Mumbai: SUGAR Cosmetics, an omnichannel beauty company and a cult favorite among gen Z and millennial consumers, today announced a significant milestone in its financial journey with a remarkable 90 per cent growth in revenues in the recently concluded fiscal year. Having improved its EBITDA margin by as much as 16 per cent during the same period, the company is on track to hit profitability by the end of FY24, reaffirming its dedication to financial stability and long-term success.
In FY23, the company posted a sharp rise in income totaling 428.4 crores, up from 223.8 crores in the previous year. Losses for the year were contained to FY22 levels which improved the overall EBITDA margins from -31.4 per cent in FY22 to -16.5 per cent in FY23 – a shift that firmly places the company on the path to break even in the current fiscal year.
"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. Having gained market share from some of the legacy brands in the last two years, we had charted a clear roadmap to sustainable growth, and this year’s jump in scale while improving our bottom line is a testimony to our discipline and commitment to becoming a large and profitable enterprise. With our gross margins continuing to improve and trend at nearly 73 per cent (up 280bps over FY22) for the overall business, we are confident of hitting break-even in the current fiscal.” – said SUGAR Cosmetics co-founder & COO Kaushik Mukherjee.
SUGAR Cosmetics' dedication to product innovation, marketing excellence, and financial stability has solidified its standing as a prominent player in an industry with many legacy brands. With an ever-expanding portfolio of top-tier products and a loyal customer base, the brand is poised to strive for continued success in India’s fast-growing beauty and cosmetics sector.