New Delhi, Nov 22 (IANS): Honasa Consumer Ltd, the parent company of direct-to-consumer (D2C) skincare brand Mamaearth, has posted Rs 29.4 crore in profit after tax (PAT) in the second quarter of FY24, an increase of 94 per cent from Rs 15.2 crore reported in the previous-year quarter.

Mamaearth’s operating revenue increased 21 per cent (year-on-year) to Rs 496.1 crore from Rs 410.5 crore in Q2 FY23, the company said in its first quarterly result after listing on the bourses.

"Honasa has been able to deliver market-beating growth and constantly improve the profitability portfolio of the company. Our business has grown by 33 percent YoY in H1 FY24 which is 3.8 times the median growth of FMCG companies in India," said Varun Alagh, Chairman and CEO, Honasa Consumer.

Honasa Consumer’s stock closed at Rs 349 on Wednesday.

Mamaearth had posted a Rs 151 crore loss in FY23. Its operating revenue increased significantly in FY23, reaching Rs 1,493 crore from Rs 943 crore the previous year.

However, overall expenditure increased from Rs 942 crore to Rs 1,502 crore.

Peak XV Partners (earlier Sequoia Capital India and Southeast Asia) has reportedly found 10 times or greater return in the oversubscribed initial public offering (IPO) of Mamaearth.

In Mamaearth, Peak XV Partners has found another 10 times or greater return within the six months since separating from Sequoia, TechCrunch had reported earlier this month.