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Apple India posts $8 Bn revenue and $330 Mn profit in FY24

EntrackrEntrackr ยท 1y ago
Apple India posts $8 Bn revenue and $330 Mn profit in FY24
Medial

Apple India has consistently grown its operating scale and profit after tax over the past five to six fiscal years, and FY24 was no exception. The local entity of the smartphone, laptop, and watch maker reported a 36% increase in operating revenue, surpassing Rs 66,700 crore (approximately $8 billion) threshold in the last fiscal year. Moreover, Apple India posted a significant profit of Rs 2,746 crore ($330 million) during the fiscal year ending March 2024. Apple Indiaโ€™s revenue from operations grew to Rs 66,727 crore in FY24 from Rs 49,188 crore ($6 billion) in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. According to an IDC report, Apple achieved its highest-ever quarterly shipments in India during the September quarter of 2024 with 4 million units. By the third quarter of 2024, the company held an 8.6% share of the smartphone market in the country. Revenue from product sales increased by 36.53% to Rs 63,297.25 crore ($7.6 billion), contributing 94.86% of the total operating revenue. Service sales grew by 21.41% to Rs 3,430.45 crore ($413 million), accounting for the remaining 5.14%. It also earned Rs 393 crore from non-operating sources, pushing its total revenue to Rs 67,121 crore. On the expense side, material costs remained the largest expense category, accounting for 84.6% of the total expenses. These costs grew by 34.87% to Rs 53,658.6 crore ($6.4 billion) in FY24. Employee benefit expenses increased by 18.22% to Rs 2,599.6 crore ($313 million) during the same period. Advertising expenses rose sharply by 61.22% to Rs 728.7 crore ($87 million), while license fees (royalty paid to Apple Global by Apple India) doubled to Rs 4,490 crore ($540 million). Warranty claims amounted to Rs 374.2 crore ($45 million) in FY24. Overall, the companyโ€™s total expenses for the year increased by 36.5%, reaching Rs 63,397 crore ($7.6 billion) in FY24. Apple Indiaโ€™s profit increased by 23% to Rs 2,745.7 crore ($330 million) in FY24 from Rs 2,229.6 crore ($268 million) in FY23. Its ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively. On a per-unit basis, Apple India spent Rs 0.95 to earn a rupee of operating revenue in FY24. The company reported Rs 2,912 crore ($350 million) in cash and bank balances and Rs 13,551 crore ($1.6 billion) in current assets at the end of FY24. Apple recently established a wholly owned subsidiary in India named Apple Operations India, highlighting the companyโ€™s commitment to expanding its presence and operations in the country. Meanwhile, Tata has agreed to acquire a 60% majority stake in Pegatronโ€™s iPhone manufacturing facility in Tamil Nadu. Last year, Tata acquired a 100% stake in Wistron India, positioning itself as one of Appleโ€™s largest contract suppliers, alongside Taiwanโ€™s Foxconn.

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Facebook-owner Metaโ€™s India ad sales up 24% to $2.7 bn | The Arc

The Arc WebThe Arc Web ยท 1y ago
Facebook-owner Metaโ€™s India ad sales up 24% to $2.7 bn | The Arc
Medial

In FY24, Facebook India Online Services, a subsidiary of Meta, saw a 25% increase in gross advertising revenue, reaching Rs 22,730 crore ($2.7 billion). The operating revenue rose to Rs 3,035 crore ($361 million), with a 37% growth in profit before tax at Rs 714 crore ($85 million) and a 43% rise in profit after tax at Rs 505 crore ($60 million). Employee benefit expenses grew by 8% to Rs 476.2 crore, and cash reserves increased by 36% to Rs 2,265 crore. After terminating a reseller agreement in July 2022, Facebook India now operates under an "operating license agreement" with Meta USA, allowing it to commercialize Metaโ€™s IP in India. Revenue is generated from both impression- and action-based ads, and Facebook India compensates Meta USA with royalties for IP use and infrastructure maintenance fees.

MakeMyTrip posts $295 Mn revenue in Q3 FY26; profit down 74%

EntrackrEntrackr ยท 19d ago
MakeMyTrip posts $295 Mn revenue in Q3 FY26; profit down 74%
Medial

MakeMyTrip posts $295 Mn revenue in Q3 FY26; profit down 74% Online travel booking (OTA) giant MakeMyTrip, which is listed on NASDAQ, has announced its financial results for the third quarter of the ongoing fiscal year ending December 31, 2026. The companyโ€™s profit decreased by 74% in the period. MakeMyTripโ€™s operating revenue increased by 11% to $295.7 million in Q3 FY26 from $267 million in Q3 FY25, as per its financial statements filed with NASDAQ. Hotels and packaging contributed 54% of the companyโ€™s revenue, which increased by 9.5% to $191 million in Q3 FY26, up from $147 million in Q3 FY25. Air ticketing accounted for 20% of the revenue, generating $60 million, while bus ticketing generated $37 million in the period. For the nine-month period, the companyโ€™s revenue increased by 8% to $794 million from $733 million, a year earlier. MakeMyTripโ€™s total expenses rose 18% to $289 million in Q3 FY26 from $244 million in Q3 FY25. Service cost accounted for 30% of the total, increasing 14% to $88 million in Q3 FY26. Finance cost, personal expense, and advertising were other major costs for MakeMyTrip in the last quarter. With the companyโ€™s expenses increasing more than revenue, MakeMyTripโ€™s profit decreased by 74% to $7 million in Q3 FY26 compared to $27 million in Q3 FY25. On a unit basis, the Gurugram-based company spent Rs 0.98 to earn a rupee of operating revenue during the last quarter.

Nykaa posts Rs 2,061 Cr revenue in Q4 FY25, profit soars 90%

EntrackrEntrackr ยท 8m ago
Nykaa posts Rs 2,061 Cr revenue in Q4 FY25, profit soars 90%
Medial

Online beauty and fashion platform Nykaa reported strong growth in Q4 FY25, with its revenue from operations rising 24% year-on-year and profits surging 90% during the quarter ending March 2025. According to its consolidated financial statements sourced from the NSE, Nykaa's revenue from operations grew to Rs 2,061 crore in Q4 FY25, compared to Rs 1,667 crore in Q4 FY24. For the full fiscal year (FY25), Nykaaโ€™s operating revenue increased 24% to Rs 7,950 crore in FY25 from Rs 6,386 crore in FY24. The beauty segment accounted for 92% of the total revenue at Rs 1,894 crore, while the fashion segment contributed 8% of the operating income in the last quarter. For Nykaa, the cost of materials constituted 57% of its total expenditure, rising to Rs 1,153 crore in Q4 FY25. Additional spending on employee benefits, finance, marketing, technology, and other overheads brought the companyโ€™s total costs to Rs 2,031 crore during the quarter. For the full fiscal year ending March 2025, the total expenses rose to Rs 7,850 crore. Steady growth in its scale helped Nykaa achieve a 90% increase in profit to Rs 19 crore in Q4 FY25, compared to Rs 10 crore in Q4 FY24. For FY25, the firmโ€™s profit stood at Rs 74 crore in FY25 from Rs 44 crore in FY24. At the close of today's trading session, Nykaa's stock was priced at Rs 200.8, giving the company a market capitalization of Rs 57,406 crore.

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr ยท 10m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
Medial

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon Indiaโ€™s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon Indiaโ€™s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

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

EntrackrEntrackr ยท 1y ago
Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
Medial

Temasekโ€™s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The companyโ€™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 companyโ€™s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the companyโ€™s expenses in detail in the second half of the story. For now, letโ€™s focus on its revenue streams and their growth. Lendingkartโ€™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 firmโ€™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.

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