Mamaearth Ranks Third Among Top Skincare Brands In India: Euromonitor Report

Honasa Consumer Ltd.’s flagship brand, Mamaearth, has secured the third position among the top skincare brands in India, according to Euromonitor International. The achievement highlights the brand's rapid growth and strong market presence in the highly competitive Indian beauty and personal care industry, according to an exchange filing on Thursday.

Mamaearth has also climbed to ninth position from 13th last year among the top beauty and personal care brands in India, as per Euromonitor’s latest report on Beauty and Personal Care in India.

The report on beauty and personal care in India emphasises the growing prominence of direct-to-consumer brands in the sector, with homegrown names like MamaEarth gaining significant market share.

In addition to Mamaearth’s success, The Derma Co., another key player in the company’s portfolio, has entered the list of top 20 skincare brands in India and emerged as the largest active-based skincare brand. Moreover, Honasa’s brands, including The Derma Co., Aqualogica, and Dr. Sheth’s, are gaining substantial recognition in India’s highly competitive sunscreen market.

Honasa Consumer, which began with its flagship brand Mamaerath, now boasts a portfolio of popular brands including The Derma Co., Aqualogica, Dr. Sheths, and BBlunt, all designed to meet the evolving needs of Indian consumers.

"We are committed to building on this success across all Honasa brands and leading the next phase of the beauty and personal care space in the Indian market," said Varun Alagh, co-founder and chief executive officer at Honasa Consumer.

Honasa Consumer reported a 62.9% increase in its consolidated profit after tax for the first quarter ending June 2024, reaching Rs 40.25 crore. The company's revenue from operations also grew by 19.28%, reaching Rs 554.05 crore for the June quarter of this fiscal year, up from Rs 464.48 crore in the previous year.

Shares of Honasa Consumer Ltd. were trading 3.22% higher to Rs 423.40 apiece, compared to 0.88% decline at the benchmark NSE Nifty 50 at 3:17 p.m.

It has risen 42,290% in the last 12 months and fallen 3.83% on a year-to-date basis. The total traded volume so far in the day stood at 3.83 times its 30-day average. The relative strength index was at 30.49.

Ten out of the 12 analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 25.3%.