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Droom's revenue plummets 66% to Rs 85 Cr in FY24

EntrackrEntrackr · 6m ago
Droom's revenue plummets 66% to Rs 85 Cr in FY24
Medial

Droom is set to raise Rs 1,000 crore through an initial public offering (IPO) at a valuation of $1.2 to $1.5 billion. However, the company’s financial health has declined, with its revenue from operations nosediving by two-thirds in the last fiscal year. According to its consolidated financial statements filed with the Registrar of Companies (RoC), Droom Technologies reported a 66% decline in revenue from operations, dropping to Rs 85.3 crore in FY24. Droom's primary revenue sources were selling service fees, which included commissions on vehicle sales and related services on its marketplace platform, as well as fees from pro-seller subscriptions. The company has not disclosed a detailed revenue breakup. However, it generated Rs 4.6 crore from non-operating sources, including interest on investments and excess provisions for write-offs. This brought its total income to Rs 90 crore in FY24, down from Rs 262 crore in FY23. On the cost front, the Sandeep Aggarwal-founded company allocated 65.3% of its total expenses to promotions and incentives. With the decline in scale, this expenditure fell by 67.3% to Rs 85 crore in FY24. Employee benefit expenses also saw a reduction of 39.5% during the year. Overall, the company’s total expenditure dropped by 60%, declining to Rs 130 crore in FY24 from Rs 325 crore in FY23. Despite a 66% drop in revenue, Droom managed to reduce its overall burn, lowering losses by 34.8% to Rs 40.4 crore in FY24. The Gurugram-based company spent 1.52 to earn every rupee in FY24. Droom’s financial metrics worsened, with its ROCE (Return on Capital Employed) declining to -304% and EBITDA margins to -41.56%. By the end of FY24, the company’s total current assets stood at Rs 30 crore, including cash and bank balances of Rs 3.5 crore.

Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips

EntrackrEntrackr · 8m ago
Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
Medial

Temasek’s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The company’s valuation plummeted to around $100 million in the deal, down from its peak of $690 million. While the reasons behind this downfall may become clearer when the firm discloses its FY25 numbers, the company’s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the company’s expenses in detail in the second half of the story. For now, let’s focus on its revenue streams and their growth. Lendingkart’s revenue from operations increased by 36% to Rs 1,090 crore in FY24 from Rs 798 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Lendingkart is a non-banking finance company (NBFC) that provides working capital and business loans to SMEs across India. It offers loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSMEs and has disbursed over Rs 18,700 crore to more than 300,000 businesses. Revenue from co-lending was the primary contributor, accounting for 54% of the operating revenue, which surged by 88% to Rs 591 crore in FY24. Revenue from interest on term loans shrank by 2.86% to Rs 407.81 crore FY24, while commission income spiked 34X to Rs 22.58 crore in FY24. It also made Rs 69.15 crore from other operating activities. The company generated another Rs 127 crore in FY24 from non operating activities which took its total revenue to Rs 1,217 crore in FY24. On the expense side, finance cost was the major factor, which increased by 16.82% to Rs 293.53 crore in FY24. Employee benefit expenses grew by 75.70% to Rs 199 crore while legal charges increased 58.25% to Rs 125.62 crore FY24. Overall, the firm’s total expenses spiked 49.4% to Rs 1,022.7 crore in FY24 from Rs 684.4 crore in FY23. Note: The company recorded Rs 171.67 crore in FY24 and Rs 67.12 crore in FY23 under impairment losses, these amounts have been excluded from the expense or profit calculations. The rising expenses on employee benefits took a toll on Lendingkart's profit which slipped by 6% to Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23. Its ROCE and EBITDA margin stood at 23.33% and 44.39%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24. The Ahmedabad-based company reported Rs 768.5 crore in cash and bank balances and had a current asset of Rs 2,110 crore as of FY24. According to TheKredible, Lendingkart has raised a total of Rs 3,217 crore (approximately $452 million) in funding to date. Its leading investors include Temasek, Bertelsmann, Mayfield, and Saama Capital.

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

EntrackrEntrackr · 4m 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.

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

EntrackrEntrackr · 8m 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.

Garuda Aerospace revenue and profit soar over 2X in FY24

EntrackrEntrackr · 4m ago
Garuda Aerospace revenue and profit soar over 2X in FY24
Medial

Garuda Aerospace revenue and profit soar over 2X in FY24 Drone technology startup Garuda Aerospace had a strong performance in the last fiscal year, with its operating scale more than doubling and profits surging nearly 3X, despite a two-fold increase in expenses. Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Garuda Aerospace designs, manufactures, and customizes Unmanned Aerial Vehicles (UAVs or Drones) for various use cases such as deliveries, disaster management, agriculture, etc. The firm makes money from surveillance charges and related operating services which saw a jump of 143% to Rs 68 crore in FY24 while the rest came via sale of drones and accessories which generated Rs 42 crore. On the expense side, the biggest cost component, material expenses, saw a massive 5.4X jump to Rs 49 crore in FY24 from Rs 9 crore in FY24. Employee benefit expenses also climbed 22% to Rs 11 crore. Other major costs included legal charges of Rs 8 crore and travel expenses of Rs 7 crore. Overall, the total expense bill for Garuda Aerospace increased by 128% to Rs 89 crore in FY24 from Rs 39 crore in FY23. Despite the increase in expenses, the company’s strong revenue growth allowed it to expand its net earnings. Garuda Aerospace’s profit margin saw notable improvement, with net profit reaching Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. On a unit economics basis, the firm spent Rs 0.81 to earn a rupee in FY24. Its ROCE and EBITDA margin stood at 20.72% and 22.52%, respectively. At the end of FY24, Garuda Aerospace recorded current assets worth Rs 130 crore, which includes Rs 16 crore of cash and bank balance. According to TheKredible, the firm has raised a total of $31 million in funding to date, having Ocgrow Ventures and Silver Swan Investments as its lead investors. Its founder and CEO, Agnishwar Jayaprakash, owns 77% of the company.

Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale

YourStoryYourStory · 10m ago
Sachin Bansal's Navi Finserv quadruples standalone PAT in FY24 after subsidiary sale
Medial

- Navi Finserv Limited (NFL) reports strong standalone revenue growth of 48.57% in fiscal year 2024 (FY24), reaching Rs 1,906 crore. - On a consolidated basis, NFL's revenue declined by 6.5%, mainly due to divesting its stake in Chaitanya India Fin Credit (CIFCPL) in FY23. - NFL's standalone net profit nearly quadrupled to Rs 668.82 crore in FY24, while the consolidated net profit more than doubled to Rs 545.07 crore. - Total expenses increased by 48.4% on a standalone basis, driven by a significant rise in employee benefit costs. - NFL disbursed Rs 3,097.82 crore under co-lending agreements in FY24 and closed a $38 million personal loans securitisation deal with JP Morgan.

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