The omnichannel beauty brand SUGAR Cosmetics reported a remarkable 90% revenue growth in the previous fiscal year. Additionally, the company stated in a media release on Monday that its EBITDA margin experienced a notable improvement of 16% over the same period.
Furthermore, the company aims to achieve profitability by the end of FY24, emphasizing its dedication to financial stability and long-term success.
In FY23, the company reported an increase in income, reaching INR 428.4 crore, compared to INR 223.8 crore in the preceding year, as disclosed.
As per the company’s statement, it managed to limit its losses to the levels observed in FY22. This led to an enhancement of the overall EBITDA margins from -31.4% in FY22 to -16.5% in FY23, positioning the company on track to achieve break-even in the current fiscal year.
Kaushik Mukherjee, Co-Founder and COO of SUGAR Cosmetics said,” With our gross margins continuing to improve and trend at nearly 73% (up 280bps over FY22) for the overall business, we are confident of hitting break-even in the current fiscal.”
“We are excited to continue to grow into becoming a key player in India’s fast-growing beauty & personal care landscape – and the results of all the hard work that the team has put in are there for all to see,” Mukherjee added.
