Nykaa, the beauty and fashion firm operating under the FSN E-CommerceVentures brand, reported a 70.75% drop in consolidated profit to Rs 8.48 crore for the third quarter ended December, largely due to investments in retail stores.

Despite the drop in profit, the revenue from operations increased by about 33% to Rs 1,462.82 crore in the same period, up from Rs 1,098.3 crore the previous year.

Nykaa’s executive chairperson, MD, and CEO, Falguni Nayar, stated that the company is aiming to improve its EBITDA margin, while also investing in expanding its physical retail presence and acquiring 7 million new customers.

Nayar added that the company’s investments are being made to secure its future, and the company will remain profitable while making these investments.

In other news, Mercedes-Benz India announced that it will bring in more completely built-up units (CBUs) of the AMG G63 and Maybach GLS 600, resulting in a reduced waiting period for customers.

The company also opened up bookings for these vehicles exclusively for existing Mercedes-Benz customers for the first week, before allowing other customers to make bookings. The move comes as Mercedes-Benz aims to continue new model introductions in the top-end vehicle segment and grow its double-digit forecast in the Indian market.

Santosh Iyer, managing director and CEO of Mercedes-Benz India, stated that the limited additional production for India underlines the strategic importance of the Indian market for the company.