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X’s Indian subsidiary sees 90% plunge in FY24 revenue, profit as ad business falters

YourStoryYourStory · 9m ago
X’s Indian subsidiary sees 90% plunge in FY24 revenue, profit as ad business falters
Medial

Twitter Communications India Private Limited, an Indian subsidiary of X (previously Twitter), experienced a significant decline in revenue and profit for the fiscal year ending in March 2024, mainly due to a decrease in its ads business. The company's net profit dropped by about 90%, from Rs 30.5 crore in the previous year to Rs 3.2 crore in FY24. Operating revenue also saw a steep decline, falling from Rs 207.7 crore to Rs 21.2 crore. The company provides support services to Twitter group companies and reported a decrease in revenue from marketing support, research and development, and user support services. Expenses decreased by 88.9% in FY24. Twitter India's net worth increased to Rs 61 crore during that period.

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

YourStoryYourStory · 10m 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.

Consumer-lending fintechs steal show with surging numbers

Economic TimesEconomic Times · 10m ago
Consumer-lending fintechs steal show with surging numbers
Medial

- Fintech firms in the consumer lending sector reported strong profits and revenue growth in the last financial year. - Navi, Kreditbee, Moneyview, and Fibe all experienced significant growth in assets under management (AUM) and reported net profits. - Navi built AUM of Rs 10,190 crore in personal loans with a net profit of Rs 669 crore in FY24. - Fibe achieved AUM of Rs 4,064 crore and reported a net profit of Rs 105 crore in FY24 by focusing on larger loans with longer tenures. - Moneyview reported a flat net profit of Rs 171 crore in FY24 due to regulatory changes, while Kreditbee reported a net profit of Rs 285 crore. - The current fiscal year may show signs of slowdown due to increased regulatory scrutiny, but larger fintech startups are expected to remain in a better position. - Consolidation is expected in the digital lending sector as scaling fintech startups acquire market share and form partnerships.

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25

EntrackrEntrackr · 6m ago
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
Medial

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25 CarTrade released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Wednesday. The company reported a 26% year-on-year revenue growth compared to Q3 FY24, with a major turnaround in its bottom line. CarTrade’s revenue from operations surged 26.6% to Rs 176 crore in Q3 FY25 in contrast to Rs 139 crore in Q3 FY24, as per the firm’s unaudited consolidated financial results sourced from the National Stock Exchange (NSE). The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 39% of the total operating revenue which increased to Rs 68 crore in Q3 FY25 from Rs 50 crore in Q3 FY25. Income from the remarketing and classified segment stood at Rs 58 crore and Rs 50 crore in the third quarter of the ongoing fiscal year. CarTrade also added Rs 17 crore from other non-operating businesses which tallied its overall revenue to Rs 193 crore in Q3 FY25, compared to Rs 152 crore in Q3 FY24. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 7.3% to Rs 73 crore during the period. This cost also includes share-based expenses of Rs 3.36 crore. CarTrade’s overall expenses increased 12% to Rs 140 crore in Q3 FY24 from Rs 125 crore during Q3 FY24. The strong growth and controlled spending enabled CarTrade to achieve a turnaround and post a net profit of Rs 45.5 crore in Q3 FY25, compared to a loss of Rs 23.5 crore in Q3 FY24. However, the company had already recorded a revenue of Rs 472 crore and a net profit of Rs 99 crore during the nine months of the ongoing fiscal year. CarTrade recorded a 4.78% hike in its share price today and is trading at Rs 1,433.3 (as of 12:47) with a total market capitalization of Rs 6,789 crore or $800 million.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 5m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X

EntrackrEntrackr · 2m ago
Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X
Medial

Miko, a Mumbai-based robotics and AI startup known for its interactive robots for children, continued its growth trajectory in the fiscal year ending March 2024, recording a 58% year-on-year increase in revenue. Miko's revenue from operations increased to Rs 358 crore in FY24, from Rs 226 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Miko creates personal companion robots focusing on educating and entertaining children from the age group of 5 years to 11 years. The company also allows child-focused content partners and developers to port their content on Miko and monetise via subscription. The company's revenue from product sales (robots) grew 46% to Rs 329 crore in FY24, while income from subscription services of content applications saw an exponential rise — growing 29 times from Rs 1 crore to Rs 29 crore during the same period (FY24). On the expense front, the largest cost center was material cost, which surged 50% to Rs 182 crore. Advertising expenses, which typically reflect brand-building efforts, jumped 79% to Rs 113 crore. Depreciation expenses surged 206% year-on-year to Rs 95 crore in FY24. Employee benefit expenses, however, declined by 23% to Rs 30 crore in the said fiscal year. Overall, the firm’s total expense grew 55% YoY to Rs 505 crore in FY24 from Rs 325 crore in FY23. The company reported a net loss of Rs 120 crore in FY24, up from Rs 108 crore in FY23. Its ROCE and EBITDA margin stood at -85.71% and -8.45%, respectively. On a unit economics basis, Miko spent Rs 1.41 to earn a rupee in FY24. The Mumbai-based firm reported current assets worth Rs 297 crore in FY24 which includes Rs 89 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Miko has raised a total of $76 million till date, having Chiratae Ventures and Yournest as its lead investors. The company's co-founders Sneh Vaswani, Prashant Iyengar and Chintan Raikar together own 19% of the company.

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