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Infra.Market reports over $2 Bn gross revenue in FY25; profit falls 42%

EntrackrEntrackr · 6h ago
Infra.Market reports over $2 Bn gross revenue in FY25; profit falls 42%
Medial

Building materials unicorn Infra.Market reported a 27% year-on-year rise in gross revenue in FY25, but its profit fell 42% during the period. Infra.Market, which has confidentially filed its IPO papers to raise Rs 5,000 crore, delivered another strong top-line performance with 27% year-on-year increase in its gross revenue in FY25. Despite the decent growth, its bottom line declined by 42% in the same period. Infra.Market’s gross revenue grew 27% to Rs 18,472 crore ($2.1 billion) during FY25, compared to Rs 14,530 crore in FY24, as per its consolidated financial statements with the Registrar of Companies (RoC). Infra.Market operates across three core verticals: Structural products, finishing products, and lifestyle products, along with allied services linked to product sales. Structural products, which include concrete and other construction materials, remained the company’s largest revenue driver, contributing over 60% of the total revenue and clocking Rs 11,176 crore in FY25. The finishing products vertical, comprising plumbing, walling and roofing solutions as well as plywood and laminates, reported revenue of Rs 1,924 crore during the year. The lifestyle products segment, which includes modular kitchens, consumer appliances, paints and other related offerings, generated Rs 2,487 crore in FY25. Beyond product sales, Infra.Market is also engaged in construction services for infrastructure projects, equipment rental, and exterior painting services. Revenue from the sale of construction equipment, spare parts, chemicals, and these allied services added another Rs 2,884 crore in the previous fiscal. The company also booked a non-operating revenue of Rs 84 crore which drove its total income to Rs 18,556 crore during the last fiscal year, compared to Rs 213 crore non-operating income in FY24. On the expense side, the cost of procurement of construction material and equipment formed 75% of the total expenditure, amounting to Rs 13,751 crore in FY25. Its employee benefit expenses surged 41% to Rs 564 crore in the period, which includes Rs 40 crore worth of ESOP cost. The company’s finance cost and freight and forwarding expenses rose 45% and 47% to Rs 805 crore and Rs 631 crore, respectively. Other overheads, including power & fuel, legal & professional, traveling expenses, impairment loss on financial assets, drove the total expenses to Rs 18,250 crore in FY25, compared to Rs 14,272 crore in FY24. While the company’s revenue and overall expenses grew at a similar pace in the last fiscal year, a 60% decline in non-operating income and a rise in overhead costs, including finance and depreciation expenses, dragged profit down 42% to Rs 220 crore in FY25 from Rs 378 crore in FY24. Coming to ratios, the EBITDA margin improved to 7.97%, while ROCE stood at 12.11% in FY25. The expense-to-operating-revenue ratio (unit economics) of the Mumbai-based company remained flat at Rs 0.99. The firm operates in a competitive space alongside OfBusiness, Zetwerk, and Moglix. Zetwerk reported revenue of Rs 12,798 crore in FY25, while the other two are yet to disclose their FY25 numbers. In FY24, OfBusiness recorded a gross revenue of Rs 19,296 crore, while Moglix posted Rs 4,964 crore.

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Infra.Market raises $50 Mn from Mars Unicorn Fund

EntrackrEntrackr · 1y ago
Infra.Market raises $50 Mn from Mars Unicorn Fund
Medial

Infra.Market has raised $50 million from MARS Unicorn Fund which is a joint venture of Liquidity Group and MUFG. With this, MARS and Liquidity investment in the company touched $100 million. The two funds previously invested $50 million in Infra.Market in 2022. While the company didn’t disclose its valuation in fresh funding, Infra.Market was reportedly valued at $4 billion in 2022. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the $140 construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. Last year, Infra.Market had divested 10% of its stake worth $20 million in RDC Concrete to investors led by Ashish Kacholia. The former had acquired RDC Concrete for $90 million in September 2021. It also has a majority stake in Strata Geosystems, Equiphunt and Halonix. As of now, Infra.Market has raised around $500 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which commanded 16.87% and 8.46%, respectively, before this round. Infra.Market is one of the handful of unicorns in the country which managed over nine-fold growth in gross scale between FY21 and FY23 and remained profitable. As per TheKredible, its gross revenue rose to Rs 11,846 crore in FY23 from Rs 1,240 crore in FY21. During the fiscal year ending March 2023, the firm’s profit slipped 17% to Rs 155 crore from Rs 187 crore in FY22. It competes with Zetwerk, OfBuisness and Moglix.

Infra.Market divests $20 Mn worth stake in RDC Concrete

EntrackrEntrackr · 1y ago
Infra.Market divests $20 Mn worth stake in RDC Concrete
Medial

Construction goods and services platform Infra.Market has divested approximately 7% of its stake worth $20 million in RDC Concrete to investors led by Zerodha’s co-founder Nikhil Kamath. The round saw participation from various investors such as Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels The company had earlier divested a 10% stake in RDC Concrete to certain investors led by Ashish Kacholia in November 2023. Infra.Market had acquired RDC Concrete for $90 million in mid of 2021 when it had 49 RMC plants, which claims to have grown to 100 plants across 48 cities. The development comes on the heels of $50 million funding announced by Infra.Market. The fund was pumped in by MARS Unicorn Fund which is a joint venture of Liquidity Group and MUFG. Founded by Anil Banchhor, RDC Concrete manufactures and supplies Ready Mix Concrete (RMC). Apart from normal concrete mixes of various grades, RDC Concrete also produces special concrete solutions using its infrastructure and technology and ensures product and service quality. RDC Concrete expects to have around 180 RMC plants by the end of FY25. With more than 10,000 retail touchpoints and over 30 flagship showrooms, Infra.Market supplies all its products under its own brand names Infra.Market, IVAS, Shalimar Paints and RDC. The firm has raised around $500 million across equity and debt and is valued at around $2.5 million. As per startup data intelligence platform TheKredible, its gross revenue rose to Rs 11,846 crore in FY23 from Rs 6,285 crore in FY22. During the fiscal year ending March 2023, the firm’s profit slipped 17% to Rs 155 crore from Rs 187 crore in FY22.

Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable

EntrackrEntrackr · 1y ago
Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable
Medial

Construction goods and services platform Infra.Market maintained its growth trajectory with over 9X surge in gross scale during the last two fiscal years, rising from Rs 1,240 crore in FY21 to Rs 11,846 crore in FY23. Despite the hyper-growth, the Mumbai-based company has remained profitable for the past several fiscal years. While the firm’s profit dipped nearly 17% in FY23, Infra.Market’s gross revenue surged 90% to Rs 11,846 crore in the said fiscal year from Rs 6,236 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. Infra.Market sells construction materials, infrastructure goods, and technical equipment which accounted for over 96% of its total operating revenue. Collections from these verticals grew nearly 89% to Rs 11,383 crore in FY23 from Rs 6,002 crore in FY22. The company has over 4,000 retail stores with more than 25 exclusive brand outlets across 22 states which is backed by over 100 dedicated manufacturing units. The cost of procurement of materials formed 86% of the overall expenditure. This cost surged 82.1% to Rs 9,974 crore in FY23. As the company hired aggressively to keep up with the growth, its employee benefits grew around 2X to Rs 279 crore in FY23. Infra.Market freight, legal-professional, power-fuel, information technology, and other overheads pushed its total expenditure up by 91.6% to Rs 11,607 crore in FY23 from Rs 6,058 crore in FY22. Check TheKredible for the detailed expense breakup. The notable growth and controlled cost helped Infra.Market to maintain profits which stood at Rs 155 crore during the previous fiscal year. Its ROCE and EBITDA margin stood at 15% and 5.7%, respectively. On a unit level, it spent Rs 0.98 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 6% 5.7% Expense/₹ of Op Revenue ₹0.97 ₹0.98 ROCE 10% 15% Infra.Market has raised over $500 million across rounds in a mix of equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global is the largest external stakeholder with 21.33% stake followed by Accel and Nexus Ventures which command 16.87% and 8.46% shares, respectively. Head to TheKredible to see the complete shareholding. In the B2B e-commerce (industrial supply) business, Infra.Market competes with the likes of Zetwerk, OfBusiness and Moglix. Zetwerk’s gross revenue from operations grew 130% to Rs 11,448.6 crore in FY23 with a loss of Rs 108 crore. OfBusiness emerged as the largest player in this space with Rs 15,342 crore revenue and Rs 463 crore profit while Moglix reported Rs 4,595 crore in revenue and Rs 193 crore loss in the last fiscal year. With all key players achieving significant balance sheet size on the back of positive PAT or small losses, the segment is set to consolidate, with the possibility of smaller players being absorbed by the top 3 or 4. The category as a whole has enough space to grow, considering the small size of the organised sector and the many emerging opportunities from India’s push to be a manufacturing hub. Players will be willing to bide their time before they seek margin improvement, as they strengthen their positions in their key segments. Be it Zetwerk in say, renewable energy, or construction industry for another etc. Comfortably placed among the top 3, Infra.Market can be expected to continue to deliver healthy topline growth on the back of a fast growing economy in India. Faster bottomline growth or better margins will require a lower share for procurement of materials, something that we believe will not happen quickly.

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions

EntrackrEntrackr · 5m ago
EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions
Medial

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions Online travel aggregator (OTA) platform EaseMyTrip has reported dismal performance during the last quarter, with revenue declining over 25% and profit plunging 98% to Rs 44 lakh. EaseMyTrip’s operating revenue decreased by 25.5% to Rs 114 crore in Q1 FY26 from Rs 25.5 crore in Q1 FY25, as per its financial statements filed with the National Stock Exchange (NSE). Air ticketing contributed 50% of the company’s revenue but fell 47% to Rs 57 crore in Q1 FY26, down from Rs 107 crore in Q1 FY25. Hotel packages accounted for 28.5% of total revenue, generating Rs 32.5 crore. Including other undisclosed income, its total income for Q1 FY26 stood at Rs 120 crore, compared to Rs 156 crore in Q1 FY25. On a quarter-on-quarter basis, EaseMyTrip’s operating revenue fell 18% to Rs 114 crore in Q1 FY26 from Rs 139 crore in Q4 FY25. In line with its scale, total expenses rose 8% to Rs 118 crore in Q1 FY26 from Rs 109 crore in Q1 FY25. Service costs accounted for 15% of the total, falling 5% to Rs 18 crore in Q1 FY26. Payment gateway charges, employee benefits, and advertising were other major costs for EaseMyTrip in the last quarter. EaseMyTrip’s profit after tax (PAT) fell 98.7% to Rs 44 lakh in Q1 FY26 as compared to Rs 34 crore in Q1 FY25. On a unit basis, the Delhi-based company spent Rs 1.04 to earn a rupee of operating revenue with EBITDA of Rs 6.2 crore during the last quarter. In its board meeting, the company also approved an investment of Rs 175 crore in Three Falcons Notting Hill Limited for a 50% stake, the acquisition of 100% stake in AB Finance Private Limited for Rs 194.4 crore, and approved an investment in Vashu Bhagnani Industries Limited. EaseMyTrip closed Thursday's trading session at Rs 9.22, with a 4% increase in its share price. The company’s total market capitalization stood at Rs 3,353 crore (approx $383 million).

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