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Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23

EntrackrEntrackr · 1y ago
Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23
Medial

Agritech startup Gramophone has been making its place in the agritech space with over 75% year-on-year growth during the fiscal year ended March 2023. At the same time, losses for the InfoEdge-backed company looked under control compared to other VC-backed agritech startups. Gramophone’s gross revenue grew 75.6% to Rs 316 crore in FY23 from Rs 180 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone’s offerings include crop protection, crop nutrition, seeds, implements, and agri hardware. It also facilitates farmers to sell crops to vyapaaries (businessmen) directly through its Gram Vyapaar feature. The sale of products (agri inputs) is the sole source of revenue for Gramophone. For the agritech startup, the cost of procurement of inputs accounted for 81% of the overall expenditure. In the line of scale, this cost surged 76.2% to Rs 303 crore in FY23 from Rs 172 crore in FY22. Its employee benefits, information technology, advertising cum promotional, provisions for trade receivables, and other overheads catalyzed the overall expenditure up by 70% to Rs 374 crore in FY23 from Rs 220 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 220 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Total ₹ 374 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Information technology Information technology Advertising promotional Advertising promotional Provision for Trade Receivables Provision for Trade Receivables Others To check complete Expense Breakdown visit thekredible.com View full data Despite a decent scale, losses for the Gurugram-based company grew 48.7% to Rs 58 crore in FY23 from Rs 39 crore in FY22. Its ROCE and EBITDA stood at -119% and -17.4% respectively. FY22-FY23 FY22 FY23 EBITDA Margin -21% -17.4% Expense/₹ of Op Revenue ₹1.22 ₹1.18 ROCE -57% -119% On a unit level, it spent Rs 1.18 to earn a rupee in FY23. With procurement costs (Rs 303 crores) accounting for almost 95% share of revenues (Rs 316 crores), Gramophone has an obvious margin challenge to manage, the common issue for all agritechs, unless they provide services. With other costs being much less elastic by now, there is no way out but to increase margins or topline without addition to non-procurement costs. Past performance indicates that it is easier said than done, and to that extent Gramophone, despite proving its market case, will need to pull off some major surprises to move into the black. With the plethora of agritechs out there, it will hopefully not need to search out the right answer for too long. Gramophone has raised around $18 million to date including its $10 million Series B round led by Z3Partners. According to the startup data intelligence platform TheKredible, InfoEdge is the largest external stakeholder with 32.89% followed by Z3Partners and Siana Capital. Its co-founders Tauseef Ahmed Khan and Nishant Vats cumulatively hold 27.16% of the company.

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Gramophone promotes Navneet Singh Batra as co-founder

EntrackrEntrackr · 11m ago
Gramophone promotes Navneet Singh Batra as co-founder
Medial

Agritech startup Gramophone has elevated long-term company executive Navneet Singh Batra to the position of co-founder. Batra brings more than a decade of experience in FMCG and agri industries. In his new role, he will oversee strategic initiatives to boost its market presence and drive growth as well as margin. Batra previously served as Gramophone’s business head of retail biz. Previously, he had stints at nurture.retail and JioMart. Founded by Tauseef Khan, Ashish Rajan Singh, Harshit G, and Nishant Mahatre, Gramophone offers real-time farm advisory from experts and enables farmers to purchase crop protection, crop nutrition, seeds, implements, and agricultural hardware products. It also provides agronomic information such as weather information, the latest market prices and expense calculator among others. The Indore-based company claims to serve 50,000 villages and works with more than 2 million farmers and retailers. The platform has raised about $20.5 million to date from investors including InfoEdge, Z3 Partners, Asha Impact, and Siana Capital. For the fiscal year ending in March 2023, Gramophone’s gross revenue grew 75.6% to Rs 316 crore from Rs 180 crore in FY22. The company’s losses grew 48.7% to Rs 58 crore in FY23 from Rs 39 crore in the previous fiscal year. Last month, crypto exchange CoinDCX elevated Mridul Gupta as its founding partner.

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr · 3m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
Medial

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon India’s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon India’s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable

EntrackrEntrackr · 1y ago
Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable
Medial

Construction goods and services platform Infra.Market maintained its growth trajectory with over 9X surge in gross scale during the last two fiscal years, rising from Rs 1,240 crore in FY21 to Rs 11,846 crore in FY23. Despite the hyper-growth, the Mumbai-based company has remained profitable for the past several fiscal years. While the firm’s profit dipped nearly 17% in FY23, Infra.Market’s gross revenue surged 90% to Rs 11,846 crore in the said fiscal year from Rs 6,236 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. Infra.Market sells construction materials, infrastructure goods, and technical equipment which accounted for over 96% of its total operating revenue. Collections from these verticals grew nearly 89% to Rs 11,383 crore in FY23 from Rs 6,002 crore in FY22. The company has over 4,000 retail stores with more than 25 exclusive brand outlets across 22 states which is backed by over 100 dedicated manufacturing units. The cost of procurement of materials formed 86% of the overall expenditure. This cost surged 82.1% to Rs 9,974 crore in FY23. As the company hired aggressively to keep up with the growth, its employee benefits grew around 2X to Rs 279 crore in FY23. Infra.Market freight, legal-professional, power-fuel, information technology, and other overheads pushed its total expenditure up by 91.6% to Rs 11,607 crore in FY23 from Rs 6,058 crore in FY22. Check TheKredible for the detailed expense breakup. The notable growth and controlled cost helped Infra.Market to maintain profits which stood at Rs 155 crore during the previous fiscal year. Its ROCE and EBITDA margin stood at 15% and 5.7%, respectively. On a unit level, it spent Rs 0.98 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 6% 5.7% Expense/₹ of Op Revenue ₹0.97 ₹0.98 ROCE 10% 15% Infra.Market has raised over $500 million across rounds in a mix of equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global is the largest external stakeholder with 21.33% stake followed by Accel and Nexus Ventures which command 16.87% and 8.46% shares, respectively. Head to TheKredible to see the complete shareholding. In the B2B e-commerce (industrial supply) business, Infra.Market competes with the likes of Zetwerk, OfBusiness and Moglix. Zetwerk’s gross revenue from operations grew 130% to Rs 11,448.6 crore in FY23 with a loss of Rs 108 crore. OfBusiness emerged as the largest player in this space with Rs 15,342 crore revenue and Rs 463 crore profit while Moglix reported Rs 4,595 crore in revenue and Rs 193 crore loss in the last fiscal year. With all key players achieving significant balance sheet size on the back of positive PAT or small losses, the segment is set to consolidate, with the possibility of smaller players being absorbed by the top 3 or 4. The category as a whole has enough space to grow, considering the small size of the organised sector and the many emerging opportunities from India’s push to be a manufacturing hub. Players will be willing to bide their time before they seek margin improvement, as they strengthen their positions in their key segments. Be it Zetwerk in say, renewable energy, or construction industry for another etc. Comfortably placed among the top 3, Infra.Market can be expected to continue to deliver healthy topline growth on the back of a fast growing economy in India. Faster bottomline growth or better margins will require a lower share for procurement of materials, something that we believe will not happen quickly.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr · 6m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IAS’s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

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.

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