Honasa Consumer Limited, the parent company of Mamaearth, reported a loss of Rs 18.5 crore for the September quarter, a significant drop from a profit of Rs 40 crore in the previous quarter and down 163% from Rs 29.4 crore a year ago. The company's revenue fell to Rs 461.8 crore, down from Rs 554 crore in June and Rs 496 crore year-on-year, while total expenses increased by 9% YoY to Rs 506 crore. The downturn is attributed to the transition to a direct-to-consumer model under Project 'Neev', leading to necessary inventory corrections.