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BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%

EntrackrEntrackr ยท 1y ago
BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5%
Medial

B2B fintech company BillDesk seems to have lost its momentum in the past couple of years as it fell short of securing a double-digit growth in FY23. Moreover, profits also reduced 5.1% in the fiscal year ending March 2023. BillDeskโ€™s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the companyโ€™s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions โ€” and collections from these services accounted for more than 70% of the total operating revenue in FY23. It also generated a significant part ~10% of its revenue from loyalty programs for its clients while the remaining part came from the sale of products (PINS and e-top-up subscriptions) and other operating activities during the last fiscal year. Furthermore, it also earned Rs 87.15 crore via interest and gain on financial assets (non-operating income), taking the overall revenue to Rs 2,765 crore in FY23. As per the startup intelligence platform TheKredible, BillDesk spent the most on technical services (bank fees and service charges) which formed 83.8% of the total expenditure. This cost went up 9.3% to Rs 2,146 crore during FY23 from Rs 1,963.6 crore in FY22. Employee benefits expenses increased 35.4% to Rs 245 crore during the last fiscal year from Rs 181 crore in FY22. The companyโ€™s burn on data, communication, legal, and information technology catalyzed its total expenses by 11.6% to Rs 2,561 crore in FY23. Head to TheKredible for the complete expense breakdown. Coming to the bottom line of the company, its profits shrank marginally (5.1%) to Rs 141.91 crore in FY23 against Rs 149.6 crore in FY22. Followed by the rising expenses and reconciliation in profits, BillDeskโ€™s operating cash flows turned negative to Rs -121.63 crore in FY23. In FY22, it recorded a positive cash flow of Rs 39.83 crore. On a unit level, BillDesk spent Re 0.96 to earn a rupee of operating revenue during FY23. The companyโ€™s EBITDA margin and ROCE also worsened to 9.23% and 7.75% during the same period. FY22-FY23 FY22 FY23 EBITDA Margin 10.21% 9.23% Expense/โ‚น of Op Revenue โ‚น0.94 โ‚น0.96 ROCE 8.81% 7.75% BillDesk competes with Razorpay, Infibeam Avenues, and PayU among other payment gateways. Razorpay saw a 54% growth in scale to Rs 2,279 crore in FY23 along with Rs 7.2 crore profit whereas Infibeam Avenues posted Rs 1,962 crore revenue and Rs 136 crore profit during FY23. In October 2022, PayU called off BillDeskโ€™s acquisition after 14 months of signing the agreement due to the non-fulfillment of certain conditions. It would have been one of the biggest deals in Indiaโ€™s fintech space.

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BillDeskโ€™s growth slows in FY24; PAT drops to Rs 121 Cr

EntrackrEntrackr ยท 1m ago
BillDeskโ€™s growth slows in FY24; PAT drops to Rs 121 Cr
Medial

BillDeskโ€™s revenue from operations decreased to Rs 2,334 crore during the fiscal year ending March 2024 from Rs 2678 crore in FY23, as per the companyโ€™s consolidated financial statements with the Registrar of Companies. BillDesk makes money by charging fees for processing and settling electronic transactions, which contributed over 70% of its total operating revenue of Rs 1,591 crore in FY24. Around 16% of its earnings came from managing loyalty programs for clients, while the remainder was generated through the sale of products such as PINS and e-top-up subscriptions, along with other operating activities. Billdesk earned Rs 112 crore in non-operating income from interest and gains on financial assets. Its total revenue stood at Rs 2,446 crore in FY24, down from Rs 2,765 crore in FY23. For the payment company, bank fees and services had been the largest cost center, accounting for 78.8% of the overall expenditure. In line with the drop in scale, this cost declined by 16% to Rs 1,804 crore in FY24. Despite the reduced scale, employee benefit expenses rose by 22.4% to Rs 300 crore. Spending on data, communication, legal, and information technology pushed the companyโ€™s total expenses to Rs 2,289 crore during the fiscal year. The decline in scale, coupled with higher employee expenses, led BillDesk to report a 14.8% drop in profit to Rs 121 crore in FY24 from Rs 142 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margins also dipped slightly, settling at 5.77% and 9.24%, respectively. On a per-unit basis, the company spent Rs 0.98 to earn every rupee during the year. By the end of FY24, BillDesk's total current assets stood at Rs 2,612 crore, which included Rs 930 crore in cash and bank balances.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

EntrackrEntrackr ยท 5m ago
A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Medial

Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23โ€™s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23โ€™s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23โ€™s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

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Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IASโ€™s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr ยท 11m ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firmโ€™s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusinessโ€™ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the companyโ€™s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusinessโ€™ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firmโ€™s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusinessโ€™ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/โ‚น of Op Revenue โ‚น0.98 โ‚น0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglixโ€™s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT

EntrackrEntrackr ยท 5m ago
Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT
Medial

Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT Gameskraft has consistently reported net profits of around Rs 1,000 crore over the past three fiscal years. Despite encountering various legal challenges, the Bengaluru-based company achieved a 30% year-on-year growth in the fiscal year ending March 2024. Gameskraftโ€™s revenue from operations grew to Rs 3,475 crore in FY24 from Rs 2,673 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Gameskraft operates popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) comes from a platform fee or commission charged as a percentage of the buy-in fees users invest in games. This remained its sole revenue source during FY24. The company also made Rs 46 crore from interest on fixed deposits and gain on sale of current investments which tallied its overall revenue to Rs 3,521 crore in FY24 from Rs 2,732 crore in FY23. Similar to other gaming companies, Gameskraft has over a dozen brand ambassadors, including Harbhajan Singh, Mahesh Bhupathi, and Abhinav Bindra, and has run several campaigns on social media and TV. This pushed its advertising costs up by 113% to Rs 1,315 crore in FY24 from Rs 616 crore in FY23. Gameskraft employee benefits grew 23.5% to Rs 463 crore in FY24. This includes Rs 12 crore as ESOP cost which is settled in cash. Its legal, communication, domain, web hosting, and other overheads took the overall cost up by 71.7% to Rs 2232 crore in FY24 from Rs 1300 crore in FY23. The more than two-fold increase in advertising costs outpaced Gameskraft's revenue growth, causing its profits to drop by 10.8% to Rs 947 crore in FY24 from Rs 1,062 crore in FY23. Its ROCE and EBITDA margin stood at 69.4% and 37.46% respectively with an expense-to-earning ratio of Rs 0.64. At the end of FY24, Gameskraft's total current assets were recorded at Rs 1,680 crore with the cash and bank balance of Rs 306 crore. In the real-money gaming sector, MPL reported a 22.2% increase in revenue from operations to Rs 1,068 crore in FY24, while also achieving positive cash flow during the year. Gameberry saw a 46.9% growth in revenue to Rs 461.7 crore, with a 150% surge in profit to Rs 92.8 crore in the same period. Meanwhile, major competitors such as Dream11 and A23 have yet to release their financial results for FY24.

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