Beardo, owned by Marico, saw a 62.4% year-over-year increase in scale in the fiscal year that ended in March 2024, following a slowdown in FY23. Additionally, in FY24, the male grooming business generated a profit again. According to Beardo's yearly financial documents obtained from the Registrar of Companies (RoC), the company's operating revenue increased from Rs 106.6 crore in FY23 to Rs 173.2 crore in the most recent fiscal year.
Through its own website, marketplaces, and retail locations, Beardo sells face wash, soaps, lotions, and beard-focused oils, combs, and wax. The company's main revenue source was the sale of these goods. The purchase of the products accounted for 40% of the total expenses for the men's grooming company. Due to size, this expense increased from Rs 36.8 crore in FY23 to Rs 67.5 crore in FY24, an increase of 83.2%.
Beardo's expenses for employee benefits and advertising stayed constant at Rs 12.5 crore and Rs 43.89 crore, respectively. In the meantime, overall expenses increased by 46.1% to Rs 168.4 crore in FY24 from Rs 115.3 crore in FY23 due to transportation, legal, freight, and other overheads.
Beardo returned to profitability in FY24 with a profit of Rs 3.63 crore, up from a loss of Rs 6.1 crore in FY23, thanks to an exceptional expansion in size and cost control, particularly in the areas of advertising and employee perks. During the fiscal year that ended in March 2024, the Ahmedabad-based company earned one rupee by spending Rs 0.97.
The Man Company, Bombay Shaving Company, and Ustraa are Beardo's rivals. In FY24, Ustraa reported a loss of Rs 50 crore and a 2.94% drop in revenue to Rs 94.02 crore. The Bombay Shaving Company's FY23 sales was Rs 182 crore, and its FY24 topline is expected to reach Rs 260–280 crore. The Man Company has not yet submitted its audited accounts for FY24, despite reporting revenue of Rs 115 crore for FY23.
After a year of consolidation and even losses, it saw a significant comeback by utilizing the distribution, marketing, sourcing, and other strengths of its parent company. Even a women's line has been introduced, but the company has chosen to stay safe and only sell high-margin perfumes. Beardo can remain loyal to its core offering of beard grooming and men's personal care in general because it is a part of a large FMCG company like Marico. The firm's prospects for growth and expansion are still bright, and it appears to be in a strong position to weather the impending consolidation that is expected to occur in both the personal care and D2C categories. If it is lucky and learns from the past few years, the company is still one campaign or viral trend away from making a breakthrough and possibly doubling revenues as early as FY27.
