🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

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
Medial

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.

Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24

EntrackrEntrackr · 9m ago
Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24
Medial

KreditBee’s non-banking financial corporation (NBFC) arm, Krazybee, demonstrated notable growth in the fiscal year ending March 2024 (FY24), nearly doubling its revenue and tripling its profit. Krazybee’s revenues rose to Rs 1,399 crore in FY24 from Rs 717 crore in FY23, according to its standalone annual financial statement sourced by Entrackr. Krazybee, which facilitates personal loans through both its own and third-party NBFCs and banks, saw its interest income surge 2.5X to Rs 1,225.83 crore in FY24. Income from fees and commissions contributed an additional Rs 169 crore, bringing the firm’s total revenue to Rs 1,400 crore in FY24. On the expense side, Krazybee’s total expenses spiked by 80%, rising to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. The amortized cost of loans accounted for 38% of the total expenses, increasing by 74% to Rs 432 crore. Finance costs grew by 43% to Rs 235 crore in the same period. One of the most notable expense shifts was the five-fold increase in employee benefit costs, which jumped to Rs 188 crore in FY24. In contrast, commissions and fees paid to other platforms saw a 24% decline. The 95% jump in scale and controlled expenditure helped Krazybee to multiply its profit by 3X to Rs 200 crore in FY24 from Rs 65 crore in FY23. The company’s Return on Capital Employed (ROCE) improved to 10.5%, while its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC spent Rs 0.81 to earn a rupee of operating revenue in FY24. KreditBee has raised approximately $410 million across various funding rounds. According to startup data platform TheKredible, Premji Invest and Newquest Capital are the largest external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others. fy_table title =”FY23-FY24″ logo=”https://entrackr.com/storage/2024/09/Krazybee.png” chart_item=”FY23,FY24″ data=”EBITDA Margin,35%,36%:Expense/₹ of Op Revenue,₹0.88,₹0.81:ROCE,9%,10.5%”] KreditBee was valued at around $700 million during its latest tranche in March. The company is also planning to shift its domicile to India from Singapore. The reverse flip will smoothen it’s road to initial public offering (IPO). Entrackr exclusively reported the development in April.

Zomato posts Rs 3,288 Cr revenue and Rs 138 Cr profit in Q3 FY24

EntrackrEntrackr · 1y ago
Zomato posts Rs 3,288 Cr revenue and Rs 138 Cr profit in Q3 FY24
Medial

Foodtech and quick commerce platform Zomato on Thursday released its financial results for the third quarter of the ongoing fiscal year (Q3 FY24). The results showcase a decent growth in scale along with a 3.8X jump in profits. Zomato’s revenue from operations grew 15.4% to Rs 3,288 crore in Q3 FY24 in contrast to Rs 2,848 crore Q2 FY24, as per the firm’s consolidated financial results sourced from National Stock Exchange. Compared to the third quarter of the previous fiscal (Q3 FY23) year, its operating revenue went up by 68.8% from Rs 1,948 crore. Zomato operates several units including a food marketplace platform connecting end users, restaurants, and delivery personnel. Hyperpure provides farm-to-fork supplies to restaurants and businesses while Blinkit offers kirana, FMCG and other essentials within 10 minutes. Meanwhile, dining.out and Zomato Live let users discover restaurants, reserve tables, and book tickets for entertainment events. The firm made 51.8% of its total operating revenue via food ordering and delivery business, which grew 10.2% to Rs 1,704 crore in Q3 FY24 from Rs 1,546 crore in Q2 of the same financial year. Collections from its Hyperpure supplies (B2B business) increased 15.3% to Rs 859 crore during the same period while quick commerce vertical (Blinkit) contributed Rs 644 crore to the group’s coffers. The remaining income came from the ‘Going-out’ segment and other operating activities during the quarter ending December 2023. Additionally, Zomato also earned Rs 219 crore as non-operating income (mainly from interest and gains on financial assets) in Q3 FY24. As a result, its overall revenue crossed Rs 3,500 crore during the period. Coming to expenses, delivery and related charges accounted for 31.6% in Q3 which surged 16.2% to Rs 1,068 crore. Purchase of stock (after adjustment of changes in inventories) inclined 16% to Rs 782 crore while employee benefits cost remained flat at Rs 423 crore during the quarter. Zomato also spent Rs 374 crore on advertisement and promotions, akin to which its total expenditure rose 11.3% to Rs 3,383 crore in Q3 of FY24. On the lines of rising scale, Zomato’s profits also jumped 3.8X to Rs 138 crore in Q3 against Rs 36 crore in the previous quarter. Last year in the same quarter (Q3 FY23), it booked Rs 347 crore in losses. On a unit level, the company spent Rs 1.03 to earn a rupee in Q3 of FY24. For the nine months ended period (Apr-Dec 2024), Zomato recorded Rs 8,552 crore revenue from operations with a profit of Rs 176 crore. Zomato made its public market debut in July 2021 at a valuation of $12 billion and touched its peak of over Rs 150 per share in November 2021. Later, it dwindled under Rs 50 during July 2022. Zomato got its momentum back in Q1 of FY24 when it recorded profits for the first time. Since then, the company attained nearly 3X surge in its share price and its current share price stands around Rs 144 a piece.

Download the medial app to read full posts, comements and news.