Following a 90% year-on-year growth in FY23, the direct-to-consumer (D2C) cosmetics business Sugar Cosmetics experienced a modest 20% growth in the fiscal year ending March 2024. However, the company lowered its losses by 11.4% within the same period.
According to annual financial statements filed with the Registrar of Companies (RoC), Sugar’s operating revenue climbed to Rs 505 crore in FY24, up from Rs 420 crore in FY23.
Sugar’s revenue comes from selling cosmetic and beauty items, including Rs 2.5 crore in exports in FY24. It also received Rs 10 crore in interest income, bringing its total earnings to Rs 515 crore in the last fiscal year.
Advertising and sales promotion remained Sugar’s primary expense center, as they did for the other D2C companies. This cost remained steady from FY23, standing at Rs 162 crore in FY24. The cost of material procurement grew by 21.1% to Rs 138 crore in FY24 from Rs 114 crore in FY23, reflecting the magnitude. Employee benefits, rent, information technology, legal, outsourced support, packaging, and other overheads raised the entire spending by 15.6% to Rs 584 crore in fiscal year 24.
Also Read:
India Becomes the fourth Nation to Surpass $700 Billion in Foreign Exchange Reserves
