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Go Digit’s revenue falls in Q1 FY25 but profit spikes 90%

EntrackrEntrackr · 1y ago
Go Digit’s revenue falls in Q1 FY25 but profit spikes 90%
Medial

Go Digit General Insurance’s revenue from operations (net premium) decreased 8% to Rs 1,824 crore in Q1 FY25 from Rs 1,982 crore in Q4 FY24. However, its gross premium stood at Rs 2,660 crore in the first quarter of the ongoing fiscal year. The Bengaluru-based company also demonstrated strong financial standing during the previous fiscal year ending March 2024, marking a 37.4% year-on-year growth to Rs 7,096 crore (net premium) with its profits ballooning over 5X to Rs 182 crore during the last fiscal year Besides the operational income, Go Digit also made Rs 253 crore from its investments, tallying its overall revenue q Rs 2,077 crore in Q1 FY25 from Rs 2,692 crore in Q4 FY24. For the general insurance firm, the claims paid were naturally the largest cost center forming 64.48% of the overall expenditure. Akin to its scale, this cost decreased by 10% to Rs 1,285 crore in Q1FY25. The firm’s spending on commission, employee benefits, business development, sales promotion, and other overheads took its overall expense to Rs 1,993 crore in Q1 FY25 from Rs 2,198 crore in Q4 FY25. Despite a slight decrease in scale, Go Digit managed to control its costs by 9.3% QoQ, leading to a significant profit increase. Their profits rose by 90.6%, to Rs 101 crore in Q1FY25 from Rs 53 crore in Q4FY24. Sequentially, the firm posted 5X growth in profits during FY24. Go Digit General Insurance’s IPO was valued at Rs 2,616 crore, comprising a fresh issue of Rs 1,250 crore and the remainder offered for sale. The company debuted on the stock exchange on May 23 this year with a share price of Rs 286, marking a 5.1% gain compared to their price band of Rs 258-272 per share. GoDgit’s share price is currently trading at Rs 349.5 (as of 12.13 PM), According to Entrackr’s estimates, its total market capitalization stood at Rs 32,077 crore or $3.86 billion.

Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally

EntrackrEntrackr · 3m ago
Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally
Medial

Unnati Agri continued its growth momentum by crossing the Rs 500 crore revenue mark in the fiscal year ending March 2024. While its losses increased by 14% year-on-year, they remained under control during the same period. Unnati Agri’s revenue from operations increased by 30% to Rs 515 crore in FY24, from Rs 397 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Unnati enables farmers to buy agri-inputs and sell produce directly to food processors and agribusinesses, generating 99% of its revenue from these transactions. It also offers pre- and post-harvest services along with working credit through a unified platform. On the expense side, material costs remained dominant at 88% of total expenses. These costs rose 27% to Rs 469 crore in FY24 from Rs 370 crore in FY23. Discount charges, tied to incentives and promotions, more than doubled to Rs 31 crore from Rs 15 crore. Employee benefits increased to Rs 15 crore, and other expenses rose to Rs 18 crore. Overall, the Orios Venture-backed firm’s total expense increased by 29% to Rs 533 crore in FY24 from Rs 412 crore in FY23. Despite the top-line growth, the company’s losses slightly widened to Rs 16 crore in FY24 from Rs 14 crore in FY23. Its ROCE and EBITDA stood at -17.19% and -2.03%, respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of operating revenue in FY24. Unnati’s total assets rose to Rs 144 crore in FY24, with current assets reaching Rs 141 crore. As of March 2024, the firm held Rs 34 crore in cash and bank balances, offering a liquidity buffer. According to startup data intelligence platform TheKredible, Unnati Agri has raised approximately $14 million in funding till date, having NABVENTURES and VSS Investco as its lead investors. Its co-founders, Amit Sinha and Ashok Prasad together own 44.6% of the company.

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