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Ferns N Petals crosses Rs 700 Cr revenue in FY24; losses drop by 78%

EntrackrEntrackr · 7m ago
Ferns N Petals crosses Rs 700 Cr revenue in FY24; losses drop by 78%
Medial

After a flat FY23, Ferns N Petals managed 16% growth in its operating revenue in the fiscal year ending March 2024. At the same time, the firm also narrowed losses by 77% in the same period. Ferns N Petals’ operating revenue increased to Rs 705.4 crore in FY24 from Rs 607.3 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Ferns N Petals makes money through the sale of cakes, flowers, and customized gifting solutions via its website, third-party e-commerce platforms, company-owned stores, and franchises. It also earns from delivery, convenience, and packing charges, as well as franchise-related income, including one-time onboarding fees and monthly royalties. The company claims to serve in more than 100 countries and has over 400 stores in India. Sales of products such as cakes, flowers, gifts, were the primary contributor, accounting for 91% of the operating revenue, which increased by 15% to Rs 640.75 crore in FY24 from Rs 556.18 crore in FY23. Delivery charges grew by 40% to Rs 45.12 crore in FY24. Income from other sources such as franchise fees and convenience charges added Rs 19.51 crore in FY24. The company also made Rs 7 crore from interest income which took its total revenue to Rs 712 crore in FY24. Geographically, India remained the largest market for Ferns N Petals as 63% of the revenue came from the local operations. It generated Rs 443.58 crore from India in the last fiscal year while collections from UAE and Singapore stood at Rs 176.52 crore and Rs 65.1 crore, respectively. On the expense side, the cost of materials dominated by accounting for 42.3% of the expenses. This cost increased by 12.4% to Rs 312 crore in FY24 from Rs 277.6 crore in FY23 whereas employee benefit expenses rose slightly by 2.8% to Rs 124.49 crore in FY24. Advertising expenses shrank by 12.30% to Rs 156.65 crore in FY24. Transportation and other expenses added another Rs 143 crore in the last fiscal year. The company’s total expenses for FY24 increased by mere 1.9% to Rs 736.67 crore in FY24 from Rs 723 crore in FY23. In the end, Ferns N Petals’ loss declined by 77.8% to Rs 24.26 crore in FY24 from Rs 109.50 crore in FY23. Its EBITDA was recorded at a negative 8.62 crore in FY24 while the ROCE and EBITDA margin stood at -21.57% and -1.21%, respectively, during the last fiscal. On a unit basis, FnP spent Rs 1.04 to earn a rupee of operating revenue in FY24. The Gurugram based company reported Rs 84 crore in cash and bank balances and had a current asset of Rs 130.25 crore as of FY24. According to TheKredible, Ferns N Petals has secured a total funding of Rs 206.5 crore (approximately $27 million) to date, with Lighthouse being one of its leading investors. Ferns N Petals also runs hospitality and wedding businesses through Udman Hotels and FNP Weddings and Events. Whatever the firm did in FY23 in terms of consolidation, it seems to have worked as we see in the FY24 numbers. Which begs the question - will it sustain in FY25? If it does, then the firm would have justified a lot of the diversifications it has tried over the years to build a larger balance sheet. If the losses continue with low growth, then one would have to assume that the hack from FY23 was just a one trick (or year) pony. But if it does deliver, then Ferns N Petals might yet see the glory days it has been seeking yet again.

MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24

EntrackrEntrackr · 1y ago
MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24
Medial

Honasa Consumer Ltd, the parent firm of the D2C brand MamaEarth, showcased a 28.7% year-on-year growth to near Rs 2,000 crore revenue threshold in FY24. The Gurugram-based firm also posted Rs 110 crore PAT in the same period marking a big turnaround as compared to over Rs 100 crore loss in FY23. Honasa’s revenue from operations grew to Rs 1,920 crore in FY24 from Rs 1,492 crore in FY23, its consolidated financial statements sourced from Bombay Stock Exchange (BSE) show. On a sequential basis, the firm saw a modest 3.7% decrease in revenue to Rs 471 crore in Q4 FY24 from Rs 488 crore in Q3 FY24. The sale of beauty, personal care, and related products across skin, hair, and baby care was the sole source of revenue for Honasa. It also made Rs 48 crore from the interest and gain of financial assets, tallying the total revenue to Rs 1,970 crore in FY24. For the D2C brand, its marketing cum advertisement cost is likely to be the largest cost center but the company didn’t disclose the complete expense breakdown while the cost of procurement of materials formed 31.8% of the overall expenditure. Its employee benefits, finance, depreciation, legal, conveyance, and other overheads took the overall expenditure to Rs 1,822 crore in FY24 from Rs 1,501 crore in FY23. The decent scale and controlled costs helped Honasa post a Rs 110 crore profit in FY24 from a loss of Rs 151 crore in FY23. Its ROCE and EBITDA margins improved to 13% and 9.5%, respectively. On a unit level, it spent Rs 0.95 to earn a rupee in FY24. Note 1: The significant loss of Rs 151 crore in FY23 was attributed to the write-off of its Rs 154 crore investment in Just4kids (Momspresso) which was acquired to expand content and influencer management capabilities. Note 2: Honasa has also encountered a legal suit in the UAE in relation to some distribution agreements with RSM General Trading LLC. The company claimed Rs 100 crore of damages from Honasa Ltd. Further, the court in the UAE also ordered Honsa to pay Rs 57.6 crore plus interest. The company, however, is in the process of making an appeal.

Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23

EntrackrEntrackr · 11m ago
Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23
Medial

B2B food and agritech platform Waycool claims Rs 1,600 crore in revenue with the goal of operational break even in FY24. While the company is yet to release its financial statements for FY24, it recently disclosed its results for the fiscal year ending March 2023 after an 11-month delay. Entrackr has sifted through the firm’s regulatory filings to understand its financial health in FY23. Waycool’s revenue from operations grew by 62% to Rs 1,251 Crore in FY23 from Rs 772 Crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. The difference in the revenue figures for FY22 was due to the adoption of IND AS by the company. The firm reported Rs 927 crore revenue in FY22. Waycool is a full-stack supply chain player working with farmers and clients who source agricultural and dairy products from the company. The company has its 7 own consumer brands namely Madhuram, KitchenJi, DeziFresh, AllFresh and others. The collection from the sale of goods formed 98% of the total operating revenue which surged 60% to Rs 1,228 crore in FY23. Out of the total sale of goods, the finished goods ( the sale of its own brands) contributed 10% only while the rest of the sales came from traded goods. Income from commissions and cold storage management were some co-revenue drivers for Waycool. The company also added Rs 11 crore from interest on fixed deposits and non-current investments, tallying the overall income to Rs 1,262 crore in FY23. See TheKredible for the detailed revenue breakup. Since Waycool follows an inventory-led model, the cost of procurement of materials accounted for 61.51% of the total expenditure. In line with scale, this cost grew 58.2% to Rs 1,200 crore in FY23. The firm’s expenses on employee benefits, doubtful debts, advertising, transportation, and other overheads took its overall cost up by 71.3% to Rs 1,951 crore in FY23 from Rs 1,139 crore in FY22. Check TheKredible for the detailed expense breakdown. Note: We have excluded the expense of Rs 1,906 crore and 828 crore from FY23 and FY22 respectively which were incurred against the loss of fair value of the preference shares, the company’s spokesperson confirmed, after sending queries. Despite the decent scale, the company didn’t manage to control its costs, resulting in its losses surged by 89% to Rs 685 crore in FY23. The company spent Rs 1.56 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -149.68% -199.66% Expense/₹ of Op Revenue ₹1.47 ₹1.56 ROCE N/A N/A While operational break-even might seem too ambitious in FY24 with these numbers, it is not impossible, considering Waycool is well past the investment stage now. However, the Chennai-based company has been struggling to find new investment and closed several initiatives in a bid to cut costs and extend the runway. According to sources, things aren’t looking great for Waycool and it would be exciting to watch whether it bounces back or wilts away on the lines of several promising venture-backed agritech startups.

Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%

EntrackrEntrackr · 1y ago
Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%
Medial

Quikr, the online marketplace and classified platform, experienced a drop in scale from Rs 191 crore in FY19 to Rs 110 crore in FY20. This declining trend continued until FY22. The Bengaluru-based firm, however, has recently shown signs of stability and resilience with its revenue growing for the first time in the last three years in FY23. Additionally, the former unicorn also managed to bring down its losses by a significant margin during the period. Quikr’s revenue from operations marginally grew 4.7% to Rs 51.36 crore during the fiscal year ending March 2023 as compared to Rs 49.07 crore recorded in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Quikr made the majority of its revenue from lead referral fees followed by advertising, both verticals collectively contributed to around 90% of revenue in FY23. The remaining sum was collected via commissions, management consultancy services, business support, and other operating activities. The company also earned Rs 2 crore from interest and gains on other financial assets (non-operating income). Considering this, the total income of the company stood at Rs 53.38 crore in FY23. On the cost side, employee benefit was the largest cost expense for the company. Which however shrank 17% to Rs 41.5 crore in FY23 from Rs 50 crore in FY22. IT costs including web hosting and payment gateway also dwindled 43% to Rs 3.5 crore during the year from Rs 6.13 crore in FY22. The company also cut down its legal, promotional, and other expenses, akin to which, the overall expenditure dwarfed 27% to Rs 61.36 crore in FY23. The total expenditure was Rs 84 crore during the previous fiscal year. For a complete expense breakdown and year-on-year financial performance and more information about the company, visit TheKredible. The cost-cutting measures taken by the company during the year can also be seen in its bottom line which improved significantly. Quikr’s losses declined 62% to Rs 7.98 crore during FY23 in comparison to Rs 20.98 crore in FY22. Additionally, the company’s outstanding losses stand at Rs 3,077 crore at the end of FY23. Operating cashflows also turned green (positive) to Rs 2.57 crore in FY23 against Rs 29.23 crore (negative) in the previous year. The EBITDA margin and ROCE of the company strengthened to -3.52% and -3.87%, respectively during the period. On a unit level, Quikr spent Rs 1.19 to earn a rupee of operating revenue in FY23.

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