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CitiusTech’s revenue crosses Rs 3,500 Cr in FY23; profit tanks 85%

EntrackrEntrackr · 1y ago
CitiusTech’s revenue crosses Rs 3,500 Cr in FY23; profit tanks 85%
Medial

B2B health tech platform CitiusTech has grown steadily over the past few fiscal years. The company recently claimed that it clocked $500 million revenue during FY24 which seems plausible considering its FY23 numbers. CitiusTech’s revenue from operations grew 40% to Rs 3,499 crore in FY23 from Rs 2,499 in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. CitiusTech is a healthcare technology service and solutions provider which offers consulting, engineering, manufacturing and data oriented softwares to large hospitals and healthcare organizations. The sale of its software development, implementation, and support services comprised 97% of the company’s total revenue while the remaining income came from the sale and maintenance of software licenses. CitiusTech also made Rs 63 crore from non-operating activities which helped it post Rs 3,561 crore in total revenue during FY23. Similar to other technology-driven companies, its employee benefits formed 74% of the overall expenditure. This cost grew by 42.5% to Rs 2,137 crore in FY23 from Rs 1,500 crore in FY22. The firm’s burn on traveling, legal, training, consultancy, advertising, software cum licensing, and other overheads took its overall cost up by 38% to Rs 2,873 crore in FY23 from Rs 2,082 crore in FY22. See TheKredible for the detailed expenditure. Expenses Breakdown Total ₹ 2,082 Cr https://thekredible.com/company/citiustech/financials View Full Data To access complete data, visithttps://thekredible.com/company/citiustech/financials Total ₹ 2,873 Cr https://thekredible.com/company/citiustech/financials View Full Data To access complete data, visithttps://thekredible.com/company/citiustech/financials Employee benefit Employee benefit Travelling conveyance Travelling conveyance Legal professional Legal professional Training recruitment Training recruitment Consultancy charges Consultancy charges Sales and marketing Sales and marketing Software and license Software and license Others To check complete Expense Breakdown visit thekredible.com View full data The significant rise in its employee benefits and consultancy led profits decline by 84.7% to Rs 56 crore in FY23 from Rs 365 crore in FY22. Its ROCE and EBITDA margins stood at 6% and 6.5%, respectively. On a unit level, it spent Rs 0.82 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 19% 6.5% Expense/₹ of Op Revenue ₹0.83 ₹0.82 ROCE 24% 6% The healthcare-focused firm ticks all the right boxes when it comes to operations, from a global outlook, to a legacy of experience(especially important in healthcare), marquee clients and a demonstrated ability to adapt. CitiusTech seems well placed for an IPO at some stage, in India or outside, and could well be a very enticing acquisition target as well.

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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

CitiusTech’s profit balloons 6X to Rs 350 Cr in FY24

EntrackrEntrackr · 7m ago
CitiusTech’s profit balloons 6X to Rs 350 Cr in FY24
Medial

Bain Capital Private Equity-backed healthcare technology and consulting platform CitiusTech reported flat revenue growth for the fiscal year ending March 2024. However, the Mumbai-based firm’s profit surged six-fold on the back of reduction in key expenses, including consulting charges. CitiusTech’s revenue increased by 1% to Rs 3,536 crore in the last fiscal year from Rs 3498 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies shows. CitiusTech is a healthcare technology services and solutions provider offering consulting, engineering, manufacturing, and data-oriented software to large hospitals and healthcare organizations. Its core business—software development, implementation, and support services—accounted for 98.8% of the operating revenue which grew by 2.49% to Rs 3,495 crore in FY24. However, revenue from the sale and maintenance of software licenses declined by 53% to Rs 38 crore. The firm also generated an additional Rs 15.7 crore from non-operating activities, which took its total revenue to Rs 3,551 crore in FY24. On the expense side, employee benefit expenses remained the largest cost driver, accounting for 75% of the expenses. This cost increased by 4.2% to Rs 2,226 crore in FY24 from Rs 2,137 crore in FY23. Depreciation expenses increased by 6.2% to Rs 136 crore, while consultancy charges decreased 7.53% to Rs 299 crore. Overall, CitiusTech’s total expenses rose 3.31% to Rs 2,968 crore in FY24 from Rs 2,873 crore in FY23. CitiusTech achieved a notable milestone as its profit after tax (PAT) spiked 6X to Rs 350.28 crore in FY24 from Rs 55.5 crore in FY23. Its ROCE and EBITDA margin stood at 37.67% and 20%, respectively. On a unit basis, the company spent Re 0.84 to earn a rupee in FY24. The company reported Rs 458 crore in cash and bank balances and had current assets of Rs 1232 crore as of FY24. CitiusTech’s bottomline growth might have impressed, but the topline stagnation will be a worry for the firm that had targeted $500 million (Rs 4100 crores then) as recently as Sep 2023. With a $1 billion target for FY28, the firm is expected to consider all possible avenues, including acquisitions to fund growth. Baring Private Equity acquired the firm for $955 million in 2022 after it had filed for an IPO in the US, which would seem to give it at least a couple more years to expand before Barings seeks an exit via an IPO possibly.

BattRE crosses Rs 100 Cr revenue mark in FY24, remains profitable

EntrackrEntrackr · 3m ago
BattRE crosses Rs 100 Cr revenue mark in FY24, remains profitable
Medial

Electric two-wheeler manufacturer BattRE is back on a growth trajectory, reporting an 18% increase in FY24, compared to a 6% decline in FY23. However, its profit remained unchanged during the last fiscal year. BattRE’s revenue from operations increased to Rs 102.5 crore in FY24 from Rs 87 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). BattRE is an Indian electric scooter company which manufactures city, off-road, and hybrid scooters. Sales of these scooters accounted for 98.5% of the total operating revenue which spiked 18.82% to Rs 101 crore in FY24 from Rs 85 crore in FY23. Meanwhile, income from services declined by 25% to Rs 1.5 crore during the same period. On the expense side, the cost of materials remained the largest expenditure, increasing 10% to Rs 76 crore. Employee benefit expenses saw a 25% jump to Rs 5 crore, while discount-related costs soared 5X to Rs 5 crore. Transportation expenses remained steady at Rs 4 crore, and other operational expenses added another Rs 12 crore. Ultimately, BattRE’s total costs rose 17% to Rs 102 crore in the last fiscal. Despite a substantial spike in expenses, BattRE’s profit remained unchanged at Rs 50 lakhs in FY24. Its ROCE and EBITDA margin stood at 478% and 66%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24, similar to the previous fiscal year. As of March 2024, the Jaipur-based firm reported current assets worth Rs 32 crore including Rs 1 crore of cash and bank balance. According to startup data intelligence platform TheKredible, BattRE has raised a total of $466K of funding till date, having Gajendra Chandel as its lead investor, who owns 5.24% of the company. The company’s founder Nishchal Choudhary owns 32.84% of the company.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%

EntrackrEntrackr · 6m ago
PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%
Medial

Fintrackr All Stories PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26% Moonshine Technology, which operates PokerBaazi, SportsBaazi, and CardBazzi, demonstrated 55% growth in its operating revenue to Rs 415 crore in FY24 from Rs 268 crore in FY23. The platform fees/service transaction fees received from the users were the sole source of revenue for Moonshine. The firm also added Rs 9 crore mainly from the interest on bank deposits which tallied its overall income to Rs 424 crore in FY24, compared to Rs 273 crore in FY23. At the time of acquisition, Moonshine disclosed that PokerBaazi accounts for over 85% of its net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. Similar to other online gaming platforms, Moonshine spent 60% of its overall expenditure on advertising. This cost surged 83% to Rs 232 crore in FY24 from Rs 127 crore in FY23. Its employee benefits also grew 62% to Rs 89 crore in FY24. Its payment gateway, website/server, customer verification, and legal costs took the overall expenditure up by 55.6% to Rs 389 crore in FY24 from Rs 250 crore in FY23. The decent surge in scale and controlled expenditure helped Moonshine to increase its profits by 26.3% to Rs 24 crore in FY24, compared to Rs 19 crore in FY23. The company's ROCE and EBITDA margin stood at 20% and 10.1%, respectively, while its expense-to-earnings ratio was recorded at Rs 0.94. During FY24, Moonshine’s total current assets stood at Rs 236 crore with cash and bank balances of Rs 196 crore. Out of Rs 982 crore ($118 million), Nazara has already invested $100 million and acquired a 47.7% stake in the company through a combination of secondary and primary share purchases.

CaratLane crosses Rs 3,000 Cr revenue in FY24; remains profitable

EntrackrEntrackr · 10m ago
CaratLane crosses Rs 3,000 Cr revenue in FY24; remains profitable
Medial

Titan-owned CaratLane has continued its growth trajectory as its revenue grew 42% in the fiscal year ending March 2024. The company’s profit dipped marginally due to aggressive expansion, though. CaratLane’s revenue from operations grew to Rs 3,081 crore in FY24 from Rs 2,169 crore in FY23, its consolidated annual statements sourced from the Registrar of Companies (RoC) show. CaratLane sells gold, silver, and diamond jewelry for both men and women through its website and network of offline stores. As per its website, the firm operates over 262 stores across 105 cities. The sale of the jewelry was the sole source of revenue for CaratLane in FY24. The company also earned Rs 25 crore from other financial activities, taking the overall revenue to Rs 3,106 crore in the said fiscal. For the jewelry maker, the cost of procurement of material/stones was naturally the largest cost center forming 69% of the total expenditure. To the tune of scale, this cost grew 48% to Rs 2077 crore in FY24. Employee benefits, advertisement cum promotion, legal, technical, and transportation are some major overheads that pushed the total cost to Rs 2,992 crore in FY24 from Rs 2,069 crore in FY23. See TheKredible for the detailed cost breakup. Despite an impressive scale, the company reported a flat profit which stood at Rs 79 crore in FY24 as compared to Rs 82 crore in FY23. The expansion of stores appears to be the reason for the marginal dip in PAT. Its ROCE and EBITDA margin stood at 34.88% and 8.98%, respectively. On a unit level, it spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 9.64% 8.98% Expense/₹ of Op Revenue ₹0.95 ₹0.97 ROCE 38.19% 34.88% CaratLane also disclosed its financials for the first quarter of FY25. The company’s total income surged 18% year-on-year to Rs 754 crore in Q1 FY25 while its EBITDA saw an 8% increase to Rs 38 crore during the same period. In February, Tata Group firm Titan Company acquired the remaining 0.36% stake of CaratLane for Rs 60.08 crore. Following the deal, CaratLane transitioned into a wholly-owned subsidiary of Titan Company. CaratLane directly competes with Bluestone which recorded Rs 788 crore in operating revenue for FY23 and reportedly raised Rs 900 crore ($107 million) in pre IPO round. Among the venture funded startups, Melorra and Giva are other notable competitors.

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