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

EntrackrEntrackr · 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. BillDesk’s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions — 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 company’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, BillDesk’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 company’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/₹ of Op Revenue ₹0.94 ₹0.96 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 BillDesk’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 India’s fintech space.

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

EntrackrEntrackr · 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. BillDesk’s revenue from operations grew 9.6% to Rs 2,678 crore during FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk charges fees for the processing and settlement services of electronic transactions — 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 company’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, BillDesk’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 company’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/₹ of Op Revenue ₹0.94 ₹0.96 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 BillDesk’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 India’s fintech space.

BillDesk’s growth slows in FY24; PAT drops to Rs 121 Cr

EntrackrEntrackr · 2m ago
BillDesk’s growth slows in FY24; PAT drops to Rs 121 Cr
Medial

BillDesk’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 company’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 company’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.

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

YourStoryYourStory · 9m 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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