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Shares of Honasa Consumer, which owns FMCG manufacturers akin to Mamaearth and The Derma Co, tumbled 20 per cent on Monday
The inventory slumped 20 per cent to Rs 295.80 — the decrease circuit restrict — on the BSE. (Representative picture)
Shares of Honasa Consumer Ltd, which owns FMCG manufacturers akin to Mamaearth and The Derma Co, tumbled 20 per cent on Monday after the agency reported a consolidated lack of Rs 18.57 crore for the second quarter ended September 30, 2024 on account of stock correction.
The inventory slumped 20 per cent to Rs 295.80 — the decrease circuit restrict — on the BSE.
At the NSE, it tanked 19.99 per cent to hit the bottom buying and selling permissible restrict for the day at Rs 297.25.
It had reported a revenue after tax of Rs 29.43 crore within the year-ago interval, the corporate stated in a regulatory submitting on Thursday.
Honasa Consumer’s income from operations was down 6.9 per cent to Rs 461.82 crore within the second quarter of this fiscal.
“Revenue in Q2 stood at Rs 462 crore reflecting round 6.9 per cent progress, whereas income adjusted for stock correction was Rs 525 crore with the expansion price of 5.7 per cent,” Honasa Consumer stated in its earnings assertion.
Chairman and CEO Varun Alagh stated over the previous few months, Honasa Consumer has been working to optimise its distribution mannequin.
“In this quarter, now we have taken strategic steps in the direction of transitioning from super-stockists to direct distributors within the prime 50 cities. This transition has impacted our income and earnings, resulting in a slowdown for Mamaearth,” he stated.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
