Nykaa reports 49% drop in quarterly net profit as expenses surge

The cosmetics-to-fashion platform, headed by Falguni Nayar, has said its marketing expenses in 2020 came in exceptionally low as it did not spend as much on advertising due to the pandemic

Indian beauty products retailer Nykaa reported a 49% fall in quarterly net profit on Friday, hit by soaring fuel and logistics costs at a time when the company is ramping up its marketing spend to draw in more customers.

FSN E-Commerce Ventures Ltd, Nykaa's parent, which has posted steep declines in profits in all three quarters since going public, has spent more on beefing up its shipments and warehouse capacity to sidestep supply issues.

Headed by Falguni Nayar, the cosmetics-to-fashion platform has been aggressively picking up inventory from global brands to meet the swelling domestic demand for makeup, fragrances and