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Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year

Economic TimesEconomic Times · 1y ago
Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year
Medial

- Stock broking startup Raise Financial Services (Dhan) has reported gross revenues of Rs 380 crore for 2023-24, up 600% from the previous year. - Dhan reported a net profit of Rs 155 crore compared to a net loss of Rs 22 crore in the previous fiscal. - The company expects a 25-30% impact on its gross revenue due to recent regulatory actions on the futures and options market. - Dhan has about 740,000 active traders, making it one of the top 10 stock brokers in India in terms of active traders. - The company is in talks with potential investors to raise fresh venture funding and plans to go public in the next three to five years. - Other discount brokers like Zerodha and Groww have also performed well, with Zerodha reporting a 61% YoY jump in net profit and Groww reporting a net profit of Rs 297 crore in its broking business for the fiscal.

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Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25

EntrackrEntrackr · 1d ago
Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25
Medial

Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25 Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. India’s stockbroking space continues to show strong momentum, with several platforms including Zerodha, Groww, Upstox, and Angel One reporting sustained profitability. Joining this league, stockbroking and investment platform Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. Dhan’s revenue from operations rose to Rs 877 crore year on year in the fiscal year ending March 2025 from Rs 371 crore in FY24, as per its standalone financial statements filed with the Registrar of Companies. Founded in 2021 by Pravin Jadhav, Dhan is a stockbroking and investment platform focused on active traders and young investors. It offers equity, ETF, and futures and options trading on NSE, BSE, and MCX, with integrations like smallcase and TradingView. Income from brokerage fees and commissions from equity, derivatives, and commodities trading accounted for 88% of the total operating revenue which surged 2.35X year-on-year in FY25 to Rs 769 crore. The company also reported Rs 108 crore in revenue from other operating activities, for which no detailed breakup was disclosed in its annual filings. In FY25, Dhan earned an additional Rs 10 crore from non-operating activities, including interest on fixed deposits, inter-corporate deposits, and current investments, taking its total income to Rs 887 crore. As of December 2025, Dhan had 9.8 lakh active clients with a market share of 2.2%, but it remains far behind industry leaders such as Groww and Zerodha, which had 1.21 crore and 68.5 lakh active users, respectively. Notably, Dhan’s reported its active client base at 4.69 lakh in FY24. For the stockbroking firm, commission paid to selling agents emerged as the largest cost component for the stockbroking platform, amounting to Rs 82.6 crore in FY25, nearly doubling year-on-year and forming about 24% of total expenses. Advertising was another major cost head, with Dhan spending Rs 73.6 crore during the year, nearly 2.7 times higher as compared to FY24. Employee benefit expenses followed closely, rising 66% year-on-year to Rs 73 crore in the last fiscal year. Software and technology charges for the stock broking firm also shot up over 85% to Rs 39.7 crore in the previous fiscal. Royalty cost, demat charges, legal & professional and other overheads pushed the company’s total expenses to Rs 341 crore in FY25, from Rs 175 crore in FY24. The 2.3X strong revenue growth helped Dhan to zoom its profits by 2.6X to Rs 408 crore in FY25 from Rs 159 crore in FY24. Its ROCE and EBITDA margins improved to 91.9% and 63.25%, respectively. On a unit economics basis, Dhan spent Rs 0.39 to earn a rupee of operating revenue. For context, Zerodha and Groww’s expense-to-operating-revenue ratios were recorded at Rs 0.37 and Rs 0.41, respectively during FY25. As of March 2025, the Mumbai-based firm reported cash and bank balance of Rs 1,498 crore while its current assets stood at Rs 1,911 crore. Dhan recently turned unicorn, reaching a $1.2 billion valuation after raising $120 million in a Series B round led by Hornbill Capital in October. The round also delivered strong exits for several angels and early backers, including Cred’s Kunal Shah, Miten Sampat, and members of the PhonePe founding network, with returns of nearly 45X in under four years.

Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

EntrackrEntrackr · 1y ago
Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25
Medial

Proptech firm Square Yards has announced its results for the first quarter of the ongoing fiscal year. The Gurugram-based company saw a 52% increase in its revenue during Q1 FY25 compared to Q1 FY24. Square Yards’ revenue from operations surged to Rs 261 crore in Q1 FY25, with a gross transaction value of Rs 10,053 crore, compared to Rs 172 crore in revenue and a gross transaction value of Rs 6,674 crore in Q1 FY24, the company said in a press release. In the fiscal year ending March 2024, the company reported revenue of Rs 1,004 crore with EBITDA profitability. However, the net losses of Square Yards stood at Rs 216 crore FY24. Income from financial services along with real estate services formed 83% of the total operating revenue for Square Yards which increased 48% and 61% YoY respectively. The press release added that its digital services also saw an impressive growth of 145% in the same period. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals, and property management. The company claims to have more than 8 million monthly traffic and approximately $5 billion GTV with a presence in more than 100 cities across 9 countries. In the first quarter of the current fiscal year (Q1 FY25), Square Yards reported a gross profit of Rs 25 crore with a negative EBITDA margin of Rs 32 crore, compared to a gross profit of Rs 15 crore and a negative EBITDA margin of Rs 29 crore in Q1 FY24. The company has projected Rs 1,506 crore revenue in the full year of FY25 up from Rs 1,004 crore in FY24 with a positive EBITDA of Rs 101 crore.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 1y ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

L'Oréal India’s profit jumps 23% to Rs 597 Cr in FY25

EntrackrEntrackr · 4m ago
L'Oréal India’s profit jumps 23% to Rs 597 Cr in FY25
Medial

L'Oréal India’s profit jumps 23% to Rs 597 Cr in FY25 L'Oréal India managed single-digit year-on-year revenue growth for the fiscal year ending March 2025. However, the Indian arm of the French cosmetics major increased its profit after tax (PAT) by 20% in FY25, approaching the Rs 600 crore threshold. The company’s revenue from operations rose 6% to Rs 5,925 crore in the fiscal year ending March 2025, compared to Rs 5,576 crore in FY24, as per its financial statements filed with the Registrar of Companies (RoC). The company made 96% of its revenue from the sale of products, which contributed Rs 5,687 crore to the operating revenue in FY25, which increased 6% from Rs 5,368 crore in FY24. Income from services, which includes contract research and innovation income along with service recharge income, grew 15.5% to Rs 234 crore. Advertising expenses continued to dominate the cost structure, accounting for 32% of the overall spend, though it contracted 3% to Rs 1,663 crore in FY25 from Rs 1,714 crore in FY24. Cost of material consumed grew 6% to Rs 1,329 crore, making up 26% of the expenditure, while employee benefits rose 8.3% to Rs 576 crore during the last fiscal year. Other expenses, including transportation and miscellaneous overheads, stood at Rs 1,445 crore during the year. Overall, total expenses inched up by just 2.8% to Rs 5,162 crore in FY25 from Rs 5,023 crore in FY24. With the company’s revenue growth outpacing expense, L'Oréal India increased its profit by 23% to Rs 597 crore in FY25. Its ROCE and EBITDA margin stood at 86.85% and 15.57%, respectively. On a per-unit basis, L'Oréal India spent Rs 0.87 to earn a rupee of operating revenue in FY25, an improvement over Rs 0.90 in FY24. The company closed the last fiscal year with Rs 515 crore in cash and bank balances, while current assets grew to Rs 2,045.

JM Financial initiates buy rating on TBO Tek; estimates Rs 465 Cr revenue in Q4 FY25

EntrackrEntrackr · 10m ago
JM Financial initiates buy rating on TBO Tek; estimates Rs 465 Cr revenue in Q4 FY25
Medial

JM Financial initiates buy rating on TBO Tek; estimates Rs 465 Cr revenue in Q4 FY25 JM Financial Institutional Securities has reiterated its Buy rating on TBO Tek, setting a target price of Rs 1,400. This implies a potential upside of 31.5% from the current market price of Rs 1,065 per share. According to JM Financial, TBO Tek’s revenue from operations will see a 25.8% year-on-year growth to Rs 464.5 crore in Q4 FY25, compared to Rs 369.1 crore in the same quarter the previous fiscal year (Q4 FY24). Revenue from hotel and package bookings is expected to contribute 78.7% of TBO’s total income, rising 34.6% year-on-year to Rs 365.9 crore in Q4 FY25 from Rs 271.8 crore in Q3 FY24. Meanwhile, income from air ticketing and other allied services is projected to add Rs 86.9 crore and Rs 11.6 crore, respectively, to the company’s topline. TBO’s gross profit margin is projected to rise to 70.3% in Q4 FY25, up from 68% in Q4 FY24. Moreover, its profit after tax is expected to see a modest year-on-year growth of 1.28%, reaching Rs 47.2 crore in Q4 FY25, compared to Rs 46.6 crore in the same quarter last year. On a sequential basis, the company is expected to end the previous fiscal year (FY25) with a revenue of Rs 1755.8 crore and a profit of Rs 214.5 crore. TBO Tek ended the day at Rs 1,065.5 on April 8, with a market capitalization of Rs 11,570 crore (approximately $1.36 billion). Notably, the stock had touched its 52-week low just a day earlier, on April 7, 2025.

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