Honasa Consumer Limited, the parent company steering the renowned beauty and personal care brand Mamaearth, witnessed a striking surge as its shares hit a 20% upper circuit in early trade.
As of 10:50 am, Honasa Consumer’s shares were on an impressive upward trajectory, showing a gain of 19.99% at Rs 423.75 apiece on the National Stock Exchange (NSE). This turnaround is particularly noteworthy, considering the company’s subdued market debut post its initial public offering (IPO). Today’s surge propelled the company’s shares to an unprecedented high, boasting an impressive uptick of over 33%.
The notable upswing in share value followed the disclosure of a substantial surge in profit for Q2FY24. Honasa Consumer reported a nearly doubled profit, reaching Rs 29.44 crore for the quarter ending September 30. It’s noteworthy that this marked the company’s inaugural quarterly results following its listing on the stock markets.
In the same quarter, the direct-to-consumer (D2C) unicorn witnessed a commendable 21% surge in revenue from operations, amounting to Rs 496 crore. This revenue growth maintains an upward trajectory, with a remarkable 33% increase observed in the first half of FY24. Notably, this growth significantly outpaced the median growth rate of the fast-moving consumer goods (FMCG) industry, which stood at 9% during the corresponding period.
