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INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income

EntrackrEntrackr · 1y ago
INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income
Medial

INDmoney has continued its growth streak in the fiscal year ending March 2024. The Tiger Global-backed firm has managed 73.2% year-on-year growth in its operating revenue during the last fiscal. At the same time, its losses grew only 12% in the same period. INDmoney’s revenue from operations spiked 73.2% to Rs 70 crore in FY24 from Rs 40.6 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. INDmoney lets users manage their money through investments in mutual funds including Indian and overseas stocks. It claims to have amassed 10 million users on the platform. Income from distribution services accounted for 76% of the operating revenue which increased by 56% to Rs 53.6 crore in FY24, whereas income from broking activities surged to Rs 10.7 crore in FY24 from Rs 10 lakh in FY23. The company added another Rs 6 crore from allied services during the last fiscal year. The Gurugram-based company also made Rs 57.7 crore from interest and gain on sale of current investments which pushed its total revenue to Rs 128 crore in FY24. This significant other income is a result of its huge current financial assets which stood at Rs 725 crore at the end of March 2024. When it comes to expenses, employee benefits remained the largest cost driver for INDmoney. This overhead grew 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IT expenses stood at Rs 57.18 crore while marketing burn contributed Rs 33.80 crore in FY24. Finance, depreciation, depletion, amortization and other expenses pushed the total expenditure to Rs 233.6 crore in the last fiscal. This is a 17% increase from Rs 199 crore in the previous fiscal year. INDmoney reported a 12% growth in its net losses to Rs 82.55 crore in FY24. Its ROCE and EBITDA margin stood at -11.47% and -75.6%, respectively, on a unit level, it spent Rs 3.32 to earn a rupee during FY24. INDmoney has raised $133 million since its inception in 2019. The Ashish Kashyap-led company raised its latest funding worth $75 million in January 2022 at a valuation of more than $600 million. While obviously good at raising funds, it remains to be seen if INDmoney can find a market big enough and willing to give it a shot. It's in a segment where massive consumer shifts are not unknown, even though INDmoney itself doesn't seem to have got there yet. Something like investing overseas, where awareness is still low could become winners if the market shifts in that direction. However, it remains a cluttered and tough space to eke out a profitable existence, and INDmoney will need to make a big bet soon, despite its already high cost structure.

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INDmoney’s revenue jumps 2.3X to Rs 164 Cr in FY25

EntrackrEntrackr · 5d ago
INDmoney’s revenue jumps 2.3X to Rs 164 Cr in FY25
Medial

INDmoney’s operating revenue surged 2.3X year-on-year to Rs 164 crore in FY25, compared to Rs 70 crore in FY24. Its total revenue grew 67% to Rs 214 crore during the same period. Wealth management and investing platform INDmoney more than doubled its operating revenue in FY25. However, the company’s losses widened during the year as it stepped up investments across trading, lending, and global investing infrastructure. Unlike trading-led brokerages, INDmoney said that less than 10% of its revenue in FY25 came from futures and options (F&O) trading, with the bulk of income generated from long-term investor behaviour. Around 85% of the company’s revenue now has annuity or perpetuity-like characteristics, led by recurring investments, long-term asset holding, and repeat usage across products. According to the company, the platform earns revenue across multiple segments, including Indian and US equities, cross-border remittances, wealth management services, secured lending, insurance, and other financial products. The company also recently introduced trading services under a separate platform, INDstocks. On the bottom line, INDmoney’s cash losses widened to Rs 76 crore in FY25, compared to Rs 32 crore in FY24. As per the company, the increase in losses was primarily due to front-loaded investments during the year. These included building a full-stack Indian trading infrastructure, expanding global investing capabilities through GIFT City, setting up in-house lending rails for its NBFC business, strengthening compliance and technology systems, and higher user acquisition costs related to INDstocks. INDmoney has raised $133 million since its inception in 2019. The Ashish Kashyap-led company raised its latest funding worth $75 million in January 2022 at a valuation of more than $600 million.

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

EntrackrEntrackr · 11m ago
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
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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.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 11m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

EntrackrEntrackr · 11m ago
A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
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Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

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

EntrackrEntrackr · 12m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
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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.

Awfis nears Rs 900 Cr income in FY24; losses contract 62%

EntrackrEntrackr · 1y ago
Awfis nears Rs 900 Cr income in FY24; losses contract 62%
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Co-working solutions provider Awfis showcased a 55.8% growth in scale during the fiscal year ending March 2024. However, the losses for the Amit Ramani-led firm contracted 61.8% to Rs 17.8 crore in FY24. On a year-on-year basis, Awfis’ revenue from operations grew 55.8% to Rs 849 crore in FY24 from Rs 545 crore in FY23, its consolidated financial statements disclosed in the stock exchange filing show. On a sequential basis, the firm posted a 5% increase in revenue to Rs 232 crore in Q4 FY24 from Rs 221 crore in Q3 FY24. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations including ancillary services like food and beverages, IT support, and infrastructure services among others. Income from co-working space rental and allied services formed 73% of the total operating revenue which spiked 47.7% to Rs 619 crore in FY24 from Rs 419 crore in FY23. Income from construction and fit-out projects, facility management, and sale of food items were other revenue drivers for Awfis in the fiscal year ending March 2024. See TheKredible for the complete revenue breakup. Awfis’s burn on subcontract stood at Rs 171 crore in FY24 while its employee benefits saw an increment of 41.7% to Rs 136 crore in FY24. Its finance, legal, depreciation and amortization, purchase of traded goods, and other overheads took the overall expenditure up by 45.8% to Rs 892 crore in FY24 from Rs 612 crore in FY23. Head to TheKredible for the detailed expense breakdown. The 55.8% surge in scale and controlled cost mechanism helped Awfis to contract its losses by 61.8% to a marginal Rs 17.8 in FY24 from Rs 46.6 crore in FY23. On a unit level, it spent Rs 1.05 to earn a rupee in FY24. The company’s stock was listed on NSE on May 30 and opened at Rs 435 with a 13.58% premium over the issue price of Rs 383. The improvement in the fundamentals pushed its share price to Rs 500.1 (as of June 19). Awfis currently holds a total market capitalization of Rs 3,472 crore.

Decathlon India reports Rs 65 Cr loss in FY25 as compared to Rs 197 Cr PAT in FY24

EntrackrEntrackr · 19d ago
Decathlon India reports Rs 65 Cr loss in FY25 as compared to Rs 197 Cr PAT in FY24
Medial

Decathlon, the French sporting goods retailer’s Indian arm, reported a net loss of Rs 65 crore in the fiscal year ending March 2025, compared to a profit of Rs 197 crore in FY24. The reversal came as a sharp rise in operating expenses seconded revenue growth during the year. Decathlon’s revenue from operations grew by 3% year-on-year to Rs 4,133 crore in FY25 from Rs 4,008 crore in FY24, according to its financial report sourced from Registrar of Companies (RoC). Including other income of Rs 49 crore, the company’s total income stood at Rs 4,182 crore in FY25, compared to Rs 4,067 crore a year earlier. On the spending side, the cost of materials, which includes sourcing and procurement of sporting goods, remained the largest expense, accounting for 62% of the total expense. This cost rose 8% to Rs 2,644 crore in FY25 from Rs 2,457 crore in FY24. Employee benefit expenses grew 11% to Rs 363 crore, while depreciation costs surged 74.3% to Rs 305 crore during the last fiscal year. Other expenses, including store operations and overheads, increased 13.7% year-on-year to Rs 952.5 crore. Overall, the company’s total expense rose 12.3% to Rs 4,264.5 in FY25 from Rs 3,797 crore in FY24. With the company’s expense outpacing revenue growth, it recorded a net loss of Rs 65 crore in FY25, as compared to a profit of Rs 197 crore in FY24. However, the company reported positive EBITDA of Rs 174 crore in the same period. Its ROCE and EBITDA margin stood at -5.73% and 4.20%, respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of operating revenue in FY25. On the balance sheet front, its current assets increased to Rs 1,400 crore from Rs 1,247 crore, while cash and bank balances declined sharply to Rs 73 crore at the end of FY25 from Rs 320 crore a year earlier.

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25

EntrackrEntrackr · 3m ago
Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25
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Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25 Auxilo’s revenue from operations grew 48.3% to Rs 528 crore in FY25, up from Rs 356 crore in FY24, as per its annual financial statements sourced from the Registrar of Companies. After doubling its revenue in FY24, education-focused non-banking financial company (NBFC) Auxilo has delivered another strong performance in FY25, going past Rs 500 crore in revenue and posting over Rs 100 crore in profit after tax (PAT). The Mumbai-based NBFC provides education loans to students pursuing higher studies in India and abroad. Its offerings cover the complete cost of education, including tuition fees, pre-visa expenses, travel, and other related costs. Interest income formed the bulk of its business, contributing 90.5% of total operating revenue, which grew 49.4% to Rs 478 crore in FY25. Fees, commissions, and other operating income collectively stood at Rs 50 crore during the year. Including other income of Rs 16 crore, Auxilo’s total revenue reached Rs 544 crore in FY25. On the expenditure side, interest costs accounted for 71.5% of total expenses, rising in line with disbursements to Rs 282 crore in FY25. Employee benefits were recorded at Rs 56 crore, while overall costs increased to Rs 394 crore in FY25, compared to Rs 275 crore in FY24. The company’s controlled cost structure supported profitability, leading to a 62.3% jump in PAT to Rs 112 crore in FY25, against Rs 69 crore in FY24. Auxilo’s expense-to-revenue ratio also improved to 0.75 in FY25. Earlier this year, Auxilo raised Rs 50 crore from Motilal Oswal. Since its inception, it has secured over $100 million across equity and debt. The company competes with other well-funded education-financing players such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz.

Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24

EntrackrEntrackr · 1y ago
Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24
Medial

One97 Communication Private Limited, the parent company of Paytm, scaled 25% year-on-year during the fiscal year ending March 2024. The Noida-based firm, however, managed to maintain EBITDA profitability before ESOP throughout the last fiscal year (FY24). Paytm’s revenue from operations grew 25% to Rs 9,978 crore in FY24 from Rs 7,990 crore in FY23, its annual financial statements disclosed through the National Stock Exchange show. Income from payment services accounted for 62.48% of the total operating revenue, which grew 25% to Rs 6,235 crore in FY24. Meanwhile, income from financial services grew by 30% to Rs 2,004 crore. The remainder income came from marketing and other sources. Paytm also made Rs 547 crore from non-operating activities mainly from interest and gain on financial assets, tallying the total income to Rs 10,525 crore in the last fiscal year (FY24). To the tune of other technology firms, its employee benefits accounted for 39.4% of the overall expenditure. This cost surged 21.5% to Rs 4,589 crore in FY24 from Rs 3,778 crore in FY23. This includes Rs 1,466 crore as share-based payment aka ESOPs cost. Its payment processing charges grew 10.9% to Rs 3,280 crore in FY2. Paytm’s software/tech, marketing cum promotional, legal, and other overheads drove its total expenditure up by 15% to Rs 11,645 crore in FY24 from Rs 10,130 crore in FY23. Note: Paytm has booked Rs 1,465 crore of ESOPs and wrote off Rs 227 crore worth of investments which was made to its associate firm Paytm Payments Bank Ltd (PPBL) after RBI’s action. The decent growth and controlled expenditure helped Paytm to reduce its net losses by 20% to Rs 1,422 crore in FY24. Meanwhile, Paytm maintained its EBITDA profitability before ESOP throughout the year which stood at Rs 559 crore in FY24.

Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24

EntrackrEntrackr · 1y ago
Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24
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Le Ventures Private Limited, the parent company of Ixigo, has released its annual results for the fiscal year ended March 2024. The Gurugram-based company saw a 31% year-on-year increase in its revenue along with the profits spiking over 3X in the same period. Ixigo’s revenue from operations grew 31% to Rs 656 crore in FY24 from Rs 501 crore in FY23, its consolidated financial statements sourced from the National Stock Exchange (NSE) show. On a sequential basis, the firm recorded a modest 3.3% decrease in its revenue to Rs 164.8 crore in Q4 FY24 from Rs 170.5 crore in Q3 FY24. Ixigo primarily generates income from convenience fees and commissions on train, airline, and bus ticket reservations. Train reservations contributed 56.4% of the total revenue, rising by 24.2% to Rs 370 crore in FY24. Income from airlines and buses stood at Rs 146 crore and Rs 132 crore, respectively in FY24. The company also generated Rs 9.2 crore from interest and financial assets which took its total income to Rs 665 crore in FY24. During FY24, Ixigo had 480 million annual active users. Its flights business saw 77% YoY growth in passenger segments with total booking of 95.6 million in the last fiscal year. Akin to most late-stage tech companies, employee benefits accounted for 22.4% of the total expenditure. This cost increased by 12% to Rs 141 crore in FY24 from Rs 126 crore in FY23. The firm’s expenditure on marketing, legal, refunds to customers, fees to its partners, and other overheads took its overall expenditure up by 29.8% to Rs 628 crore in FY24 from Rs 484 crore in FY23. The 31% growth and tight control on overall cost helped Ixigo to post a 213.3% surge in its profits to Rs 73 crore in FY24 from Rs 23.3 crore in FY23. Its ROCE and EBITDA margin improved to 14.05% and 11.55%, respectively. On a unit level, it spent Rs 0.96 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.31% 11.55% Expense/₹ of Op Revenue ₹0.97 ₹0.96 ROCE 5.02% 14.05% Ixigo went public on June 18 and its IPO was oversubscribed by 98.3X while the portion of non-institutional investors (NIIs) oversubscribed by 110.5 times. The company also saw nearly an 80% surge in its valuation when compared to pre IPO round. With its current stock price at Rs 167 versus the IPO price of Rs 93, Ixigo will certainly face the challenge of delivering on high market expectations. While the firm has the benefit of a strong economy that has allowed valuations to expand in the public markets too, it does have to contend with intense competition and pressure on margins in the months ahead. That makes its Q1 results for the June quarter a huge event in terms of providing a pointer to its growth momentum.

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