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Square Yards breaches Rs 1,000 Cr revenue in FY24, turns EBITDA profitable in Q4

EntrackrEntrackr · 1y ago
Square Yards breaches Rs 1,000 Cr revenue in FY24, turns EBITDA profitable in Q4
Medial

Proptech firm Square Yards has crossed the 1,000 crore revenue mark during the fiscal year ending in March 2024, according to the company’s provisional financial statement reviewed by Entrackr. The Gurugram-based company saw around 50% growth in its total revenue in FY24 to Rs 1,000 crore from Rs 663 crore in FY23. The operating revenue stood at Rs 996.13 crore. Mortgages and real estate services contributed 88% to the firm’s coffers. It earned the remaining 12% from interior and digital products. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals and property management. During FY24, Square Yards’ GTV (Gross Transaction Value) grew more than 76% to Rs 40,828 crore from Rs 22,871 crore during FY23. The number of transactions also jumped 50% from 1.08 lakh to 1.66 lakh during the period. Coming to the company’s expenses breakdown, employee benefit remains the largest cost center forming 43% of the overall cost. This cost grew 17% to Rs 534 crore in FY24 from Rs 456 crore in FY23, according to the provisional financial statement for FY24. Check the full breakdown below: The company also claims to have reached EBITDA profitability (adjusting for ESOPs expense) in Q4 FY24. After including all expenses, the EBITDA loss in the last fiscal year (FY24) was approximately Rs 25 crore ($3 million). The firm also claimed to have an operating cash flow breakeven during the second half of FY24 after a negative cash flow (Rs 56 crore) during the first half of the last financial year. When we see the company’s growth in the last three years, its compound annual growth rate (CAGR) stood at 60% during FY21 to FY24. The company expects to close its FY25 with Rs 1,500 crore ($180 million) revenue and double-digit margins in the coming years. Square Yards achieved the growth even without external fundraise in the last two fiscal years (FY23 and FY24). The firm raised $25 million as debt in July 2021 from Hong Kong-based investment manager ADM Capital. It was valued at around $300 million during the last equity fundraise in 2019 and since then it has quadrupled in revenues. Square Yards operates in more than 100 cities across nine countries and has 150,000 agent partners. According to the provisional documents, the company’s current monthly visitors stand at over 8 million. The company competes with PropTiger and AnaRock in real estate services while its digital products and services vertical competes with Magicbricks, 99acres, Housing, NoBroker and NestAway. As an integrated player, Square Yards’ mortgage vertical ‘Urban Money’ competes with Andromeda & Paisabazaar and its home renovation vertical ‘Interior Company’ competitors include LivSpace and HomeLane among several others. At Entrackr, we had gone as far as predicting a possible full year of profitability for Square Yards after its FY23 results. What that demonstrates is the firm has a selling template in place that is delivering, and delivering consistently. With the real estate market continuing to be buoyant, Square Yards is set to have a record breaking FY25 as well, with the only question that remains to be answered being about its resilience when the tide turns.

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

EntrackrEntrackr · 2m ago
XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X
Medial

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the company turned EBITDA positive during the same period, despite an increase in overall expenses. XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, among others. Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz. The remaining revenue came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth. The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24. On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24. XpressBees recorded current assets worth Rs 1867 crore in FY24, including Rs 1331 crore in cash and bank balances. Recently, Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL, and cross-border operations. According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million in funding to date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.

Chaayos scale remains flat in FY24; turns EBITDA positive

EntrackrEntrackr · 6m ago
Chaayos scale remains flat in FY24; turns EBITDA positive
Medial

Fintrackr: Chaayos Scale Remains Flat in FY24; Turns EBITDA Positive Over the past 18-20 months, growth and late-stage Indian startups have shifted their focus toward profitability. While many managed to significantly reduce their losses in FY24, their growth was constrained by a sharp reduction in cash burn. Chaayos followed this trend, reporting a more than 50% drop in losses, though its operational scale remained flat for the fiscal year ending March 2024. Chaayos’ revenue from operations grew by 4.85% to Rs 248.5 crore in FY24 from Rs 237 crore in FY23, according to its consolidated financial statement filed on the Registrar of Companies (RoC). The company sells a variety of teas and other snacks and beverages with dine-in, takeaways, and online ordering facilities. It has over 200 outlets across Delhi-NCR, Mumbai, and Bengaluru. Chaayos’ core revenue streams include sales of manufactured goods such as tea, which accounted for 95.32% of the revenue. This revenue increased 3.1% to Rs 236.87 crore in FY24. Revenue from traded goods (snacks, tea leaf) almost doubled, rising by 98.52% to Rs 10.74 crore, while income from services fell by 51.89% to Rs 0.89 crore. The company made an additional Rs 22.7 crore from non-operating sources which pushed its total income to Rs 271.2 crore in the last fiscal year. On the expense front, Chaayos' largest expense category, employee benefit expenses rose by 4.45% to Rs 81.15 crore in FY24. Cost of materials decreased by 11% to Rs 76.54 crore. Other significant costs included depreciation, which remained stable at Rs 51.83 crore, and commissions, which declined by 4.62% to Rs 26 crore. Miscellaneous expenses added Rs 89.69 crore to the company’s overall spending. In the end, the company managed to reduce its total expenses by 11.07% to Rs 325.21 crore in FY24, down from Rs 365.68 crore in FY23. Due to controlled expenses across verticals, Chaayos’ losses shrank 50.6% to Rs 54 crore in FY24. It is worth noting that the company achieved positive EBITDA of Rs 28.35 crore in FY24. Its ROCE and EBITDA Margin stood at -6.02% and 10.45% respectively. On a unit basis, the company spent Rs 1.31 to earn a rupee of operating revenue in FY24. As of March 2024, the firm reported Rs 181.42 crore of current assets including Rs 89.16 crore of cash and bank balance. Like almost every marketer out there, Chaayos has also been betting big on premiumisation, even as the break up between online and offline sales remains broadly equal. Those are both tough choices to make from a margin perspective, as premiumisation pits it against stronger competition, and online is still all about putting margins on the line. The firm is truly at an inflection point, twelve years after it first started. It is a well-regarded brand, can boast of some innovations and experiences unique to it, and has some level of scale. The problem now is to repeat all of the above at half the cost and time, to put it simply. Does Chaayos have a plan?

K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive

EntrackrEntrackr · 7m ago
K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive
Medial

K12 Techno Services, which runs a school chain under the brand name Orchids, has shown efficient financial performance in the last fiscal. The company reported around 20% year-on-year growth in its operating revenue during FY24, with over a 75% reduction in losses. K12 Techno Services’s revenue from operations rose to Rs 429.2 crore in the fiscal year ending March 2024, from Rs 358.3 crore in FY23, its financial statement filed with the Registrar of Companies shows. Apart from operating over 90 Orchids School branches across the country, K12 Techno Services has six verticals, including Sparklebox, an e-commerce store for activity kits, and Eduvate, which provides custom solutions for school operations and curriculum design. The sale of services accounted for the majority, contributing 58.72% (Rs 252.02 crore) of the revenue, with a modest 7.1% year-over-year growth. However, the sale of products for the Bengaluru-based firm surged by 46.5% to Rs 171.72 crore in FY24, making up 40.01% of the total operating revenue. Including non-operating income of Rs 18.47 crore, K12 Techno Services’ total income grew 17% to Rs 447.67 crore in the last fiscal year. On the expense side, employee benefit expenses remained the largest cost component, rising by 28.2% to Rs 173.38 crore in FY24 and constituting 37.92% of the total expense. The cost of materials grew by 23% to Rs 89.2 crore, while depreciation expenses rose by 64.4% to Rs 58.69 crore. Advertising expenses decreased by 20.5% to Rs 58.86 crore. Despite registering 17% growth in scale, the company’s total expenses grew by 8.5% to Rs 457.2 crore in FY24, up from Rs 421.5 crore in FY23. In the end, K12 Techno Service’s losses shrank 75% to Rs 9.5 crore in FY24 from Rs 38.75 crore in FY23. The firm also achieved a positive EBITDA of Rs 80.37 crore in the last fiscal. Its ROCE and EBITDA margin stood at 1.69% and 17.95%, respectively. On a unit basis, the company spent Rs 1.07 to earn a rupee of operating income in the last fiscal year. The company’s assets rose to Rs 402 crore in FY24 from Rs 312 crore in FY23, while its cash and bank balance at the end of FY24 stood at Rs 174.65 crore.

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