Honasa Consumer, the owner of beauty brand Mamaearth, reported a near doubling of its profit to 294.4 million rupees ($3.54 million) for the quarter ending on September 30. This was attributed to increased sales volumes and improved profit margins, with core profit margins rising to 8.1% from 6.4% the previous year. Analysts at Jefferies praised Honasa’s performance in the digital-first beauty sector and anticipate further revenue growth. The company’s stock soared by 20% on Thursday, hitting the upper circuit.
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