FSN E-Commerce Ventures Ltd., the entity that operates the Indian beauty startup Nykaa, saw its profit fall 96 percent as marketing costs surged in the quarter before its initial public offering. Shares dropped on Monday.

Net income dipped to 12 million rupees ($161,000) in the quarter ended September from 270 million rupees the previous year, according to a statement late Sunday, as a 92 percent increase in expenses swamped a 47 percent gain in revenue. Shares are down 5.2 percent at 2,236.5 rupees as on 10:07am in Mumbai after declining as much as 7.3 percent in early trade.

This is the first results filing since shares of the Mumbai-based firm were listed on the exchanges last week and doubled in value. The IPO made Falguni Nayar, who owns about half the company, worth almost $7 billion and India’s wealthiest self-made female billionaire.

Nykaa is part of a new generation of Indian startups that offers more than 2,500 brands of everything from mascara and makeup remover to velvety kohl Indian eyeliner and the body tattoo art called mehendi.

Its revenue increased 47 percent to 8.9 billion rupees in the quarter ended Sept. 30 from the year before.

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