L’Oreal India Pvt Ltd posted a net profit of Rs 488.35 crore in FY23, according to financial data accessed by business intelligence platform Tofler. This was 16.78 per cent higher than the Rs 418.15 crore posted in FY 22.

Total revenues stood at Rs 4,993.62 crore in FY23, up 32.77 per cent over FY22.

In an interaction with businessline in September, Aseem Kaushik, Managing Director, L’Oreal India, said the company aims to grow at least “two times the speed of the market”. He added that it aims to get to €1 billion in the next three-five years on the back of growing disposable income and per capita spends on beauty products.

The company, known for brands such as L’Oreal Paris, Garnier, Maybelline New-York, NYX Professional Makeup, said it is bullish on the India consumption story.

L’Oreal has had a presence in India for close to three decades now and it is among the top two players in the category. Its consumer portfolio, which includes brands such as L’Oreal Paris and Garnier, is sold through 10 lakh outlets, while its professional portfolio is used at over 50,000 salons.

The company recently launched its L’Oreal Dermatological Beauty division in India. This has been spearheaded with the launch of CeraVe.

The Indian beauty and personal care industry is estimated to grow to $30 billion by 2027, with a CAGR of 10 per cent, according to a joint report released by Redseer and Peak XV. In 2022, the market size was pegged at $19 billion.