THE WHAT? Nykaa has reported its results for the fourth quarter of its fiscal year. In the three months ended March 31, 2022, the Indian beauty retailer saw profits plunge 49 percent yoy, according to a report published by Reuters.

THE DETAILS The fall was attributed to rising costs (+35 percent to R9.79 billion) with both fulfilment and marketing costs experiencing steep increases.

Consolidated net profit for the quarter stood at R85.6 million versus 168.8 in the prior-year period, despite total orders rising from 8.6 million from 6.2 million a year ago and GMV increasing 45 percent to R17.97 billion.

THE WHY? CEO Falguni Nayar told Reuters, “Inflationary pressures are building up more so in the first quarter this year.”