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Isprava doubles its revenue in FY24 with hefty profits

EntrackrEntrackr · 6m ago
Isprava doubles its revenue in FY24 with hefty profits
Medial

Isprava Group, a luxury home development and rental firm, saw its revenue more than double in the fiscal year ending March 2024. The Mumbai-based company also achieved profitability, marking a notable turnaround. Isprava’s gross revenue from operations surged by 2.3X to Rs 452 crore in FY24 from Rs 196 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Isprava Group builds and rents luxury homes in prime locations like Goa, Alibaug, and the Nilgiris. In addition to selling homes, they rent them as high-end vacation retreats with services like housekeeping and private chefs. The income from the real estate business accounted for 81.86% of the total operating revenue, which increased 89% to Rs 370 crore in FY24 from Rs 195 crore in FY23. The rest of the income comes from hospitality, which stood at Rs 74.5 crore in FY23. The company made an additional Rs 7 crore from interest income on investments which pushed its total revenue to Rs 458.5 crore in FY24. For the home developer firm, the cost of procurement which includes land, consumption of materials, and other construction costs formed 72% of its overall cost. In the line of scale, this cost surged 94% to Rs 299 crore in FY24 from Rs 154 crore in FY23. Its Employee benefit expenses rose by 3X to Rs 61.7 crore, while advertising costs doubled to Rs 14 crore. Other expenses added another Rs 37.3 crore. Its rent, legal, traveling, and other overheads took the total expenditure to Rs 412 crore in FY24 from Rs 206 crore in FY23. The impressive scale helped Isprava to turn profitable with a significant Rs 63 crore of profits in FY24, compared to a loss of Rs 7.5 crore in FY23. Its ROCE and EBITDA margin improved to 22.64% and 12.45% respectively with an expense-to-earning ratio of Rs 0.91. At the end of FY24, the company had a current asset worth Rs 446 crore including Rs 119 crore of cash and bank balance. Isprava has secured Rs 1,216.95 crore (over $150 million) in funding, including a Rs 160 crore round in January of the previous year. The Darshan Shah Family Trust holds nearly a 40% stake in the company. Prominent investors include the Nadir Godrej Family Office, Burman Family Office, and Symphony International Holdings.

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.

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%

EntrackrEntrackr · 6m ago
Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%
Medial

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32% Following over twofold growth in FY23, MakeO, the parent company of Toothsi and skincare brand Skinnsi, reported stable revenue for the fiscal year ending March 2024, but succeeded in reducing its losses by 32%. MakeO’s revenue from operations saw a modest increase of 6.5% to Rs 179 crore in FY24 from Rs 168 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi and later consolidated its flagship brands, including Skinnsi, to offer dental, skin, and hair treatment solutions. The sale of tooth aligners accounted for 69.2% of the operating revenue, increasing by 7% to Rs 124 crore in FY24. The rest of the revenue came from Skinnsi services, including laser hair reduction, facials, anti-aging treatments, and skincare products. Employee benefits remained the largest cost center at 36% of overall expenditure, amounting to Rs 119 crore in FY24. Consultant fees and marketing costs were reduced by 57% and 24%, respectively, to Rs 26 crore and Rs 69 crore in FY24. Other expenses totaled Rs 332 crore in FY24, down from Rs 395 crore in FY23. The cutback in costs helped MakeO reduce its losses by 31.8% to Rs 150 crore in FY24 from Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -77.3% and -66.12% with an expense-to-earnings ratio of Rs 1.85. At the end of FY24, MakeO’s current assets were Rs 153 crore with cash and bank balances of Rs 93 crore. MakeO has raised over $90 million to date, including $16 million led by 360 One Asset and the investment office of Ashish Kacholia. Eight Roads Ventures is the largest external stakeholder, followed by Think Investment.

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