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FSN E-Commerce Ventures-backed beauty and wellness e-commerce companyNykaa on Wednesday reported its consolidated net profits of Rs 29 crore during Q3FY22, down 58 per cent on a year-on-year basis.

In the same quarter of the previous fiscal, the net profits were at Rs 68.9 crore, it said in a statement.

However, revenue from operation rose 36 per cent during the quarter to Rs 1,098 crore, as against Rs 808 crore reported in the same quarter previous fiscal.

The company's EBITDA fell 36 per cent to 69 crore, as against Rs 107 crore in the same period of the corresponding fiscal.

"Our previous quarter was defined by a milestone moment in the company's journey with a successful IPO and listing on the stock exchanges. We continue to be on a steady growth trajectory across both Beauty and Fashion businesses, with an overall revenue growth of 65 per cent for the nine-month period year-on-year," Executive Chairperson, MD and CEO Falguni Nayar said.

"Growth in beauty business accelerated in a relatively normalised Covid environment, with a strong revival in the cosmetics category. Our physical store network also experienced one of its strongest quarters ever and we continued opening new stores in line with our larger omnichannel vision."

The company's overall fashion portfolio grew with the launch of new international brands as well as the expansion of Nykaa's owned brands, Nykd and RSVP, through its strategic collaborations.

In Q3FY22, Nykaa Cosmetics launched a new format of quick drying nail enamel called Nykaa Insta Dry that dries instantly within a minute. Also, it has introduced 100 per cent Natural Hair Oils to increase market share in the hair products and penetrated in skincare offerings with the 20 per cent Vitamin C serum, the holy grail skincare ingredient.