Sugar Cosmetics has reported a 20 per cent growth in operating revenue for Financial Year 2024 (FY24), reaching Rs 505.10 crore, up from Rs 420.28 crore in the previous fiscal year. Alongside this revenue increase, the omnichannel brand successfully reduced its losses by 11.3 per cent, down to Rs 67.58 crore from Rs 76.24 crore in FY23, as disclosed in recent regulatory filings with the Registrar of Companies (RoC).
While revenue growth and reduced losses mark positive progress, Sugar’s bottom line was challenged by a 15 per cent rise in expenses, totaling Rs 583.72 crore. This increase stemmed primarily from higher employee benefit costs, finance charges and other operational expenses. The brand, which maintains a broad presence across e-commerce platforms, quick commerce channels and general trade outlets, continues to prioritise omnichannel growth.
In May 2022, the company raised $50 million in a funding round led by L Catterton, with participation from investors A91 Partners, Elevation Capital and India Quotient, to fuel its expansion. The brand noted in its filings, “Our bottom line was impacted by higher expenses during the year, mainly due to increased employee benefit expenses, finance costs and other operational costs.