FSN E-Commerce Ventures Ltd, which owns online beauty and cosmetics retailer Nykaa, has reported a sharp 58 per cent decline in its consolidated net profit for the December quarter.

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Nykaa reported a consolidated net profit of Rs 29 crore for the quarter ended December against Rs 69 crore a year ago, as the company’s operating expenses almost doubled to Rs 439.8 crore.

The company reported a sharp rise of 155 per cent and 56 per cent, respectively, in its advertising and marketing expenses and employee benefit expenses on year, which led to the company’s operating expenses rising 91 per cent.