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Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23

EntrackrEntrackr · 1y ago
Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23
Medial

Healthtech startup Healthians had targeted Rs 500 crore revenue with profits in FY23. But it seems like the company has missed this projection by a significant margin: it did not reach even the halfway mark. At the same time, its losses spiked 55%. The company’s revenue from operations increased 34.13% to Rs 224 crore in FY23 from Rs 167 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Healthians delivers health test at-home services, extending a diverse array of health tests across 250 cities in India. According to its website, the firm has facilitated over 100 million tests since its inception in 2015. The sale of diagnostics services was the primary source of revenue for Heathians while the rest of the income came from the sale of supplements. Visit TheKredible for a detailed revenue breakup. In line with similar healthtech platforms, its employee benefits formed 32% of the overall expenditure. This cost rose by 83.8% to Rs 136 crore in FY23 from Rs 74 crore in FY22. Its advertising and promotional costs also saw an increase of 45% in FY23. The cost of materials, legal-professional, technical service, information technology, and other overheads propelled its overall expenditure by 40.9% to Rs 420 crore in FY23 from Rs 298 crore in FY22. Head to TheKredible for a complete expense breakup. Expenses Breakdown Total ₹ 298 Cr https://thekredible.com/company/healthians/financials View Full Data To access complete data, visithttps://thekredible.com/company/healthians/financials Total ₹ 420 Cr https://thekredible.com/company/healthians/financials View Full Data To access complete data, visithttps://thekredible.com/company/healthians/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Information technology Information technology Legal professional Legal professional Advertising promotional Advertising promotional Cost technical services Cost technical services Others To check complete Expense Breakdown visit thekredible.com View full data Caveat: We have excluded the gain/loss of the FVTPL for both years (FY23 and FY22). With the increase in expenses outpacing the revenue growth, losses for Healthians grew 54.6% to Rs 184 crore in FY23. Its ROCE and EBITDA stood at -74% and -61.4% respectively. FY22-FY23 FY22 FY23 EBITDA Margin -56% -61.4% Expense/₹ of Op Revenue ₹1.78 ₹1.88 ROCE -27% -74% On a unit level, it spent Rs 1.88 to earn a rupee in FY23. With the Covid pandemic and its associated after effects well behind now, it’s a testing time in more ways than one for health test firms. So much so that larger diagnostic firms stopped providing splits between Covid and non-Covid testing some time ago. Established players are fighting back with a vengeance, even as customers seek more options. Hospital chains in the larger cities are also probably much more aggressive today in trying to retain their OPD business for their diagnostic clinics. As independent entities, Healthians faces the obvious issue of doctors not really recommending it or worse, discounting its test results, as we have observed in many cases. Add to that the intense competition and consequent discounting in the market today, and profits are the last thing on the mind of players. While a listed player like Dr Lal PathLabs might be more careful, others are not so worried as these seek to grab market share. More importantly, the larger players with a captive base like hospitals or even listed players have the money to invest in newer testing methods and technology. The next big market by all measures remains tier 3 and 4 cities, something that will not please Healthians again for the investments they will demand to set up a network. It is probably time to brainstorm around a clear differentiator in terms of communications, or even a test area it can count on for higher margins, for Healthians to make the next step towards sustainability.

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Healthians achieves EBITDA breakeven with Rs 250 Cr income in FY24

EntrackrEntrackr · 8m ago
Healthians achieves EBITDA breakeven with Rs 250 Cr income in FY24
Medial

Diagnostic startup Healthians recorded a modest 8% year-on-year growth during the fiscal year ending March 2024. However, the WestBridge-backed company reduced its losses by 65% and achieved EBITDA breakeven in the same period. Healthians’s revenue from operations increased to Rs 243 crore in FY24 from Rs 224 crore in FY23, its consolidated annual results sourced from the Ministry of Corporate Affairs (MCA) show. Healthians offers at-home diagnostic services across over 250 cities and claims to have conducted more than 10 crore tests to date. Income from running laboratories for pathological tests was the primary source of revenue for Healthians which increased 8.62% to Rs 240.5 crore in FY24. The rest of the collections were from the sale of supplements, which stood at Rs 2.2 crore in the last fiscal year. Healthians also added Rs 10 crore from non-operational activities (interest income) which tallied the overall revenue to Rs 253 crore in FY24, as compared to Rs 236 crore in FY23. The Gurugram-based company allocated 40% of its overall burn to employee benefits. This cost dropped by 11.8% to Rs 120 crore in FY24 compared to Rs 136 crore in FY23. Advertising expenses also shrank over 62% to Rs 39 crore in FY24 from Rs 103 crore in FY23. The cost of material consumed, rent, Information technology, and other overheads took the overall expenditure to Rs 298 crore in FY24. The controlled spending on advertising and employee benefits helped Healthians to narrow losses by 65% to Rs 45 crore in FY24. With this, the company has achieved EBITDA breakeven in the previous fiscal (FY24). Coming to the ratios, Healthians’ ROCE and EBITDA margins improved to -20.4% and 0% (breakeven) in FY24. It spent Rs 1.23 to earn a rupee in FY24. The company has a total current assets of Rs 62 crore including the cash and bank balances of Rs 30 crore in the previous fiscal. Healthians has raised around $80 million to date including its last round of $54 million led by WestBridge in 2022. According to the startup data intelligence platform TheKredible, WestBridge is the largest external stakeholder with 25% followed by Beenext and DG Ventures. Financial stability is the primary thing that a company needs to survive. It seems like Healthians got some of the mantras to how to be constant with the scale while burning low. Achieving EBITDA breakeven for the first time will give more confidence to both founders and investors. Turning this achievement into net profits is difficult yet achievable- an approach Dr. PathLabs has been executing for many years. The next two to three years will be crucial in shaping the company's trajectory.

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.

PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue

EntrackrEntrackr · 4m ago
PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue
Medial

Payments technology company Mindgate made headlines last week after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X. Mindgate’s revenue from operations grew to Rs 257 crore in FY24 from Rs 191 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies (RoC) show. Mindgate is a digital payments company specializing in real-time payment processing and enterprise payment solutions for banks, financial institutions, and businesses. Income from subscription-based SaaS services accounted for 87.7% of the total operating revenue, which rose by 35% to Rs 201 crore in FY24. Revenue from transaction processing and annual maintenance services contributed Rs 40 crore and Rs 16 crore, respectively. The company also earned Rs 4 crore from interest on current investments, bringing its total revenue to Rs 261 crore in FY24 from Rs 195 crore in FY23. Similar to other SaaS tech firms, employee benefits made up 71% of Mindgate’s overall expenditure. This cost rose by 22.6% to Rs 163 crore in FY24. Additional expenses such as rent, subscription and membership fees, travel, advertising, and overheads pushed the total expenditure up by 24.5% to Rs 229 crore in FY24, compared to Rs 184 crore in FY23. Year-on-year growth, coupled with controlled costs, enabled Mindgate to post a 3.6X surge in profits to Rs 23.2 crore in FY24 from Rs 6.5 crore in FY23. At a unit level, the company spent Re 0.89 to earn a rupee in FY24, with improved ROCE and EBITDA margins of 17.03% and 13.6%, respectively. By the end of FY24, its total current assets stood at Rs 211 crore, including cash and bank balances of Rs 74 crore.

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 6m ago
Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

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

EntrackrEntrackr · 4m 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.

NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24

EntrackrEntrackr · 2m ago
NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24
Medial

NephroPlus posts Rs 566 Cr revenue and Rs 35 Cr profit in FY24 Dialysis service provider NephroPlus reported a 29% year-on-year increase in operating revenue for the fiscal year ending March 2024. Significantly, the Hyderabad-based company turned profitable during the period, marking a notable recovery from a Rs 12 crore loss in FY23. NephroPlus’ operating revenue grew to Rs 566 crore in FY24 from Rs 438 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). NephroPlus runs over 275 dialysis centers in more than 170 cities in India and treats nearly 20,000 patients on a monthly basis. Revenue from these services accounted for 95% of the company’s income in FY24. On the expense side, the largest component of expenditure remained the cost of materials, which rose 19% to Rs 169 crore, accounting for over 31% of the total spend. Employee benefit expenses dropped slightly to Rs 91 crore from Rs 97 crore in FY23, while healthcare professional fees surged by 90% to Rs 59 crore. Hospital fees also increased to Rs 56 crore from Rs 48 crore, and other operational expenses climbed to Rs 166 crore. Overall, NephroPlus reported total costs rose 19.7% to Rs 541 crore in FY24. The strategic focus on cost discipline and improved margins helped NephroPlus post a net profit of Rs 35 crore in FY24, as compared to a net loss of Rs 12 crore a year earlier. Its ROCE and EBITDA margin improved to 9.40% and 18.96% respectively. On a unit basis, NephroPlus spent Rs 0.96 to earn a rupee of revenue in FY24. As of March 2024, the company reported current assets worth Rs 390 crore in FY24, out of which Rs 61 crore were in cash and bank balances. According to startup data intelligence platform TheKredible, NephroPlus has raised approximately $212 million in funding to date, having IFC and Besemer Venture Partners as its lead investors. The company’s co-founder and CEO Vikram Vuppala owns 11.6% of the company. Recently, NephroPlus acquired seven new dialysis clinics in the Philippines. The firm is also planning to start its clinics in Saudi Arabia later this year.

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