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New Delhi, <keyword id="4549708" type="General" weightage="20" keywordseo="honasa-consumer" source="Orion">Honasa Consumer</keyword> Ltd, which owns new-age FMCG brands like <keyword id="4548811" type="General" weightage="100" keywordseo="mamaearth" source="Orion">Mamaearth</keyword> and The Derma Co, is set to launch its Initial Public Offering (IPO) on October 31. The issue will conclude on November 2 and the anchor book of the offer will open for a day on October 30, according to the red herring prospectus. The IPO comprises a fresh issue of equity shares worth Rs 365 crore and an Offer for Sale (OFS) component of 4.12 crore equity shares by promoters, investors, and other selling shareholders. Those offering shares in the OFS include promoters and founders -- Varun Alagh and Ghazal Alagh -- and investors like Fireside Ventures Fund, Sofina, Stellaris, Kunal Bahl, Rohit <keyword id="252288" type="General" weightage="80" keywordseo="kumar-bansal" source="Orion">Kumar Bansal</keyword>, <keyword id="19259895" type="General" weightage="80" keywordseo="rishabh-harsh-mariwala" source="Orion">Rishabh Harsh Mariwala</keyword> and Bollywood actor <keyword id="6358615" type="General" weightage="80" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword> Kundra. Proceeds from the fresh issue would be utilised towards advertising expenses to improve awareness and brand visibility, setting up new exclusive brand outlets, investment in its subsidiary BBlunt for setting up new salons, general corporate purposes, and inorganic acquisition. The Gurugram-based beauty and personal care company was founded in 2016 by husband-wife duo Varun and Ghazal Alagh. It began with the launch of Mamaearth and over the years added five more brands to its portfolio, including The Derma Co, Aqualogica, Ayuga, BBlunt, and Dr Sheth's, and built a 'House of Brands' architecture. In January 2022, the company entered the unicorn club. Kotak Mahindra Capital Company, Citigroup Global Markets India, JM Financial and JP Morgan India Pvt Ltd are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Mamaearth's parent firm Honasa Consumer IPO to open on Oct 31

<ul><li><keyword id="774476" type="General" weightage="20" keywordseo="rishabh-mariwala" source="Orion">Rishabh Mariwala</keyword> stands to make as much as ₹184 crore if the IPO shares are subscribed at the upper end of the price band.</li><li>Honasa promoter Varun Alagh is expected to be richer by ₹103 crore at the upper end of the price band.</li><li><keyword id="6358615" type="General" weightage="20" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword> Kundra is all set to make as much as ₹45 crore from the share sale. </li></ul>Actress and brand ambassador of <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword>, Shilpa Shetty, is all set to gain a windfall from its parent company Honasa’s initial public offer (IPO). However, she might not be the shareholder who will make the most from one of India’s most talked about IPOs this year. It’s Rishabh Harsh Mariwala, the son of Marico owner Harsh Mariwala, who stands to gain as much as ₹184 crore if all the shares are subscribed at the the upper end of the price band of ₹308-324. Rishabh Mariwala was an early investor in the D2C brands company, and acquired shares at ₹6.05, as per the company’s DRHP. He is also selling the most shares – 5.7 million – in the upcoming share sale and that makes him the biggest gainer from the IPO. <div type="image" title="rishabh mariwala" msid="104721117" hostid="261" sizebytes="13596" caption="&amp;lt;p&amp;gt;Source: Linkedin&amp;lt;/p&amp;gt;"></div> Rishabh Mariwala heads Sharpp Ventures which manages <a href="https://www.indiatoday.in/magazine/inheritors/story/20220103-rishabh-mariwala-sharrp-sighted-1892552-2021-12-26">Mariwala family office</a>, but he has also been keen on the beauty and the personal care sector. He runs Kaya which is known for skin clinics and products. He had also founded Soap Opera N More to market bath and body care products. This is in addition to introducing luxury skin products under the brand PureSense. The IPO, which opens on October 31 and ends on November 2, will see the promoter of the company, Varun Alagh sell 3.18 million sharese get richer by approximately ₹103 crore. However, his wife and co-founder of the company, <keyword id="4548812" type="General" weightage="20" keywordseo="ghazal-alagh" source="Orion">Ghazal Alagh</keyword> of Shark Tank fame, is selling only 1 lakh shares for ₹3.2 crore. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of the selling shareholder </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of shares being sold </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Weighted cost of acquisition </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Possible gains from share sale (at upper end of price band) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Varun Alagh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,186,300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Negligible* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ghazal Alagh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Negligible* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.2 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Harsh Mariwala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,700,188 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.05 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹184.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shilpa Shetty Kundra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,393,200 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.86 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kunal Bahl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,193,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rohit Kumar Bansal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,193,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.6 crore </td></tr></tbody></table>*Ghazal and Varun Alagh are promoters Bahl &amp; Bansal bag a better deal Snapdeal founders and serial investors Kunal Bahl and Rohit Kumar Bansal will also be selling 1.19 million shares each in the IPO. They will make around ₹38.5 crore each. It Is noteworthy that all these calculations are made at the upper end of the price band. They would also probably be making more profit from the investment than other selling shareholders as their weighted cost of acquisition is at ₹3 per share. Shilpa Shetty Kundra who stands to make as much as ₹45 crore from the share sale, has purchased the stock at a slightly higher cost. The weighted cost of acquisition for her is at ₹41 per share. The other selling shareholders include Fireside Ventures Fund, Sofina and Stellaris. The IPO stands to raise anywhere between ₹1,635 crore to ₹1,701 crore. It will open on October 31 and close on November 2.

This FMCG scion is all set to gain a windfall from Honasa Consumer IPO

<ul><li>Speaking at the Business Insider Global Trends Festival 2020, <keyword id="126855" type="PERSON" weightage="20" keywordseo="Harsh-Mariwala">Harsh Mariwala</keyword> said the emergence of digital marketing and <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> has made it cheaper and easier for startups to make their mark in the segment. </li><li>Modern trade and e-commerce contribute to 22% of total sales of Marico (as of FY20). </li><li>Mariwala also spoke of brands like the one they have acquired Beardo or others like Mamaearth and Boat, who have made a mark for themselves in the consumer market. </li></ul>Harsh Mariwala, the man who has spearheaded India’s <keyword id="34523" type="CITY" weightage="20" keywordseo="fmcg">FMCG</keyword> (fast moving consumer goods) growth with his 30-year old company, observed how digital and e-commerce has removed the entry barriers into the sector. “In the earlier days, if somebody wanted to launch a new product, they had to have a distribution network which would cater to 2-3 million outlets, which would be very very costly and unless you had a ₹1,000 crore turnover, you won’t be able to afford that,” the maker of iconic hair oil brand Parachute and edible oil brand Saffola said in a conversation at the Business Insider Global Trends Festival 2020. It didn’t end there. The next big expenditure to ensure your brand is known and becomes a household name, companies had to splurge big money in television advertising. “So, for a startup there would be a lot of odds before entering the FMCG sector. But with the emergence of e-commerce, you can prototype your products in these options and also use digital marketing, which is not as expensive as television marketing. We have seen a whole host of new entrepreneurs entering the consumer sectors,” he added. But the $6 billion Marico is not sitting back and watching this space evolve. It is changing its approach too. Marico’s own tryst with e-commerce Marico has been building up a portfolio of e-commerce with Mariwala’s son Rishabh leading the segment. Within the company, they also have a front-end analytics team called Marico Miner League, which leverages Artificial Intelligence and works on “predictive modelling using digital and e-commerce platforms data, enabling the business with right decisions and spend optimisation”. “Marico has significantly enhanced presence in modern trade and e-commerce, with the share of these channels increasing from 12% to 22% over the past two years,” said the company in its annual report of FY20. The pandemic has provided an opportunity to pump it up further. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico’s financials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,315 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,334 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit after tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,043 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹926 crore </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Contribution to total sales </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Modern Trade </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">E-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table> By the end of the second quarter (June-September), the company said that traditional trade and e-commerce were driving growth for Marico.The company’s second quarter earnings are scheduled to be announced on October 28, 2020. Marico has an eye for startups entering the space too It is bracing for a game where younger, more agile startups are making a mark, and he is buying out some of them, like Beardo and Mamaearth, too. Marico has also completed the 100% acquisition of the Ahmedabad-based startup Beardo, in which it had first acquired a stake in 2017. Beardo’s strong presence in the online men’s grooming segment is what drew Marico to the startup. Talking about Beardo, Mariwala said, “At some stage of their journey, where they reach a certain level of turnover and when they have to expand it to physical distribution, that time they find it difficult – that’s when they are forced to divest or get into some sort of partnership.” Even during the pandemic, Marico hasn’t been much affected as most of its products fall in the essentials category. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-in-india-oxfords-vaccine-to-be-available-in-indian-market-by-march-bharat-biotech-to-develop-an-intranasal-vaccine/articleshow/78741876.cms">COVID-19 vaccine updates in India: Bharat Biotech gets nod for phase III trials of Covaxin in India</a>

India’s FMCG guru and founder of $6 billion Marico, Harsh Mariwala, on how e-commerce has removed entry barriers

<ul><li><keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword> parent Honasa Consumer plans to raise as much as ₹1,701 crore via an <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword>.</li><li>The price band is fixed at ₹308-324, and the IPO will open on October 31 and close on November 4.</li><li>The company intends to use net proceeds towards ad expenses, set-up outlets, and others. </li></ul>House of brands Honasa Consumer is planning to raise as much as ₹1,701 crore from its maiden public offer. The IPO of the parent company of Mamaearth brand will open on October 31 till November 4. The price band for the issue has been fixed at ₹308-324. Investors can bid for a minimum of 46 shares in multiples thereof. The issue is a combination of a fresh issue and an offer-for-sale. Some of its selling shareholders include its celebrity investor and actress Shilpa Shetty, Snapdeal’s Rohit Kumar Bansal and Kunal Bahl; and Rishabh Harsh Mariwala of the Marico family. This is apart from promoters Varun and Ghazal Alagh, Fireside Ventures Fund, Sofina and Stellaris. The company intends to use net proceeds from the fresh issue towards advertisement expenses, to set-up exclusive brand outlets, investment in its subsidiary, BBlunt, general corporate purposes and unidentified inorganic acquisitions. The issue allocates 10% of the offer to retail investors, 15% to non-institutional investors and 75% to qualified institutional buyers (QIBs). Kotak Mahindra Capital, Citigroup Global, J M Financial and J P Morgan are the book running lead managers of the issue and KFIn is the registrar. Loss on account of impairment The company has reported a progressive growth in revenue for the last three years. It slipped back into losses in FY23, after posting profits in FY22. It was due to an impairment loss it had to take in the last financial year to the tune of ₹154 crore. “This was primarily due to the management decision to scale down the majority of the business verticals of Momspresso, a content platform operating under our subsidiary, Just4Kids Services, and acquired by us in December 2021,” the company said. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 (consol) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 (consol) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 (standalone) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,492 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹943 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹459 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Restated Profit/Loss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹150.9 crore)* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹14.4 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹1,332 crore) * </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: RHP * it represents a loss A top heavy profile While the BPC D2C brand has a wide array of products, most of its revenues depend on top 10 products. As of June 2023 end, a third of revenues from operations or around 29% of revenues came from these products. “While our dependence on sales of our top 10 products has been declining with increasing contributions from our other products, any decrease in the sales of our top 10 products, whether due to increase in sale of products or market share of competitors with similar products or any other reason, will adversely affect our business, results of operations, financial condition and cash flows,” the company said. Its top products include the Mamaearth brand, the Derma Co, Dr Sheth’s, and Aqualogica brands in the face care and hair care categories. Around 9% of its revenues came from the same two products. Moreoso, the auditor’s report on internal financial controls issued on its standalone financial statements in FY21 contains a disclaimer of opinion. The opinion relates to the auditors’ inability to obtain appropriate audit evidence to provide a basis for opinion on adequate internal financial controls. The company which depends on influencers also sees them as a business risk. “Influencers may use their platforms to communicate directly with our consumers without our knowledge in a manner that reflects poorly on our brands and may be attributed to us,” Honasa said. The company sells its products via its own D2C channel like its brand and mobile websites, and mobile applications. But its third party e-commerce marketplaces bring in the most sales. As of June 2023 end, it derives 64% of its revenue from operations from e-commerce marketplaces. High ad expenses &amp; heightened competition The company’s ad expenses stood at 34.99% of its revenue from operations as of June end. The company is also in a segment that’s extremely competitive. And some of these competitors are larger and have substantially greater resources than them. That gives them the ability to spend more on advertising and marketing and offer substantial discounts, the company says. Then, there is also the threat of new entrants which may have more flexibility in responding to changing business and economic conditions. “As the BPC products space has a fairly low barrier to entry, these new entrants could potentially heighten the competitive landscape, which may lead to intensified competition on pricing,” the company said. It also said that its subsidiaries acquired in the past, including Just4Kids, BBlunt, B:Blunt Spratt and Fusion, have incurred losses for certain historical periods. There is no assurance that these entities will be profitable in the future,” the company cites as its risk factors. The company has undertaken one criminal and three material civil proceedings. It has two tax and two material civil litigations proceeding against it, where the aggregate amount involved is ₹100 crore.

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