HUL-owned skincare brand crosses Rs 500 crore revenue mark, but exceptional items of Rs 46 crore push FY25 into red despite operating profitability
Hindustan Unilever (HUL)-owned skincare brand Minimalist reported a sharp 48 per cent rise in operating revenue in the financial year ended March 31, 2025 (FY25), even as exceptional items during the year pushed the company into losses.
The Jaipur-based company posted revenue from operations of Rs 514.8 crore in FY25, up from Rs 347.4 crore in FY24, according to regulatory filings accessed via Kredible. Including other income of Rs 2.8 crore, total income stood at Rs 517.6 crore, compared with Rs 350.1 crore in the previous year.
Despite the strong topline growth, Minimalist reported a net loss of Rs 31.5 crore in FY25, against a net profit of Rs 10.8 crore in FY24. The swing into losses was largely due to exceptional items worth Rs 46.1 crore recorded during the year. Before accounting for these one-time charges and tax, the company remained operationally profitable, posting a profit before exceptional items and tax of Rs 13.6 crore in FY25, compared with Rs 17.9 crore a year earlier. Basic earnings per share stood at negative Rs 4.21 in FY25, versus Rs 1.45 in FY24.
Total expenses rose faster than revenue, increasing 51 per cent year-on-year to Rs 504.1 crore in FY25 from Rs 333.2 crore in FY24. Cost of materials consumed climbed to Rs 150.5 crore from Rs 99 crore, reflecting the higher scale of operations, while employee benefit expenses increased to Rs 36.8 crore from Rs 28.5 crore. Depreciation and amortisation expenses rose to Rs 36.9 crore from Rs 21.2 crore during the year.
Other expenses, which include marketing, logistics, marketplace commissions and brand-building spends, surged to Rs 313.3 crore from Rs 206.4 crore in the previous year, underscoring continued investment in growth, distribution and customer acquisition. While the company remained profitable at the operating level before exceptional items, margins came under pressure due to elevated costs.
In January 2025, Hindustan Unilever signed an agreement to acquire a 90.5 per cent stake in Minimalist at a pre-money valuation of around Rs 2,955 crore, marking a significant bet on the fast-growing premium beauty and personal care segment. Founded in 2020, Minimalist has built a strong presence as a science-led, digital-first skincare brand with a robust marketplace-led distribution strategy. With revenue now crossing the Rs 500 crore mark, the brand’s FY25 performance highlights both rapid scale-up and the cost intensity involved in building a premium direct-to-consumer beauty business ahead of deeper integration into HUL’s portfolio.
