-consumer brand encompasses Mamaearth, Aqualogica, The Derma Co, and BBlunt. Honasa’s shares soared to an upper circuit of Rs 423.75, marking a nearly 30% rise from the listing price of Rs 328 per share.

In the same quarter, Honasa recorded a 21% rise in revenue, reaching Rs 496.1 crore, while its total expenditure escalated by 18% to Rs 463.9 crore year-over-year. Notably, other expenses accounted for approximately 58% of the company’s overall expenditure, totaling Rs 267.3 crore in the second quarter of the fiscal year.

On a half-yearly basis, Honasa Consumer’s net profit surged almost eightfold to Rs 55.4 crore compared to Rs 7.69 crore in the corresponding period of the previous year. Additionally, the revenue from operations for the first six months of 2023 hit Rs 960.5 crore, rising from Rs 722.7 crore in the previous year.

During the pre-placement offer held between October 30 and November 1, Honasa’s shares were offered within a price band of Rs 308-Rs 328. The offer, subscribed 7.61 times on the final day, saw significant institutional investor interest. Despite a slower start, the IPO received an overwhelming response on day three, with bids for 22 crore shares against an offer of 2.8 crore shares, according to data from Indian stock exchanges.

 

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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